Designation of Special Courts under section 435 of the Companies Act, 2013 S.O. 2729(E), dated 18th June 2025, issued by MCA In exercise of the powers conferred by section 435 of the Companies Act, 2013 (18 of 2013), the Central Government, with the concurrence of the Chief Justice of the High Court of Punjab and Haryana, hereby designates the Court mentioned in column (2) of the Table below as Special Courts for the purposes of providing speedy trial of

SEBI Board Decisions PR No.33/2025, dated 18th June 2025, issued by SEBI The 210th meeting of the SEBI Board was held in Mumbai today. The SEBI Board, inter-alia, approved the following: 1. Amendments to SEBI (ICDR) Regulations, 2018 and SEBI (SBEB) Regulations, 2021 relaxing certain requirements related to public issue, with the objective of Ease of Doing Business 1.1 The existing regulations exempt the requirement of minimum holding period of one year only for equity shares acquired pursuant to an approved

Consultation Paper on extending Certain Flexibilities under Accreditation Framework Dated 17th June 2025, issued by SEBI 1. Objective The objective of this consultation paper is to seek comments/views/suggestions on the following proposals w.r.t. review of accreditation framework to: a) leverage the KRAs as accreditation agencies; b) facilitate faster and easier onboarding of Accredited Investors. 2. Background 2.1 The underlying principle of SEBI’s statutory objectives is to ensure sustainable capital formation. In this regard, it is desired that risk capital is channelized for various

Separate Filing of e-form CSR-2 post the Period of Transition from MCA21 V2 to V3 General Circular No. 02/2025, dated 16th June 2025, issued by MCA This is to inform to all the stakeholders that in view of the transition of the MCA21 portal from Version 2 (V2) to Version 3 (V3) in respect of the Annual filing forms and other related e-forms and to facilitate a smooth roll out of these e-forms in MCA-21 version 3.0, the Ministry has scheduled a

Relaxation of Additional Fees for Filing of 13 e-forms during the Period of Transition from MCA21 V2 to V3 General Circular No. 01/2025, dated 16th June 2025, issued by MCA This is to inform that in view of the transition of the MCA21 portal from Version 2 (V2) to Version 3 (V3) and to facilitate a smooth roll out of Annual filing and related e-forms in MCA-21 V3, the Ministry has scheduled a system migration phase during which e-Forms (as per

Consultation Paper on Draft Circular Mandating Periodic Disclosure Requirements for Securitised Debt Instruments (SDIs) Dated 16th June 2025, issued by SEBI Preface 1. Securitization is a process in which assets/ receivables are pooled together and then re-packaged into pass through instruments. The cash flow from these underlying assets/ receivables is passed on to the purchasers/ investors in the pass through instruments. 2. Securitization in India is regulated and governed by: 2.1. Securities

Investor Charter Real Estate Investment Trusts (REITs) SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/88, dated 12th June 2025, issued by SEBI 1. SEBI, vide Circular no. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/672 dated November 26, 2021 and Chapter 14 of Master Circular for REITs dated May 15, 2024 (hereinafter mentioned as ‘Master Circular’), inter alia, issued Investor charter and format for disclosure of investor complaints by merchant banker for public offers by REITs. 2. In a move to enhance financial consumer protection alongside enhanced

Review of Provisions relating to Product Advisory Committee (PAC) SEBI/HO/MRD/MRD-PoD-1/P/CIR/2025/087, dated 12th June 2025, issued by SEBI 1. SEBI vide ‘Master Circular for Commodity Derivatives Segment’ dated August 04, 2023 (‘Master Circular’) has issued various requirements for stock exchanges and clearing corporations for compliance in commodity derivatives segment. Chapter 2 of the Master Circular mandates that each stock exchange shall constitute a Product Advisory Committee (“PAC”) for each group/ complex of commodities having common stakeholders/ value chain participants, on which derivatives

Investor Charter Infrastructure Investment Trusts (InvITs) SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/89, dated 12th June 2025, issued by SEBI 1. SEBI, vide Circular no. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/672 dated November 26, 2021 (Chapter 12 of the Master Circular for InvITs dated May 15, 2024) and Circular no. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/690 dated December 16, 2021 (Chapter 13 of Master Circular for InvITs dated May 15, 2024), issued Investor charter and format for disclosure of investor complaints by merchant banker for public offers by InvITs and by merchant bankers for private placement of

Adoption of Standardised, Validated and Exclusive UPI IDs for Payment Collection by SEBI Registered Intermediaries from Investors SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86, dated 11th June 2025, issued by SEBI 1. Objective 1.1. Keeping in view the significant advancements in payment systems and with an objective to further enhance accessibility and safety in the securities market, it has been decided to put in place a structured Unified Payment Interface (‘UPI’) address mechanism for SEBI-registered investor-facing intermediaries (‘intermediaries’) to collect funds

Draft Circular on Frequently Asked Questions (FAQs) related to Regulatory Provisions for Research Analysts Dated 9th June 2025, issued by SEBI 1. Objective 1.1. The objective of this paper is to seek public comments on the draft circular providing details/clarifications on various regulatory provisions applicable to research analysts (RAs) in the form of Frequently Asked Questions (FAQs). 2. Background 2.1. The SEBI (Research Analysts) Regulations, 2014 ("RA Regulations") came into effect from December 01, 2014. FAQs providing clarifications/details on

Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2025 S.O. 2549(E), dated 11th June 2025, issued by Ministry of Finance In exercise of the powers conferred by clauses (aa) and (ab) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby makes the following rules further to amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, namely:-- 1. (1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2025. 1.

Extension of Timeline of Additional Liquidation Period for VCFs Migrating to SEBI (Alternative Investment Funds) Regulations, 2012 SEBI/HO/AFD/SEC-3/P/CIR2025/85, dated 6th June 2025, issued by SEBI 1. SEBI vide Circular No. SEBI/HO/AFD/AFD-POD-1/P/CIR/2024/111 dated August 19, 2024, provided, inter-alia, for modalities for migration including conditions under which Venture Capital Funds (VCFs) will be allowed to migrate to SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations). Paragraph 5 of the said circular contained provisions for VCFs having at least one scheme which has not

Limited Relaxation from Compliance with Certain Provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/83, dated 5th June 2025, issued by SEBI 1. SEBI, vide circular dated October 06, 2023, had relaxed the applicability of Regulation 58(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) till September 30, 2024 based on the relaxations provided by Ministry of Corporate Affairs (MCA) vide General Circular no. 09/2023 dated September 25, 2023. 2.

Framework for Environment, Social and Governance (ESG) Debt Securities (other than green debt securities) SEBI/HO/DDHS/DDHS-POD-1/P/CIR/2025/84, dated 5th June 2025, issued by SEBI I. SEBI in its Board meeting held on September 30, 2024 had inter-alia approved, the proposal to specify the frameworks for issuance of social bonds, sustainability bonds and sustainability-linked bonds, which together with green debt securities, will be termed Environment, Social and Governance (ESG) Debt Securities. Pursuant to the inputs

Special Economic Zones (Amendment) Rules, 2025 G.S.R. 364(E), dated 3rd June 2025, issued by Ministry of Commerce and Industry In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely- 1. (1) These rules may be called the Special Economic Zones (Amendment) Rules, 2025. (2) They shall come into force on the date of their publication in the

Margin Obligations to be given by way of Pledge/Re-pledge in the Depository System SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/82, dated 3rd June 2025, issued by SEBI 1. SEBI, vide circular SEBI/HO/MIRSD/DOP/CIR/P/2020/28 dated February 25, 2020 (hereinafter mentioned as ‘Circular’) and Para 41 of Master Circular for Stock Brokers dated August 09, 2024 (hereinafter mentioned as ‘Master Circular’), mandated that the broker shall accept collateral from client in the form of securities only by the way of ‘margin pledge’. The

Investor Charter for Investment Advisers SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/80, dated 2nd June 2025, issued by SEBI 1. SEBI, vide Circular no. SEBI/HO/IMD/IMD-II CIS/P/CIR/2021/0686 dated December 13, 2021 (hereinafter mentioned as ‘Circular’) and Clause 8 of Master Circular for Investment Advisers dated May 21, 2024 (hereinafter mentioned as ‘Master Circular’), inter alia, issued Investor charter for Investment Advisers. 2. In a move to enhance financial consumer protection alongside enhanced financial inclusion and financial literacy and in view of the

Investor Charter for Research Analysts SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/81, dated 2nd June 2025, issued by SEBI 1. SEBI, vide Circular no. SEBI/HO/IMD/IMD-II CIS/P/CIR/2021/0685 dated December 13, 2021 (hereinafter mentioned as ‘Circular’) and Clause 5 of Master Circular for Research Analyst dated May 21, 2024 (hereinafter mentioned as ‘Master Circular’), inter alia, issued Investor charter for Research Analysts. 2. In a move to enhance financial consumer protection alongside enhanced financial inclusion and financial literacy and in view of the

Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) Press Release No. IBBI/PR/2025/14, dated 30th May 2025, issued by IBBI 1. The Insolvency and Bankruptcy Board of India (IBBI/Board) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2025 (Amendment Regulations) on 26th May 2025. The amendments, which come into immediate effect, aim to further streamline and

The NCLT has jurisdiction to entertain section 95-application filed by the financial creditor against the personal guarantor for initiating insolvency resolution process. Sub-section (2) of section 60 does not in any manner prohibit filing of proceeding under section 95, even if no proceedings are pending before the NCLT Sub-section (2) of section 60 provides that where a CIRP or liquidation proceedings of a corporate debtor is pending before the NCLT, an application, relating to the insolvency resolution or liquidation or

When the statutory scheme is clear and unambiguous, there is no role of any interpretive process to find out the jurisdiction of the NCLT to extend the period of moratorium. When statute provides a date for cessation of the moratorium, it cannot be extended by the Adjudicating Authority or by the Appellate Tribunal against the statutory intendment under sub-section (1) of section 101 Looking into the statutory scheme of the Code, it is clear that interim moratorium is kicked in as

The phrase “any other person concerned“ should be interpreted to mean that the person, even if not a regulatory authority, must be directly connected to the company for filing an application to reopen books of account under section 130. Having status of director or shareholder of company is not enough. The Board of directors having not investigation done, its managing director should have filed the application Under sub-section (1) of section 130, the phrase “any other person concerned” must be interpreted

Non-executive and independent director(s) cannot be held liable under section 138 read with section 141 unless specific allegations demonstrate their direct involvement in affairs of the company at the relevant time Where it is evident that the appellant(s) neither issued nor signed the dishonoured cheques, nor had any role in their execution and there is no material on record to suggest that they were responsible for the issuance of the cheques in question and their involvement in the company’s

The penalties imposed by the National Consumer Disputes Redressal Commission under section 27 are regulatory in nature and do not constitute ‘debt’ under the Insolvency and Bankruptcy Code, 2016 (‘Code’). The moratorium under section 96 of the Code does not extend to regulatory penalties imposed for non-compliance with the consumer protection laws Section 96 of the Code applies only to ‘debt’ as defined under the Code and not to regulatory penalties imposed for non-compliance with consumer protection laws. Penalties arising from

In terms of rule 50, both the certified copy which is provided free of cost as well as the certified copy which is made on an application are treated as certified copies. Thus, when appeal was filed within the condonable period of 15 days delay should have been condoned Where the free copy was made available on 14th November, 2023 after the decision of the NCLT on 30th October, 2023 and the appeal was lodged on 2nd December, 2023 with

Passing an order of approval by the Competition Commission of India ('CCI') to the combination without further steps of investigation is legal and is not vitiated on forming a prima facie opinion and is not contrary to the plain language of section 29 Sub-section (1) of section 29 provides for formation of prima facie opinion, issuance of show cause notice and receiving a reply from the party. The intermediary

The licence fee paid by the assessee for the use of goodwill and the payment for its exploitation constitute legitimate business expenditure and does not violate Explanation 1 to section 37. It cannot be argued that payment of licence fee violated the Bar Council of India Rules prohibiting revenue sharing with non-advocates The disallowance which is contemplated under Explanation 1 to section 37 is expenditure incurred for any purpose

Per MajorityThe appellant as an unsuccessful resolution applicant whose resolution plan could have otherwise been approved by the committee of creditors, satisfies the requirement of being aggrieved Once the CIRP is initiated, the nature of proceedings are no longer in personam but rather become in rem. In light of the same, the expression 'any person aggrieved' in the context of the Code has been held to be indicative of

Once there is an agreement of partnership, unless it is registered, no suit can be maintained by the partners for enforcing any right accruing from such agreement. Suit for dissolution is not maintainable in the absence of the registration of the partnership firm Where the partnership deed reveals that the sum was advanced to the respondent, which is now sought to be recovered, was rendered by the petitioners as

When fraudulent CIRP proceedings are initiated, the Adjudicating Authority has jurisdiction under the Code to consider the allegations of fraudulent and malicious initiation of CIRP proceedings in terms of section 65 and recall the CIRP admission order Where the promoters of the corporate debtor and the financial creditors in trying to create a non-existent financial debt out of routine business entries, have ended up unwittingly committing lapses which lapses

Considering the subject-matter and grave civil and penal consequences, the validity of an order declaring as wilful defaulter would require a closer scrutiny as to whether such an order falls within the four corners of the procedural mechanism prescribed in the Master Circular A person declared as wilful defaulter affects the fundamental right of a person under article 19(1)(g) of the Constitution as it directly affects the right to

Any liability in respect of any of the guarantees for money borrowed against the payment of interest is a 'financial debt' under clause (8) of section 5 Insolvency and Bankruptcy Code, 2016 - Section 5(8) - Financial debt - Money borrowed against payment of interest - Amount of any liability in respect of any guarantees for money borrowed against payment of interest - Is it financial debt.

There is no violation of sub-regulation (1A) of regulation 39 in the challenge process conducted by the resolution professional as per request for resolution plans and process ('RFRP'). The committee of creditors ('CoC') is fully competent to conduct negotiation process for value maximisation after completing the challenge process which negotiation process was conducted in accordance with RFRP and process note Where the resolution professional had rightly exited Consortium from

The mandate of the RBI framework for compromise settlement must give way to the CIRP of the borrower entity once the process has been initiated In the scheme of the Code, a party would have to trace its legal right to the mechanisms, time frames and the relief provided for in the Code itself. Legal right to the one time settlement ('OTS') with only one of the creditors does

In terms of sub-sections (1) and (2) of section 60 read with section 179, the NCLT is the only Adjudicating Authority in respect of personal guarantors to a corporate debtor where a corporate insolvency resolution process or liquidation proceeding initiated against a corporate debtor is either pending before a National Company Law Tribunal or is already concluded. In absence of an 'initiated' or 'pending' or 'concluded' CIRP against a principal borrower, an application under sub-section (1) of section 95 to

No error or illegality has been committed either by the BSE or the Securities Appellate Tribunal in refusing to accept the request of the appellant-company for the listing of the shares at the stock exchange inasmuch as section 62 of the Companies Act, 2013 stands duly attracted and in the light of clause (c) of sub-section (1) of section 62, special resolution of the shareholders is necessary which is lacking

Where the transferor-company and the transferee-company are wholly owned subsidiaries of a common parent company, the scheme of amalgamation and merger order are squarely covered under Notification No.13 dated 25th December, 1937 which exempts instrument evidencing transfer between the transferor- and transferee-companies when the transferor-company is a hundred per cent subsidiary of the transferee-company Where there is only transfer of shares in dematerialised form and the legislative intent, as

The appellant is not entitled to take benefit of the judgment of the Suo Motu Writ Petition of the Supreme Court due to COVID-19 situation for the reason that the appellant, despite having knowledge of proceedings, applied for certified copy of judgment at a much belated stage not being within the principal limitation period which expired much before the extended period granted by the said judgment of the Supreme Court

Entries in the balance sheets amount to clear acknowledgement of debt extending limitation under section 18 of the Limitation Act The statement of law that there is a compulsion in law to prepare a balance sheet but no compulsion to make any particular admission, is correct in law as it would depend on the facts of each case as to whether an entry made in a balance sheet qua

This article highlights on unintended absurd effect of exemptions under clause (b) of sub-section (5) of section 184 of the Companies Act, 2013.

In this article, the author delves into the question as to whether a resolution notified can be dropped or withdrawn and whether a resolution passed can be rescinded. He states that there is no bar to rescinding or altering a resolution passed in one meeting in another meeting.

The author, while explaining rationale behind ensuring compliance with the legal requirements, delves into the provisions of section 441 of the Companies Act, 2013 dealing with compounding of offences and its consequences and further explains settlement mechanism for compounding of offences under the Securities and Exchange Board of India Act, 1992 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. He concludes that in order to make the settlement mechanism dynamic and instant it should be made time bound and

This article critically analyses the impact of the Code, identifies key challenges, and suggests reforms to improve its efficiency, with a focus on how it can contribute to the success of Atma Nirbhar Bharat.

This article delves into an interesting question with regard to 'managing director', one of the key managerial personnel under the Companies Act, 2013 whether he can be in employment of the company. The author says that in his capacity as a managing director, he may be regarded as having not only the capacity as persona of a director but also the persona of an employee, or an agent depending upon the nature of his work and the terms of his

Comprehensive FAQs on SEBI (PIT) Regulations, 2015*1 [2025] 184 CLA (Mag.) 9 A. TRADING RELATED 1. Whether creation of pledge, invocation of pledge and revocation of pledge can be deemed as trading ? Answer Trading as defined under regulation 2(1)(l) means and includes subscribing, buying, selling, dealing, or agreeing to subscribe, buy, sell, deal in any securities, and “trade” shall be construed accordingly. The term trading is widely defined to include dealing in securities and intended to curb the activities based on unpublished price sensitive

In this article the author has analysed the order of National Company Law Appellate Tribunal in Major Atul Dev (Retd.) v. Union of India [2024] 183 CLA 139 upholding the order of the NCLT superseding the Board of directors of the Delhi Gymkhana Club. He concludes that the order of the NCLAT brought to light the need for Government interference, but has not gone into the vires of the order of NCLT.

In this article, the author delves into section 42 of the Companies Act, 2013 which deals with offer or invitation for subscription of securities on private placement.

In this article, the author delves into the order of the Supreme Court in SBI v. Consortium of Murari Lal Jalan Civil Appeal Nos.12220-12221/2024, dated 7th November, 2024 highlighting the major problems of delay in CIRP plaguing the Code since its inception.

This article seeks to answer, as to what happened when the period of 12 years lapsed and the award had not been enforced in light of the 'automatic stay/suspension' before the decision was rendered in HCC Case?

RBI has introduced a new scale based regulation framework for regulation of non-banking financial companies ('NBFCs') in India. Under this framework, separate set of regulations are applicable to an NBFC based on its categorisation on various parameters. This article aims to apprise the readers on all RBI regulations applicable to all NBFC's based on its categorisation.

RBI has introduced a new scale based regulation framework for regulation of non-banking financial companies ('NBFCs') in India. Under this framework, separate set of regulations are applicable to an NBFC based on its categorisation on various parameters. This article aims to apprise the readers on all RBI regulations applicable to all NBFC's based on its categorisation.

In this article, the author delves into reasons for stress of senior staff in audit firms. He concludes that root cause for the stress of audit assistants is the rigid regulatory time bound norms prescribed under Regulations.

This article is intended to explain the concept of significant beneficial owner as defined in section 90 of the Companies Act, 2013 read with the Significant Beneficial Owners Rules, 2018 as amended in 2017 and 2019, respectively.

On 16th August, 2024, the Department of Economic Affairs, Ministry of Finance introduced key amendments to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 through the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2024. The amendment permits the transfer of shares between an Indian resident and a non-resident in exchange for foreign company shares as part of a share swap, streamlining cross-border investments, enhancing opportunities for foreign direct investment and overseas investment, and international collaborations while simplifying complex regulatory

This article is intended to discuss threadbare powers of the SEBI to directly regulate the payment of dividend and direct investors to establish mandatory compliances under the Companies Act, 2013 and rules made thereunder.

The green channel mechanism has proved to be a successful scheme for combination approvals. This article is intended to explain important aspects of the mechanism.

This article provides an overview of adjudication of cases pertaining to violation of section 62 of the Companies Act, 2013 which deals with the further issue of shares by a company.

In this article the author raises a question as to whether holding annual general meetings through video-conferencing in pursuance of circulars issued by the Ministry of Corporate Affairs in the wake of COVID-19, is legal.

The Competition (Amendment) Act, 2023 has introduced sections 48A and 48B in the Competition Act, 2002 which empower the Commission to pass settlement/commitment orders. This article explains the newly introduced sections.

AGM – Agenda item – Can it be withdrawn at the meeting – Question of the item being withdrawn at the meeting cannot and would not arise particularly if the voting electronically results in disapproval of the item slated for withdrawal from consideration at the physical meeting.

CIRP – Unsuccessful applicant thereof – Can it be an aggrieved person for filing appeal under the Code – Once a corporate insolvency resolution process is approved by the Adjudicating Authority, it ceases to be a right in personam and an unsuccessful applicant of a corporate resolution process could appeal against the order of the Adjudicating Authority approving a corporate resolution process.

Equity shares on conversion of loan into share capital – Does its issue require mandatory approval of the shareholders – As the conversion of loan into share capital is done pursuant to an agreement initiated by the company, the conversion would be deemed to be issue of share capital by the company and as such provisions of section 62 of the Act would be attracted and approval of the shareholders in general meeting has mandatorily to be taken for such

Settlement of debt - Can NCLAT directly approve settlement of debt before constitution of committee of creditors and after the Adjudicating Authority admitted application - The right to deal with debt including settlement thereof, vests with the committee of creditors and not with each member of the committee and the decision of the committee is approved by the Adjudicating Authority and none else including Appellate Tribunal.

Insolvency resolution – Collective entry in balance sheet on amount due to debtors – Would it amount to acknowledgement of debt for determining the maximum time by which recourse should be taken – It would be enough if the amount of the debt forms part of the amount shown in the balance sheet of a company prepared, audited by the statutory auditors of the company and adopted by the members of the company as required by the provisions of the

Insolvency resolution process – Returning of wrongful claim for re-submission by resolution professional – Can operational creditor agitate for settling his claim after the corporate resolution proposal is approved – In returning a wrongful claim for re-submission under the appropriate head, the resolution professional is not judging the claim but only advising for correct collation of the claim.

Appeal against order of NCLT - Is NCLAT competent to condone delays beyond 45 days in filing appeals - Even if there are adequate, plausible and genuine reasons, the NCLAT cannot condone the delay in filing the appeal beyond the expiry of 15 days from the expiry of thirty days from the date of the order.

Directions by Reserve Bank to Banks - Are they mandatory - Directions are mandatory ; however, it is open to Reserve Bank to give exemptions from all or any of the directions issued by it.

Circulars/Press notes issued by Government - Do they have statutory support - They have no statutory support and as such are not binding on anyone including on the public. But they would have only persuasive value. However, circulars issued by the CBDT on the provisions of Income-tax Act, 1961 are exception to general rule.

Insolvency resolution - Approval by Adjudicating Authority - Does it release guarantor from his obligations. When under an arrangement between the corporate debtor and his creditor, the creditor agrees to accept a part of the amount due in full and final settlement of the entire debt, to which the guarantor is not a party, he would be absolved of his obligations under the guarantee, and he will get protection under section 134 of the Contract Act.

NCLAT – Single Member Bench – Can Bench exercise its powers through one Member Bench–The powers of NCLAT vest in Benches comprising one Judicial Member and one Technical Member. As a corollary no Single Member of NCLAT can exercise his powers through one Member Bench.

Royalty - Is it a tax/contractual payment - Royalty is a contractual payment arising out of obtaining the right to extract minerals, as a result of which, the resources of the land gets depleted. But tax is paid as revenue for the Government.

Liquidator - Prior approval of the Adjudicating Authority before instituting proceedings - Any suit or other proceeding launched without such approval would not permanently abate but would get revived on receipt of such an approval.

TDS - Recovery from salary of employee on failure of employer to remit - In no case consequences of failure to deduct TDS or short deduction and payment will fall on the employee.

Grievance in regard to purchase of goods, materials and services - Can a company take recourse to the provisions of the Consumer Protection Act - Company may take recourse to the provisions of the Act if it makes purchases of goods, materials or services, etc., not for resale as such but are used to manufacture goods or materials for sale, after such manufacture and to maintain itself in a position to make such manufacture.

Annual general meetings - Circular dated 19th September, 2024 - Does it give immunity from holding annual general meetings - The circular would not deprive the right of a shareholder or a member of the company from preferring and successively prosecuting such an application so made. The circular in question would not confer on a company any absolute protection.

Dishonour of cheque - Averment in the complaint - Is complainant bound to aver in the complaint - It is the bounden duty of the complainant to specifically aver in his compliant.

Competition Commission - Transparency in its proceedings in relation to discharging its functions - Natural justice demands that the notice of the enquiry should be sent to the party to the enquiry so that he gets an opportunity to defend - The status of a third party to the enquiry if changed on the orders of the Commission, the same should be communicated to the party whose status is so changed, so that an opportunity is given to him to

Articles of association - Stamp duty on its registration - Will it be necessary to pay stamp duty on every subsequent increase in authorised capital after its original registration - In case of subsequent to the increase in the authorised capital the articles of association as originally registered, it is always advisable to pay stamp duty in the States where the same has been stipulated as a percentage of the authorised capital subject to an absolute amount, till the aggregate

Contribution by joint venture partner – Is it loan for purpose of the Insolvency and Bankruptcy Code, 2016 – Where project is set up by more than one entrepreneur for sharing profits of joint venture and there is any dispute, aggrieved partner cannot take recourse to the Code.