COMPANY LAW
Supreme Court Stays ₹5 Lakh Cost Imposed To Set Aside NBWs In Adarsh Housing SFIO Case
The Supreme Court recently (April 27) issued notice on a petition filed by Meenakshi Modi, an accused in an SFIO case linked to the Adarsh Build Estate housing fraud, to examine the validity of a Rs 5 lakh cost imposed by the Punjab and Haryana High Court while setting aside non-bailable warrants against her. The court stayed the condition till next hearing in August. A bench of Justices Sanjay Kumar and K. Vinod Chandran limited the notice to this aspect and directed Modi to appear...
NCLT Ahmedabad Sanctions Suzlon Energy Scheme To Set Off ₹18,418 Crore Losses By Reorganising Reserves
The Ahmedabad bench of the National Company Law Tribunal has approved Suzlon Energy Limited's plan to set off accumulated losses of about Rs.18,418 crore by reorganising its reserves.The order was passed on April 29, 2026 by Judicial Member Chitra Hankare and Technical Member Dr V.G. Venkata Chalapathy. Suzlon Energy Limited had proposed a scheme of arrangement to reorganise and reclassify its reserves to offset negative retained earnings and improve its financial position. The appointed date...
NCLT Ahmedabad Rejects Registrar Of Companies' Plea to Condon 4215-Day Delay In Restoring Struck-Off Company
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently rejected a plea by the Registrar of Companies, Gujarat, to condone a delay of 4215 days in seeking restoration of Maharshi Management Services Pvt. Ltd. to the register of companies. The tribunal held that the delay was not properly explained and no sufficient cause was made out. “Reason for long delay are not satisfactorily explained. No sufficient reason for condonation of delay.” The bench of Judicial Member...
Calcutta High Court Quashes LOC Against Ex-Elder Pharma Employee In ₹1,300 Crore SFIO Probe
The Calcutta High Court has quashed a Look Out Circular against Debanjan Hazra, a former Elder Pharmaceuticals employee living in China since 2013, holding that it violated his right to personal liberty under Article 21.Earlier, a single judge of the Calcutta High Court had refused to quash the Look Out Circular. A Division Bench of Justices Shampa Sarkar and Ajay Kumar Gupta, in appeal, held the LOC was based on “speculative apprehension” and was “arbitrary and disproportionate,”...
NCLT Chennai Sanctions Amalgamation Of Accel Media Ventures With Accel Limited
The Chennai Bench of the National Company Law Tribunal (NCLT) has sanctioned a Scheme of Amalgamation between Accel Media Ventures Limited and Accel Limited under Sections 230–232 of the Companies Act, 2013. A Bench comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy passed the order allowing the second motion petition, noting that the arrangement is not prima facie detrimental to the interests of members and meets statutory requirements for approval. It...
Company Auditor's General Observation Not Adverse Remark, Can't Trigger Criminal Liability: Bombay High Court
The Bombay High Court at Goa on Monday quashed criminal proceedings initiated against the directors of a company under the Companies Act, 1956, holding that the auditor's remark was merely a general observation or recommendation and did not constitute a “reservation, qualification, or adverse remark” so as to attract penal liability. A bench of Justice Ashish S. Chavan was dealing with a writ petition filed by the directors of Timblo Private Limited challenging the order of the Judicial...
NCLT Delhi Clears First Stage Of Digispice Merger With Subsidiaries, Orders Equity Shareholder Meet
The National Company Law Tribunal (NCLT) in New Delhi has issued directions at the first-motion stage in a scheme to merge three Digispice group entities into Digispice Technologies Ltd. It found that the required consent thresholds had been met, allowing it to dispense with most meetings of shareholders and creditors. A separate meeting of the transferee company's equity shareholders, however, will still need to be held.The order came on April 22, 2026, from a bench of Acting President Bachu...
NCLT Ahmedabad Orders Shareholder & Creditor Meetings For Meghmani Group Amalgamation
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 20 April issued directions on an application filed by Kilburn Chemicals Ltd., Meghmani Crop Nutrition Ltd., and Meghmani Organics Ltd. under Sections 230–232 of the Companies Act, 2013 seeking approval of a scheme of amalgamation. The Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma passed the order dealing with dispensation of shareholder meetings and convening of creditor meetings based on...
NCLT Kochi Dismisses ₹2.5 Crore Preference Shares Redemption Plea Against Jatayupara Tourism
The National Company Law Tribunal (NCLT) at Kochi has refused a Rs. 2.5 crore payout sought by an investor in the Jatayupara Tourism project, holding that preference shares cannot be redeemed outside the limits prescribed under the Companies Act. Under Section 55 of the Companies Act, preference shares can be redeemed only out of a company's profits or from proceeds of a fresh issue of shares. A coram of Judicial Member Vinay Goel was considering an application filed by Haridas Krishnan Kutty...
NCLT Kochi Allows First Motion In ESAF Financial Holdings Scheme To Meet RBI Shareholding Limits
The National Company Law Tribunal (NCLT), Kochi, on Friday allowed a first motion application filed by ESAF Financial Holdings Pvt Ltd in relation to its proposed scheme of arrangement involving selective reduction of share capital and restructuring of its investment in ESAF Small Finance Bank. The scheme is aimed at complying with RBI directions requiring its shareholder, Dia Vikas Capital Pvt Ltd, a foreign-owned and controlled entity, to reduce its shareholding below 5% in the bank and 20%...
NCLT Mumbai Approves Sashwat Energy Merger with Shapoorji Pallonji & Co
The National Company Law Tribunal's (NCLT) Mumbai bench has sanctioned a scheme of amalgamation under which Sashwat Energy Private Limited will merge with and into Shapoorji Pallonji and Company Private Limited, holding that the arrangement is “fair and reasonable” and not contrary to public policy. A bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati observed.“From the material on record, the Scheme appears to be fair and reasonable and is not in violation of...
Supreme Court Issues Notice In Ideal Jawa Liquidator's Plea Against Classic Legends Over Yezdi Trademark
The Supreme Court on Friday issued notice in a plea by the liquidator of Ideal Jawa (India) Ltd. challenging a Karnataka High Court ruling that allowed Classic Legends Pvt. Ltd. and its founder Boman R. Irani to use the 'Yezdi' trademark after holding that the company no longer retained rights over it.The high court had found that the trademark had lapsed and that goodwill could not survive once the underlying business had ceased operations.A bench of Chief Justice Surya Kant and Justices...