Supreme Court
Supreme Court Stays NCLAT Order Reviving IL&FS Plea Over ₹1,080 Crore SREI Group Linked Transactions
The Supreme Court on Monday stayed the operation of the National Company Law Appellate Tribunal (NCLAT) order reviving Infrastructure Leasing & Financial Services Ltd. (IL&FS)'s plea seeking to unwind six alleged circuitous lending transactions worth ₹1,080 crore involving SREI Infrastructure Finance Limited (SIFL) group entities.The case arose from six lending transactions worth ₹1,080 crore undertaken between March 2017 and March 2018, which IL&FS alleged were structured to...
Centre Can Authorise Officers Other Than SFIO Director To File Companies Act Fraud Complaints: Supreme Court
The Supreme Court has recently clarified that the Centre can authorise any Central Government officer, in addition to the Director of the Serious Fraud Investigation Office (SFIO), to institute a complaint under the second proviso to Section 212(6) of the Companies Act. The clarification came while dismissing the Centre's review petition against the Court's January 9 judgment. In that judgment, the Court held that an offence under Section 448 of the Companies Act is an offence “covered under...
Supreme Court Issues Notice On Plea Against NCLAT Ruling On NCLT Power To Order EGM
The Supreme Court on Tuesday issued notice on a plea challenging the National Company Law Appellate Tribunal's August 17, 2026 order.The NCLAT held that the NCLT cannot direct the convening of an Extraordinary General Meeting under Section 98 of the Companies Act, 2013, unless the applicant establishes that holding the meeting without the Tribunal's intervention has become impracticable.A Division Bench of Justices K.V. Viswanathan and Arun Palli issued notice on the plea and posted the...
Supreme Court Refuses To Interfere With NCLAT Order In 35-Year-Old Peerless Shareholder Dispute
The Supreme Court has refused to interfere with the National Company Law Appellate Tribunal's order setting aside the National Company Law Tribunal, Kolkata's decision. The NCLT had cancelled the allotment of 30,000 equity shares by Peerless General Finance & Investment Co Ltd (PGFI) to three companies allegedly connected with the Roy-Sen group, as well as the subsequent transfer of 15,626 shares.A Division Bench of Justices P.S. Narasimha and Alok Aradhe refused to interfere with the...
Company Can Be Prosecuted For Criminal Offences Without Identifying Guilty Natural Person: Supreme Court
The Supreme Court on Monday held that identification of a natural person is not a prerequisite, at the threshold stage, for prosecuting a corporate entity for an offence involving mens rea.A Division Bench comprising Justices J.B. Pardiwala and Manoj Misra made the observation while dismissing an appeal filed by Sanofi India Limited against the Karnataka High Court's refusal to quash criminal proceedings arising from a CBI chargesheet.“All that is required, at this stage, is that an offence be...
Supreme Court Reserves Verdict On Plea By Minority Shareholders To Recall Order Referring Jindal Poly Films Class Action To Arbitration
The Supreme Court on Thursday reserved its verdict on a miscellaneous application filed by a group of 29 minority shareholders seeking recall of its June 8, 2026 order referring the Jindal Poly Films Ltd class action dispute to arbitration. The shareholders contended that the Court had not been informed that the proceedings before the NCLT had already acquired the character of a class action, with thousands of non-promoter minority shareholders becoming parties to the proceedings following...
Supreme Court To Examine If Winding-Up Petitions Transferred From HC To NCLT Must Meet IBC Threshold
The Supreme Court on Wednesday agreed to examine whether a winding-up petition filed before a High Court can be subjected to the ₹1 crore minimum default threshold under the Insolvency and Bankruptcy Code after being transferred to the National Company Law Tribunal. The case concerns winding-up proceedings instituted before the ₹1 crore threshold was introduced under the Code. The court will consider whether the threshold applicable when the proceedings were originally filed should continue...
Supreme Court Dismisses NSEL Plea For Joint Trial In Two CBI Cases Over 2013 Payment Crisis
The Supreme Court on Wednesday dismissed National Spot Exchange Ltd.'s (NSEL) challenge to the Bombay High Court's March 27, 2026 judgment. The Bombay High Court had refused to direct a joint trial in two CBI cases arising from the alleged 2013 NSEL payment crisis.A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and V. Mohana held that, "No case to interfere with the impugned order passed by the High Court is made out. The Special Leave Petition is,...
Supreme Court Stays SFIO Proceedings Against Vivo India
The court also issued notice on Vivo India's plea challenging the Punjab & Haryana High Court ruling that denied a mandatory pre-cognizance hearing under the BNSS in an SFIO prosecution
Supreme Court Refuses To Interfere With Calcutta HC Order On IIBI's ₹221 Crore Preference Share Redemption
The Supreme Court on Monday dismissed special leave petitions filed by investor Persis A. Khambatta, refusing to interfere with the Calcutta High Court's judgment upholding a resolution of Industrial Investment Bank of India Ltd (IIBI), which is in voluntary liquidation. The resolution provides for redemption of ₹221.08 crore worth of redeemable cumulative preference shares at 20% of their principal paid-up capital in full and final settlement.A Bench of Justices Vikram Nath and Sandeep Mehta...
Supreme Court To Hear On Friday Plea Seeking Recall Of Order Referring Jindal Poly Films Dispute To Arbitration
The Supreme Court on Wednesday agreed to hear on Friday a plea filed by a group of 29 minority shareholders seeking recall of its order referring the Jindal Poly Films Ltd. class action dispute to arbitration. The shareholders contend that India's first corporate class action under Section 245 of the Companies Act could not have been referred to arbitration without hearing the other shareholders represented in the proceedings. A bench of Chief Justice Surya Kant, Justice Joymalya Bagchi and...
NSEL Moves Supreme Court Against HC Order Refusing Joint Trial In CBI Cases Over Alleged Payment Crisis
National Spot Exchange Ltd (NSEL) has moved the Supreme Court challenging the Bombay High Court's March 27, 2026 judgment refusing to direct a joint trial in two CBI cases arising out of the alleged NSEL payment crisis.NSEL argues that the cases stem from the same alleged fraudulent paired contracts. It says they involve the common accused, witnesses, and documents. The special leave petition, filed on June 19, 2026, is yet to be listed. The dispute concerns two CBI Special Cases pending...