The National Company Law Appellate Tribunal (“NCLAT”) has, in the case of Hero Fincorp Limited v. Rave Scans Private Limited and Others (dated September 17, 2019) held that dissenting financial creditors cannot be discriminated against in a resolution plan. FACTS Corporate Insolvency Resolution Process (“CIRP”) was initiated against Rave Scans Private Limited (“Rave Scans”) on […]
In the recent judgment of Mr. Ashish Mahendrakar v. State of Maharashtra and Others (decided on September 13, 2019), the Hon’ble Bombay High Court declared that an inter-corporate deposit/loan, that is, a loan advanced/deposit made by a company with another company would not amount to a “deposit” within the meaning and for the purpose of […]
We are pleased to share the October 2019 edition of our newsletter- Competition News Bulletin. Some highlights of this issue are as under: CCI Imposes Penalty on LPG Gas Vendors for Cartelization in Bidding Process in tender floated by HPCL CCI imposes penalty for collusive bidding in tender floated by Pune Municipal Corporation CCI orders […]
Aasma Mohammed Farooq and Ors. v. Union of India and Ors. Link to Judgement / MANU/DE/4514/2018 In this case a writ petition had been filed before the Delhi High Court (Court) challenging the provisions of Section 5(1), 5(5), 8(3), 8(5) and 8(6) of the Prevention of Money Laundering Act, 2002 (‘Act’). The Petitioners sought quashing […]
Case: Navdeep Singh vs. Assistant Director, Directorate of Enforcement Judgement Copy / MANU/PH/1764/2018 In this case before the High Court of Punjab and Haryana (Court), the petitioner, Navdeep Singh, had filed a petition for quashing of complaint under the Prevention of Money Laundering Act, 2002 (PMLA). Prior to this, there was specific information with the police […]
Taxation Laws (Amendment) Ordinance, 2019 clarified by Circular No. 29 of 2019 The Taxation Laws (Amendment) Ordinance, 2019 (“the Ordinance”), promulgated by the President on 20.09.2019, had interalia introduced a new provision, viz., section 115BAA in the Income Tax Act, 1961 (“the Act”) providing for a lower rate of tax at 22% (plus applicable surcharge […]
