NATIONAL COMPANY LAW APPELLATE TRIBUNAL
NCLAT upholds NCLT’s order imposing ₹ 10 Lakh compounding fees for non-compliance with Section 185 of the Companies Act, 2013
In a matter related to ₹ 360 crore loan advanced by Hewlett Packard Enterprise India, an Indian subsidiary of American IT giant to a fellow subsidiary, a division bench comprising of M. Venugopal,* J., and Mr. Shreesha Merla (Technical Member), has upheld the ₹ 10 Lakh compounding fees imposed on the appellant by NCLT for non-compliance with Section 185 of the Companies Act, 2013. Read more
NCLAT dismisses appeal due to delayed defect rectification and insufficient justification for delay
A Division bench comprising of Rakesh Kumar Jain, J., and Mr. Naresh Salecha (Technical Member), dismissed the appeal due to the appellant’s failure to cure defects in a timely manner and insufficient justification for the delay in re-filing. Read more
NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION
NCDRC dismisses complaint for maintainability by applying doctrine of ‘Estoppel by Election’
In a matter initiated through consumer complaint seeking refund of amount paid along with interest wherein, the buyer of flat had proceeded legally through various remedies including Maharashtra Real Estate Regulatory Authority (MahaRERA), Ram Surat Ram Maurya, J., Presiding Member and Bharat Kumar Pandya, Member of NCDRC dismissed the matter on the ground of maintainability being a complaint barred on estoppel by election of remedy. Read more
NCDRC directs developers to hand over possession of flat or refund sum of 1 crore to a buyer
In a consumer complaint filed under Section 21(a)(i) of Consumer Protection Act, 1986 (‘CP Act’) for deficiency in service and unfair trade practice due to non-delivery of a flat by developers in its redevelopment project after collecting full sale consideration, Subhash Chandra, Presiding Member of NCDRC directed the developers to either hand over the possession of flat or refund the sum of Rs 1 crore paid by the complainant along with interest and litigation cost. Read more
NCDRC directs ICICI bank to pay 25 lakhs compensation over lost property documents
In a consumer complaint filed under Section 21(a)(i) of Consumer Protection Act, 1986 against ICICI bank for deficiency in service for losing original title documents pertaining to the complainant’s property, which were deposited with the bank against a housing loan, the Presiding Member Subhash Chandra partly allowed the same holding deficiency of service on part of ICICI bank, and directed payment of compensation of Rs 25 lakhs to the complainant. Read more
SECURITIES AND EXCHANGE BOARD OF INDIA
65 lakhs penalty imposed on stock traders by SEBI for violating insider trading rules in ABC Bearings and Timken India amalgamation
In the instant matter, the merchant banker was alleged of trading the unpublished price sensitive information (‘UPSI’) to the traders, who are the noticee in the present matter, relating to merger of ABC Bearings Ltd. (‘ABC’) with Timken India Ltd (‘TIL’), the Adjudication Officer, Amit Kapoor found that on basis of preponderance of probabilities there was no clear indication that the UPSI was communicated to the Noticee and that the noticee had traded on basis of the alleged communication. Read more
Resulting Company cannot be held liable for violation of LODR Regulations that occurred prior to its incorporation and listing: SEBI
In the instant matter, an Adjudicating Officer appointed by SEBI under S. 151 of SEBI Act, 1992, was looking into the alleged non-disclosure of certain material information by Piramal Enterprises Ltd. (PEL) and non-compliance of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (LODR Regulations). A notice was also sent to Piramal Pharma Ltd. seeking their reply on the alleged violations. Read more
*DEEKSHA DABAS, Editorial Assistant has reported this brief.
