Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2026 No. SEBI/LAD-NRO/GN/2026/296,dated 20th January 2026,issued by SEBI In exercise of the powers conferred under sub-section (1) of section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, namely: - 1. These regulations may be called the Securities and Exchange

  Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2026 No. SEBI/NRO-GN/2026/295,dated 20th January 2026,issued by SEBI In exercise of the powers conferred by section 11, sub-section (2) of section 11A and section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 31 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India

  Circular under SEBI (Index Providers) Regulations, 2024 Dated 19th January 2026,issued by SEBI 1. SEBI has notified the regulatory framework for Index Providers in the securities market through the SEBI (Index Provider) Regulations, 2024 (hereinafter “the Regulations”) with the objective of fostering transparency and accountability in governance and administration of Indices. 2. The significant indices under the regulation were defined as “Indices administered by an Index Provider, which are tracked or benchmarked by domestic mutual fund schemes with the cumulative assets

Introduction of Closing Auction Session (CAS) in the Equity Cash Segment and Certain Modifications in the Pre-Open Auction Session HO/47/11/11(3)2025-MRD-POD2/I/2765/2026,dated January 2026,issued by SEBI 1. Currently, the closing price of stocks in the equity cash segment of the Stock Exchanges is determined on the basis of the Volume Weighted Average Price (VWAP) of trades executed during the last thirty minutes of the Continuous Trading Session (CTS). 2. Globally, in major jurisdictions the closing price of stocks is determined based on CAS,

Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI)" framework for FPIs and FVCIs HO/19/34/14(5)2025-AFD-POD2/I/2703/2026,dated 16th January 2026,issued by SEBI 1. SEBI vide "Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors" No. SEBI/HO/AFD/AFD- PoD2/P/CIR/P/2024/70 dated May 30, 2024 as amended from time to time (hereinafter referred to as the ‘FPI Master Circular’) has, inter alia, specified the guidelines for registration of FPIs,

Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI) Framework for FPIs and FVCIs HO/19/34/14(5)2025-AFD-POD2/I/199/2025,dated 16th January 2026,issued by SEBI 1. SEBI vide Circular No. SEBI/HO/AFD/AFD-PoD-3/P/CIR/2024/130 dated September 26, 2024, inter alia, specified the Operational Guidelines for registration of FVCIs and KYC requirements. 2. SEBI (Foreign Venture Capital Investors) (Amendment) Regulations, 2025 were notified on December 03, 2025, amending the SEBI (Foreign Venture Capital Investors) Regulations, 2000, inter alia, to simplify on-boarding

Simplification of Client Onboarding and Rationalisation of Risk Management Framework at KYC Registration Agencies Dated 16th January 2026,issued by SEBI I. Definitions: 1. For the purpose of this consultation paper, the terms used herein shall bear the meaning, as given below: 1.1. PMLA means, “The Prevention of Money Laundering Act, 2002” and includes the amendments thereto. 1.2. Know Your Client (KYC) means the procedure specified by the Board of identifying and verifying the Proof of Address, Proof of Identity and compliance with rules, regulations, guidelines

Proposal to Permit Netting of Funds for Transactions done by Foreign Portfolio Investors (FPIs) Dated 16th January 2026,issued by SEBI 1. Objective 1.1. In terms of Regulation 20(4) of SEBI (FPI) Regulations, 2019, FPIs are required to transact in securities in India only on the basis of taking and giving delivery of securities purchased or sold. 1.2. In terms of SEBI’s Master Circular for Stock Exchanges and Clearing Corporations dated December 30, 2024, institutional investors are not allowed to do day trading i.e.,

  National Financial Reporting Authority appointment of Part-time members (Amendment) Rules, 2025 G.S.R. 42(E),dated 13th January 2026,issued by MCA In exercise of the powers conferred by sub-section (3) of section 132 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the National Financial Reporting Authority appointment of Part-time members, Rules, 2022, namely:— 1. (1) These rules may be called the National Financial Reporting Authority appointment of Part-time members (Amendment) Rules, 2025. (2) They shall

Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2026 No. SEBI/LAD-NRO/GN/2026/293, dated 13th January 2026, issued by SEBI In exercise of the powers conferred under section 30 read with section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, namely: - 1. These regulations may be called the Securities and Exchange Board of India

Export and Import of Goods and Services A.P. (DIR Series) Circular No. 20, dated 16th January 2026, issued by RBI The Reserve Bank has comprehensively reviewed the regulations and directions governing export and import of goods and services, under FEMA, 1999, in consultation with stakeholders, and issued Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026. The Regulations are intended to promote ease of doing business, especially for small exporters and importers, and to empower

Amendments in Notification Number S.O.1647(E), dated 2nd May, 2016 S.O. 158(E), dated 8th January 2026, issued by MCA In exercise of the powers conferred by sub-sections (5) and (6) of section 125 of the Companies Act, 2013 (18 of 2013) read with rules 5 and 7 of the Investor Education and Protection Fund Authority (Appointment of Chairperson and Members, holding of meetings and provision for offices and officers) Rules, 2016, the Central Government hereby makes the following further amendments in the notification

Consultation Paper on Circular for Trading at Stock Exchanges Dated 9th January 2026, issued by SEBI Measures for Ease of Doing Business (EODB) for Exchanges - Modifications to Chapter 1: Trading (including for Commodity Derivatives Segment) of Master Circular for Stock Exchanges and Clearing Corporations (“MSECC”), and Master Circular for Commodity Derivatives (“MCCD”) 1. OBJECTIVE AND BACKGROUND 1.1 The Hon’ble Finance Minister in the budget announcements

Review of Framework to Address the Technical Glitches in Stock Brokers’ Electronic Trading Systems HO/38/44/12(1)2026-MIRSD-TPD1, dated 9th January 2026, issued by SEBI 1. SEBI vide Circular No. SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160 dated November 25, 2022 laid down a comprehensive framework to address the technical glitches in stock brokers’ electronic trading systems. Subsequently, Stock Exchanges also issued detailed guidelines in this regard on December 16, 2022. 2. SEBI received several representations from the various stakeholders and Industry

Simplification of Requirements for Grant of Accreditation to Investors HO/19/34/11(9)2025-AFD-POD1/I/2286/2026, dated 9th January 2026, issued by SEBI 1. Accredited investor framework was introduced by way of amendment in SEBI (AIF) Regulations 2012 [“AIF Regulations”], notified on August 03, 2021. Further, various modalities in this regard were specified vide SEBI circular dated August 26, 2021 [subsumed in Chapter 12 of master circular for AIFs dated May 07, 2024 (“master circular)]. Subsequently, simplification requirements for grant of accreditation to

Compliance Reporting Formats for Specialised Investment Funds (SIF) HO/24/13/12(4)2025-IMD-POD-1/I/2062/2026, dated 8th January 2026, issued by SEBI 1. SEBI vide circular dated February 27, 2025 and subsequent circulars issued thereunder, has specified the regulatory framework for Specialized Investment Funds (‘SIFs’). 2. In order to ensure uniformity and clarity in compliance reporting for SIFs, the compliance reporting formats applicable to SIFs shall be as follows: 2.1. In terms of Regulation 49V(2) of the SEBI (Mutual Funds) Regulations,

Extension of Timeline for Implementation of Additional Incentives Structure for Distributors for Onboarding New Individual Investors from B-30 Cities and Women Investors HO/(83)2025-IMD-POD-1/I/2027/2026, dated 7th January 2026, issued by SEBI 1. SEBI, vide Circular No. HO/(83)2025-IMD-POD-1/I/152/2025 dated November 27, 2025, prescribed a framework (to come into effect from February 01, 2026) for incentivizing distributors for mobilizing investment/inflows from the following categories of investors at the mutual fund industry level: 1.1.

Corrigendum to Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 2025 No. SEBI/LAD-NRO/GN/2026/290, dated 5th January 2026, issued by SEBI In the notification of the Securities and Exchange Board of India, No. SEBI/LAD-NRO/GN/2025/288 dated December 15, 2025 published in the Gazette of India, Extraordinary, Part III, Section 4, in the English version - 1. in page 27, in Regulation 6, the numbering of sub-regulation (3) shall be read as sub-regulation (2). 2. in page 28,

Norms for Sharing and Usage of Price Data for Educational Purposes Dated 6th January 2026, issued by SEBI Objective: 1. SEBI has put in place comprehensive frameworks for investor protection, market regulation and development by implementing various measures that address investor awareness, education, and protection norms. 2. SEBI vide circular dated May 24, 2024 (May 2024) restricted the sharing of live data by exchanges only for trading and its related

Specification of the Consequential Requirements with respect to Amendment of Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 HO/49/11/11(106)2025-CFD-RAC-DIL3/I/1796/2026, dated 2nd January 2026, issued by SEBI 1. SEBI (Merchant Bankers) Amendment Regulations, 2025 has been notified on December 05, 2025 and shall be applicable w.e.f. January 03, 2026 (hereinafter being referred as

For an account to be maintained by an account holder, it is essential that he is in a position to operate the account by either depositing monies therein or by withdrawing money therefrom and to give effective instructions to his banker with whom the account is maintained. Once the account has been attached by an order of the Court it cannot be said that ingredients of section 138 are not fulfilled Negotiable Instruments Act, 1881 – Section 138 – Dishonour of

A power of attorney holder or authorised person can file complaint and pursue it on behalf of the principal and in the name of actual owner or person they represent and not in their personal name. But it is not permissible in law to file complaint in his personal capacity Negotiable Instruments Act, 1881 – Section 138 – Dishonour of cheque – Complaint – Complainant filing a complaint against petitioner in his individual name without any authorisation or power

The target-discount scheme of the respondent does not amount to discriminatory or exclusionary pricing in contravention of clauses (a) and (b) of sub-section (2) of section 4 Clause (a) of sub-section (2) of section 4 implies that an abuse arises only where a dominant enterprise directly or indirectly imposes unfair or discriminatory price in purchase or sale. As the words “unfair or discriminatory” import a comparative enquiry, it must first be established that transactions which are materially equivalent have been

For a pre-existing dispute to be a ground to nullify an application under section 9, the dispute raised must be truly existing at the time of filing a reply to notice of demand as contemplated by sub-section (2) of section 8 Where demand notice issued by the operational creditor to the corporate debtor and second demand notice was clearly a novated demand notice with particulars of debt and default and date of default being at variance from the first demand

While the issuance of show cause notice (‘SCN’) is mandatory upon formation of a prima facie opinion, it is not necessary after receiving response to the SCN to escalate the verification to the DG for investigation Sub-section (1) of section 29 makes it mandatory to issue an SCN on the appreciable adverse effect on competition (‘AAEC’) noted from the proposed combination to the parties and received their response. At the same time with the receipt of the response or modification

Where Adjudicating Authority has not directed any investigation under section 213 but has forwarded the copy of the order to the Ministry of Corporate Affairs (‘MCA’) for taking such steps as may be necessary, direction issued by the Adjudicating Authority cannot be read to mean any direction to MCA or any other statutory authorities to carry out the investigation The Adjudicating Authority, while exercising jurisdiction under section 9 of the Insolvency and Bankruptcy Code, 2016, also exercise jurisdiction of the NCLT

Operational creditors cannot file joint application if amount jointly exceeds Rs. one crore While Legislature permitted financial creditors to jointly file application for insolvency resolution process, it has not permitted operational creditors to do this in a scheme under sections 8 and 9. It is not correct to contend that application can be jointly filed by the operational creditors if amount jointly due on the corporate debtor exceeds Rs. one crore. Each workman/employee is a different operational creditor and is required

Sub-section (4) of section 36, which relates to liquidation process, cannot be deemed to be incorporated or available for the purpose of deciding a plea under the insolvency resolution process. Therefore, plea of exclusion of the provident fund from the scope of Chapter II of the Code will have to be considered independently of clause (iii) of sub-section (4) of section 36 It would be correct to say that the provisions of sub-section (4) of section 36, which fall under

Where the application under section 12A was filed before the constitution of the committee of creditors in accordance with the procedure laid down in IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Adjudicating Authority rightly held that the creditor has locus standi to file the application post the settlement and the application under section 12A filed by the insolvency resolution professional has a direct bearing on the interest of the creditor in relation to the corporate debtor Insolvency and

The criminal proceedings under section 138 of the Negotiable Instruments Act stand terminated in relation to the corporate debtor Insolvency and Bankruptcy Code, 2016 – Section 14 read with section 138 of Negotiable Instruments Act, 1881– Moratorium – Initiation of criminal proceedings for dishonour of cheque against corporate debtor – Criminal proceedings against corporate debtor – Is to be deferred till moratorium is lifted. When the corporate insolvency resolution process of the company is underway, the corporate debtor would be covered

Sub-section (1) of section 26 requires the Commission to form an opinion whether or not there exists a prima facie case for issuance of direction to the Director General to conduct an investigation. This section does not mention about issuance of any notice to any party before or at the time of formation of an opinion by the Commission on the basis of a reference or information received by it. Language of sub-section (4) of sections 3 and section 19

Where a conjoint reading of letter of authority, verifying affidavit and affidavit of evidence makes it clear that it has been categorically averred that the sole proprietor had duly authorised his manager to act on his behalf in view of the fact that he was in-charge of the firm and as such had personal knowledge of the facts of the matter, a peremptory quashing of the complaint case by the High Court on erroneous reasoning in exercise of its

This paper explores how the way Indian companies finance mergers and acquisitions has changed over time, moving steadily away from bank-driven models towards capital market solutions. In the early years, internal funds and traditional bank loans were the mainstay, but they soon proved inadequate to meet the growing scale and complexity of deals. As India liberalised, regulatory reforms under the Companies Act, SEBI’s frameworks, FEMA, and faster merger control processes created the space for market-led financing to thrive.

In this article the author delves into issue of financial claim against the corporate debtor which is not part of resolution plan. Having reviewed multiple rulings of High Courts and the Supreme Court, he concludes that neither any proceeding can be initiated nor continued in respect of claims, which are not a part of the resolution plan nor any fresh claims can be lodged or enforced after the approval of the resolution plan against a corporate debtor.

One of the anti-trust practices prohibited under the Competition Act, 2002 (‘the Act’) is “abuse of dominant position”. Section 4 of the Act prohibits an enterprise or group from abusing its dominant position. If a dominant enterprise or the group indulges in any of the practices listed under clause (a) of sub-section (2) of section 4 to clause (e) of sub-section (2) of section 4, it is treated as abuse of dominance. A plain reading of section 4 gives an

In this article the authors analyse in depth cross-border investments.

This article explores unicorn governance through the lens of agency, stewardship and stakeholder theories, showing how founder dominance, investor conflicts and weak transparency shape outcomes. Case studies of Byju’s, Zomato, WeWork, Infosys and Razorpay illustrate how governance failures can destroy trust while early reforms can build credibility. A comparative review of India, the United States and the United Kingdom highlights different approaches, with India’s reactive stance leaving gaps during the critical private phase. The study argues that unicorns require tailored

In this article the author discusses in depth ruling of the Supreme Court in Chief Commissioner of Central Goods and Services Tax v. Safari Retreats (P.) Ltd. [Civil Appeal No. 2948 of 2023, dated 3rd October, 2024] dealing with the issue of whether input tax credit can be claimed against the use of goods and services in the construction of property and further dealt with the constitutionality of the exceptions mentioned in section 17 of the CGST Act, 2017.

In this article, the author sets out decisions of the Nagpur Bench and Bombay Bench of the Bombay High Court and analyses to conclude that these two have now authoritatively pronounced the way forward leaving no ambiguity in the computation of the stamp duty on a development agreement entered into by the proposed builder and the owner of the property.

This article examines the growing wave of independent director resignations in India by analysing available data, industry surveys, and case evidence. It highlights the key factors driving the exits, underscores the risks to governance stability, and proposes potential solutions to restore trust in boardroom processes. By doing so, it seeks to situate the issue not only as a corporate concern but as a policy and market imperative for India’s future economic growth.

FAQs on Combinations* [2025] 187 CLA (Mag.) 104 A. COMBINATION AND JURISDICTIONAL THRESHOLDS 1. Are all M&As required to be notified to the Commission ? Not every Merger and Acquisition (‘M&A’) activity requires notification to the Commission. As per section 6(2) of the Competition Act, 2002 (‘the Act’) only combinations require notification and approval of the Commission prior to their consummation, i.e., coming into effect even partially. 2. What is meant by a combination. M&As that meet either asset, turnover, or value of transaction thresholds

This proposal seeks for amendments in existing eligibility criteria to make PPIRP more inclusive, eventually enhancing its impact on MSME recovery and economic resilience.

In this article, the author deliberates and explains provisions of section 188 of the Companies Act, 2013 dealing with related party transactions and its applicability to a private company which is not a subsidiary of a public company.

In this article, the author discusses NCLT’s power to order buyback of shares by the company in a petition under section 241 of the Companies Act, 2013 against oppression and mismanagement.

FAQs on Issue of Capital and Disclosure Requirements, Regulations 2018 *1 [2025] 187 CLA (Mag.) 12 SECTION I Issues by Indian Companies in IndiaFAQs in this section are presented under following 13 broad headings : Different kinds of issues Types of offer documents Issue requirements Pricing of the issue Understanding book building Categories of Investors Investment in Public/Rights issues Intermediaries involved in the issue process Guide to understand an offer document SEBI’s role in an issue Other terms Additional information Convertible securities 1.

In this article, the author delves into Circular 20/2020 dated 5th May, 2020 issued in the wake of COVID-19 allowing companies to hold their AGMs in electronic mode and its successor Circular No.9 dated 19th September, 2024 allowing companies whose AGMs are due in the year 2024 or 2025 through electronic mode on or before 30th September, 2025. He has questioned the practice of issuing circular mechanically year after year when menace of pandemic has long vanished obviating the need

In this article, the author makes an attempt to apply the principles laid down by the Supreme Court in the context of the Maharashtra Stamp Act, 1958 so as to make people aware of its implication on the agreement to sell and its admissibility in evidence in court.

This article is intended to find out an answer to the question as to whether ESOPs or SARs are considered remuneration and should they be disclosed accordingly.

FAQs on LODR Regulations*1 [2025] 186 CLA (Mag.) 26 SECTION I FAQs on SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024 (‘LODR‘) dated 12th December, 2024 and SEBI Circular dated 31st December, 2024 on implementation of recommendations of the Expert Committee for facilitating ease of doing business for listed entities Is it mandatory to disclose balance sheet and cash flow statements as part of financial results submitted under the format for Integrated Filing (Financial) ? Yes, in terms of regulation

In this article, the author delves into the question as to whether the requirement of independent director holding office for two consecutive terms could be circumvented by a director resigning before the expiry of his second term and getting appointed again. He is of the view that it would be substantial compliance with the provisions of the Companies Act, 2013 if the appointment of independent director is made by Board of directors and the appointment is approved by the company

The concept of corporate control is quite often discussed and debated in corporate law jurisprudence. Various authors have explored the interface between different aspects of a company and its control in the last few decades. This article makes a humble attempt to locate the dominance of control at times when companies are undergoing the process of merger.

In this article, the author examines threadbare the question as to whether an individual be appointed as managing director of two companies and be paid remuneration by both analysing the proviso of sub-section (3) of section 203 of the Companies Act, 2013.

Compliance officer – Status of – Compliance officer should be clothed with the requisite powers through appropriate Board resolutions. Otherwise, he is only a paper tiger.

Director Identification Number – Surrender by a person who is no longer a director – Directors Rules does not provide for surrender of DIN. Therefore, form has to be filed and if filed late the person concerned has to shell out Rs.5,000 every year, until his death, when automatically the DIN would stand cancelled.

Returns filed under Central Goods and Services Tax Act, 2017 – Can it be revised for removing discrepancies – The right to correct mistakes in the nature of clerical or arithmetic cannot be denied unless the mistake has been committed intentionally and with a view to evade the payment of the correct tax. Such unintended mistakes or errors should permitted to be corrected and should not be denied.

Interim moratorium – Would it apply to recovery of penalties – Interim moratorium contemplated under section 96 of the Code would not apply to levying of penalties or recovery thereof.

Non-executive directors and independent directors – Are they vicariously liable – Independent and non-executive directors of companies are never in-charge of the management of affairs of companies individually, their responsibility being collective and that too only in the meetings of the Board, the question that they are liable to penal consequences would never arise.

Returns filed under Central Goods and Services Tax Act, 2017 – Can it be revised for removing discrepancies – The right to correct mistakes in the nature of clerical or arithmetic cannot be denied unless the mistake has been committed intentionally and with a view to evade the payment of the correct tax. Such unintended mistakes or errors should permitted to be corrected and should not be denied.

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.