Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2026 S.O. 4870(E), dated 2nd September 2026, 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) (Fourth Amendment) Rules,

  Proposal to Permit Net Settlement of Funds for Transactions undertaken by Mutual Fund Schemes in Cash Market Dated 3rd September 2026,issued by SEBI A. Objective 1. The objective of this consultation paper is to seek comments, views and suggestions from the public and stakeholders on the proposal to permit net settlement of funds for transactions undertaken by mutual fund schemes in cash market, while continuing settlement of securities on gross basis. 2. The proposal is intended to facilitate ease of doing business,

Deposits and Accounts - Accounts of Non-resident Banks A.P. (DIR Series) Circular No. 20, dated 2nd September 2026, issued by RBI Please refer to Para B.2(ii) and B.8(i) of Part B of the A.P. (DIR Series) Circular No.92, dated April 4, 2003, in terms of which AD banks were required to: a. Furnish an up-to-date list of all its offices/branches maintaining Rupee accounts of non-resident banks, as at the end of December each year before 15th January of the following

Extension of Companies Compliance Facilitation Scheme, 2026 up to 15th September, 2026 General Circular No. 04/2026, dated 31st August 2026, issued by MCA The Ministry of Corporate Affairs had introduced the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026) vide General Circular No. 01/2026 dated 24th February, 2026, to, inter alia, provide an opportunity to companies to complete their pending statutory filings. The Scheme was initially operational up to 15th July, 2026. 2. Subsequently, the last date of the Scheme was extended up to 31st August, 2026, vide General

Extension of Timeline for Implementation of Provisions of SEBI Circular Dated 15th June, 2026 on Norms for Base Price, Price Bands, Call Auction in Pre-open Session and Close-out Procedure for Exchange Traded Funds HO/47/11/11(1)2026-MRD-POD3/I/19839/2026,dated 28th August 2026,issued by SEBI 1. SEBI vide Circular No. HO/47/11/11(1)2026-MRD-POD3/I/13804/2026 dated June 15, 2026 has provided for various norms related to base price, price bands, call auction in pre- open session and Close-out procedure for Exchange Traded Funds (ETFs). 2. As per paragraph 8 of the

  Exemption from the Requirement of Mandatory Merchant Banker Appointment for Small-value Debt through Private Placement by Certain Listed Issuers Dated 27th August 2026,issued by SEBI 1. Background: 1.1. Clause 1.3 of Chapter V of SEBI NCS Master Circular dated October 15, 2025, inter-alia, requires appointment of at least one merchant banker for issuance of debt security or non- convertible redeemable preference share on private placement basis at a face value of Rs. Ten Thousand (hereinafter referred to as "Small-value debt"). 1.2. SEBI has

Alignment of SEBI’s Cyber Incident Reporting Portal with FIRE Format HO/(449)2026-ITD-5_DIV1/I/19448/2026,dated 24th August 2026, issued by SEBI 1. With the rapid pace of technological developments in securities market, the frequency and sophistication of cyber incidents are also on the rise. To proactively address these evolving threats and ensure the security of securities market ecosystem, prompt reporting of these incidents

  IT Resilience Index for Market Infrastructure Institutions HO/47/18/11(1)2026-MRD-TPD1/I/19509/2026, dated 24th August 2026, issued by SEBI A. Background 1. IT systems of Market Infrastructure Institutions (MIIs) form backbone of smooth and uninterrupted functioning of Securities market and are fundamental to ensuring its orderly, efficient and uninterrupted functioning. Any disruption, degrading in performance or compromise of these systems may adversely impact critical market operations and pose risks to the trust in the securities market. 2. Accordingly, it is imperative

Revision of Advertisement Code for Online Bond Platform Providers Dated 21st August 2026, issued by SEBI 1. Objective: 1.1. The objective of this consultation paper is to seek comments/views/suggestions from the public on the proposal to revise the Advertisement Code applicable to Online Bond Platform Providers (OBPPs). 2. Background: 2.1. SEBI, vide notification dated November 09, 2022, introduced Regulation 51A in the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 ("NCS Regulations"), thereby

Introduction of Fixed Income Channel Partners for Distribution of Fixed Income Securities through Online Bond Platform Providers Dated 21st August 2026, issued by SEBI Consultation Paper on Introduction of Fixed Income Channel Partners (FICPs) for Distribution of Fixed Income Securities through Online Bond Platform Providers (OBPPs) 1. Objective: 1.1. The objective of this consultation paper is to seek public comments on the proposed

Acceptance of Digitally Signed Power of Attorney from FPIs HO/19/34/14(8)2026-AFD-POD2/ I/19251/2026dated 20th August 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 KYC requirements for FPIs and the list of supporting documents admissible as Proof of Address. 2. SEBI, over the years,

Enabling Sharing of Information by KYC Registration Agencies with Entities regulated by International Financial Services Centres Authority HO/38/15/(7)2026-MIRSD-POD/I/19255/2026, dated 20th August 2026, issued by SEBI 1. With reference to the subject matter, to facilitate sharing of information between SEBI registered KRAs and the entities regulated by other regulators in the financial sector, Regulation 16A(1) of the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011 ("SEBI KRA

Competition Commission of India (Commitment) (Amendment) Regulations, 2026 No. CCI/Reg-C.R. (Amdt.)/2026/(No. 01 of 2026), dated 18th August 2026, issued by CCI In exercise of the powers conferred by sections 36 and 64 of the Competition Act, 2002 (12 of 2003), the Competition Commission of India hereby makes the following regulations to further amend the Competition Commission of India (Commitment) Regulations, 2024, namely: - 1. Short title and commencement. (1) These regulations may be called the Competition

Revision of Application Form for Mutual Fund Registration HO/24/11/36(24)2026-IMD-RAC4/I/18849/2026,dated 17th August 2026,issued by SEBI 1. Please refer to the Master Circular for Mutual Funds dated March 20, 2026 (“Master Circular”) which, inter alia, prescribes the requirements relating to registration of Mutual Funds. 2. At present, applications for registration of a Mutual Fund are processed in two stages, i.e. In-principle approval to the sponsor / applicant for setting up a Mutual Fund and Final registration of the Mutual

Review of SEBI (Settlement Proceedings) Regulations, 2018 Dated 14th August 2026,issued by SEBI Objective: 1. The objective of this consultation paper is to seek comments/views/ suggestions from the general public and stakeholders on the changes proposed in the existing settlement mechanism and on the Securities and Exchange Board of India (Settlement of Proceedings) Regulations, 2026 (“Settlement Regulations, 2026”). Background: 2. The mechanism which witnessed its commencement by way of a circular dated April 20, 2007,

  Modification in the Regulatory Framework for Online Bond Platform Providers including Measures for Promoting Ease of Doing Business HO/17/11/(2)2026-DDHS-POD1/I/18769/2026, dated 14th August 2026, issued by SEBI 1. SEBI, vide notification dated November 09, 2022, prescribed a regulatory framework for entities operating or desirous of operating as OBPPs under Regulation 51A of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“SEBI NCS Regulations”). This framework was further streamlined through subsequent circulars

Framework for Calculation of Net Distributable Cash Flows for InvITs HO/17/11/17(5)2026-DDHS-POD2/I/18791/2026, dated 14th August 2026, issued by SEBI 1. Section F (Para 3.19) titled “Framework for calculation of Net Distributable Cash Flows (NDCFs)” of Chapter 3 of Master Circular for Infrastructure Investment Trusts (InvITs) dated July 11, 2025, inter-alia provides the “Framework for computation of NDCF for SPV/Holdco and InvIT”. 2. SEBI is in receipt of request from industry association

Guidance to Insolvency Professionals for Due Diligence to Identify Fraudulent or Malicious Initiation of Corporate Insolvency Resolution Process, and Recourse under Sections 60(5) and 65 of the Insolvency and Bankruptcy Code, 2016 14th August 2026, issued by IBBI Background 1. The Insolvency and Bankruptcy Code, 2016 (“IBC” or “the Code”) provides the legal framework for resolution of distressed assets in a time-bound manner. Experience gained through implementation, and feedback received from stakeholders, have underscored the need for

Micro, Small and Medium Enterprises Development (Amendment) Act, 2026 Act No. 16 of 2026, assented by the President on 13th August, 2026 An Act further to amend the Micro, Small and Medium Enterprises Development Act, 2006. BE it enacted by Parliament in the Seventy-seventh Year of the Republic of India as follows:- Short title and commencement. 1. (1) This Act may be called the Micro, Small and Medium Enterprises Development (Amendment) Act, 2026. (2) It shall come into force on such date as the

Mandatory Adoption of a Credit Risk-o-Meter as an Additional Disclosure Mechanism for Debt Securities Dated 13th August 2026, issued by SEBI 1. Objective: 1.1. The objective of this consultation paper is to seek comments/ views/ suggestions from the public on the proposal related to mandatory adoption of a ‘Credit Risk-o-Meter’ as an additional disclosure mechanism for debt securities. 2. Background: 2.1. Based on

Telecom service providers (‘TSPs’) does not ‘own’ spectrum either in law or in fact, nor do they have absolute possession. What they hold is a limited, a case specific, and conditional right to use spectrum. The combined effect of the Telegraph Act, public trust doctrine, judicial precedents, tripartite agreements and statutory exclusions under sections 18 and 36 of the Code unequivocally establishes that spectrum cannot form part of the assets of the corporate debtor capable of transfer during CIRP or

The debt and default having been conclusively established, and the narrow exception carved out in Vidarbha Industries Power Ltd. v. Axis Bank Ltd. [2022] 169 CLA 211 (SC) being clearly inapplicable, the NCLAT was fully justified in admitting the corporate debtor into the CIRP. The NCLT’s refusal was contrary to the settled law and the statutory mandate of section 7 The corporate debtor admittedly possesses no adjudicated or realisable claim exceeding the amount in default. Its reliance on business viability,

Where no adjudicatory exercise was undertaken qua the respondents and there are no pleadings attributing any personal role to them, no evidence led to establish individual culpability, and no findings returned fixing personal liability. In the absence of these foundational elements, execution proceedings cannot be utilised as a surrogate forum to impose liability where none has been adjudicated Once a moratorium has been declared against the judgment-debtor company, the modes of execution contemplated under section 71 of the Consumer Protection

Scope of writ jurisdiction is extremely narrow. It is not a power to sit in appeal over the decision being challenged. Mere disagreement with the decision making process or the decision of the administrative authority is no reason for a constitutional court to interfere. In view of the statutory scheme of the Code the appellant was under obligation to ensure compliance with the provisions of the Code and the regulations made thereunder, including section 29A and sub-section (2) of section

The High Court cannot be said to have exceeded its jurisdiction under section 260A in making the impugned observation on section 28 before remanding the matter. The preliminary contention of the appellants is, therefore, devoid of merit and stands rejected The scheme of section 206A is consciously modelled on section 100 of the Code of Civil Procedure, 1908, which similarly confines jurisdiction in second appeal to substantial questions of law. Both provisions embody the legislative policy of limiting higher appellate interference

Criminal Appeal arising out of SLP(Clr.)No.10770 of 2025 It is well settled that under section 138, a separate cause of action arises upon each dishonour of a cheque provided the statutory sequence of presentation, dishonour, notice, and failure to pay is complete. The fact that multiple cheques arise from one transaction will not merge them into a single cause of action Where the cheques were distinct instruments drawn on different accounts, presented on different dates, dishonoured separately, and followed by independent statutory

The Company Law Board, being a quasi-judicial body, could not be said to have power to condone the delay in filing an appeal under sub-section (3) of section 58 of the Companies Act, 2013 The 1963 Act, per say, does not apply to quasi-judicial bodies It can be stated, without doubt, that the provisions of the 1963 Act (provisions that lay down a prescribed period of limitation as well as sections 4 to 24 of the 1963 Act respectively) would only

The concept of vicarious liability is unknown to the Indian Penal Code. Since the complaint against the company was dismissed, the petitioner, being the managing director, cannot be prosecuted vicariously in the absence of specific allegations of personal inducement or fraudulent intent attributed to him, distinct from the company’s acts. Indian Penal Code, 1860 – Section 420 read with section 482 of Code of Criminal Procedure, 1973 – Cheating – Offence of – Mere breach of contract or failure to pay

Clause 2.2 of Deed of Undertaking does not constitute a contract of guarantee and that Electrosteel Castings Ltd. cannot be treated as guarantor for the financial facilities availed by Electrosteel Steels Ltd. Clause 2.2 of Deed of Undertaking obligates Electrosteel Castings Ltd. (‘ECL’) to arrange for infusion of funds into Electrosteel Steels Ltd. (‘ESL’), so as to enable the borrower to comply with the stipulated financial covenants. For an obligation to be construed as a guarantee under section 126, there must

span>In terms of clause (c) of sub-section (5) of section 60, sections 65 & 75 read with the relevant NCLT Rules, 2016 the NCLT has powers to adjudicate upon issues concerning fraud, forgery, collusion as also the validity of the documents on the basis of which debt is sought to be proven by a given financial creditor. To undertake the adjudication, the NCLT can, delve into seriously disputed questions of fact and examine, record, and evaluate evidence in the form

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

Both the Prevention of Money Laundering Act, 2002 (‘PMLA’) and the Insolvency and Bankruptcy Code, 2016 (‘the Code’) having a non-obstante clause makes it difficult to decide as to which one will prevail over the other. The Code operates in civil area of law while the PMLA deals in criminal field as money laundering is an economic offence against the public at large. There are various principles of law which favour the both but the main question that arises is

The central thesis of this article is that MDPs can serve as the next frontier for India’s professional services industry, transforming it into a globally competitive ecosystem. However, this transition must be accompanied by thoughtful reforms and robust safeguards to balance growth, independence and public trust.

This article explores directors’ fiduciary duties under the Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016 in the “twilight zone” of insolvency and examine the behavioural and institutional factors influencing directors’ wisdom to initiate restructuring actions.

In this article the author delves into a question as to whether directors of companies can be appointed by postal ballot.

The Competition (Amendment) Act, 2023 has introduced a new concept called ‘settlement’ which is aimed at expeditious resolution of the disputes. Framework relating to the settlement has been brought into force with effect from 6th March, 2024. The Competition Commission of India has passed its first Settlement Order on 21st April, 2025. This article elaborates the provisions related to the settlement mechanism.

In this article, the author throws light on ongoing CSR projects under section 135 of the Companies Act, 2013.

In this article, the author gives an insight into the appointment of directors of companies under the provisions of the Companies Act, 2013.

This article is intended to give insight into the insolvency reform journey – From insolvency reform to economic reform. The fascinating journey that began with enactment of Insolvency and Bankruptcy Code, 2016 was never merely about insolvency. It was about building a modern credit economy. The Insolvency and Bankruptcy Code (Amendment) Act, 2026 marks another significant step in that continuing journey.

This article discusses in depth analysis inter-play between sections 52 and 66 of the Companies Act, 2013.

This article examines the legal consequences of this unusual sequencing. Additionally, the article addresses how courts may respond to this misalignment. It considers two primary scenarios: (i) a challenge to the amended Rules under the current statutory regime ; and (ii) disruption when the substituted provision eventually takes effect, potentially unsettling existing financing arrangements.

This article explores how related party transaction (RPT) assessments operate in practice, beyond mechanical compliance. It explains that related-party identification depends not only on shareholding but also on control, significant influence, and contractual rights. It examines how “ordinary course of business” must be evaluated through business reality, recurrence, industry practice, and commercial purpose rather than objects clauses alone. The article further clarifies that arm’s length pricing is as much about neutrality of process and terms as about numbers. Drawing from

In this article, the author dwells on a question as to whether in relation to a petition complaining oppression/mismanagement under section 230 of the Companies Act, 2013, the affairs of the holding company cover affairs of a subsidiary company. He is of the view that having regard to the nature of the remedy provided by section 241 and the words used therein, it would seem that those against whom a complaint can be made must be in-charge of or responsible

In this article, the authors give an insight into insider trading in the backdrop of legal framework, pitfalls and preventing measures. They are of the view that the effectiveness of the insider trading framework ultimately depends on behavioural discipline within organisations, adherence to governance norms and a culture that respects confidentiality as a fiduciary responsibility, not merely a statutory requirement.

In this article, the author delves into question as to whether company can give loan to its managing/whole-time directors. He concludes that by applying this rule of statutory interpretation, it can be said that sub-section (2) of section 67 is a special provision and sub-section (3) of section 185 is a general provision and, hence, the former should give way to and prevail over the latter. Consequently, although clause (c) of sub-section (3) of section 185 permits giving of loans

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.

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.

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.

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.

Circular – Circular dated 22nd September, 2025 permitting companies to conduct their annual general meetings through video conferencing – Circular cannot be said to be in consonance with democratic principles.

Corporate insolvency resolution process – Can an application by financial creditor be rejected on the ground that there is some deficiency in the affidavit without giving a notice to him individually – The notice should be given individually directed to the applicant.

Arbitral award – Can it be set aside on the ground that it provides for excessive interest – Merely because arbitral award has allowed excessive rate of interest, it cannot be a ground for setting aside it.

CSR – Expenditure on environmental protection – Can it be said to be a constitutional obligation – Company can and should incur expenditure even if environmental protection is not included in its object clause but which is incidental to carrying on of business item.

Probate of will by Hindu – Is it mandatory to obtain – As obtaining a probate has been dispensed with the Amendment Act, 2025, the transmission of the holdings of a deceased shareholder on the basis of a will would be left to the discretion of companies.

Transfer of property – Can it be transferred through general power of attorney – The grantee has, in his own right, no interest in the immovable property and, therefore, the question of his transferring interest in immovable property would never arise.

Dishonour of cheque – Conviction of drawer on compounding – Can it be cancelled on compounding – When the law allows such compounding, court should not come in the way of giving effect to the same and as such should take note of the compounding and cancel the punishment awarded.

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

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.

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.