Review of Minimum Value of Investment by Individual Investors in Social Impact Fund under SEBI AIF Regulations, 2012 and Review of Requirements related to Registration Period of NPOs and Minimum Subscription under SEBI ICDR Regulations, 2018 Dated 9th February 2026,issued by SEBI 1. Objective 1.1. The objective of this consultation paper is to solicit comments / views / suggestions from the public and other stakeholders on the proposals relating to review of minimum value

Reporting of Value of Units of Alternative Investment Funds (AIFs) to Depositories HO/19/34/11(8)2025-AFD-POD1/I/4335/2026, dated 6th February 2026, issued by SEBI 1. In terms of Regulation 10 of SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations), AIFs may raise funds from any investor whether Indian, foreign or non-resident Indians by way of issue of units. The value of units issued by AIFs is calculated based on the valuation of investment portfolio of AIF / scheme of AIF as under: 1.1. In terms

Extending Facility of Standing Instructions for Systemic Withdrawal Plan (SWP)/Systemic Transfer Plan (STP) for Mutual Fund Units held in Demat Form Dated 5th February 2026,issued by SEBI 1. Objective 1.1. To solicit comments and inputs from stakeholders and public on extending standing instructions for Systemic Withdrawal Plan (SWP) /Systemic Transfer Plan (STP) facility for investors holding Mutual Funds (MF) units in demat form. 2. Background 2.1. By availing facility of SWP, client can place standing instruction with MF

Flexibility to Alternative Investment Funds (AIFs) in Winding up the Scheme / Surrendering the Registration Dated 5th February 2026,issued by SEBI 1. Objective 1.1. The objective of this consultation paper is to seek public comments on a proposal aimed at streamlining the processes pertaining to winding up of AIF schemes and surrender of AIF registrations. These proposals are premised on the principle that while entry into the securities market is subject to specified eligibility criteria, the regulatory framework for exit, where an

Creation/Invocation of Pledge of Securities through Depository System HO/47/14/12(1)2026-MRD-POD2/I/4229/2026,dated 5th February 2026,issued by SEBI 1. The framework for pledging of shares through the depository system is prescribed in paragraph 4.13 of the SEBI Master Circular for Depositories dated December 03, 2024 (‘Master Circular’) read with Regulation 79 of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 (‘DP Regulations’). 2. In terms of the said framework, the Depositories are, inter alia, required to make provisions in their respective

Measures towards Ease of Doing Business for REITS and InvITS Dated 5th February 2026,issued by SEBI 1. OBJECTIVE AND BACKGROUND 1.1. The objective of this consultation paper is to seek comments / views / suggestions from the public on various ease of doing business measures related to Real Estate Investment Trusts (“REITs”) and Infrastructure Investment Trusts (“InvITs”). 1.2. The proposals made in the consultation paper are based on the inputs received from industry associations (i.e. the

Draft Circular on Review of Inclusion of Historical Scenarios in Stress Testing and Coverage of Settlement Guarantee Fund for Commodity Derivatives Segment Dated 5th February 2026,issued by SEBI Background 1. SEBI Master Circular SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/136 for Commodity Derivatives Segment dated Aug 04, 2023, inter alia, prescribes norms related to Core Settlement Guarantee Fund

  Calendar Spread Margin Benefit for Single Stock Derivatives on Expiry Day HO/47/15/11(2)2025-MRD-TPD1/ I/4226/2026,dated 5th February 2026,issued by SEBI 1. Chapter 5 of SEBI Master Circular dated December 30, 2024 for Stock Exchanges and Clearing Corporations inter-alia provides stipulations for calendar spread margin treatment in derivatives segment (Clause 1.2.6). At present, for index derivatives, the benefit of offsetting positions across different expiries ('calendar spread') is not available on the day of expiry for contracts expiring

Revision of Order-to-Trade Ratio (OTR) Framework HO/47/11/16(2)2025-MRD-POD2/I/4113/2026, dated 4th February 2026, issued by SEBI 1. Para 7.1.2.2, 7.1.2.3, 11.2.14 and 11.2.15 of Chapter 2 of the Master Circular for Stock Exchanges and Clearing Corporations (‘Master Circular’) dated December 30, 2024, prescribe the framework for placing effective economic disincentive by Stock Exchanges for high order-to-trade ratio (OTR) of Algorithmic orders placed by Trading Members (TMs). 2. Taking into account the

  Proposed Amendments to Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 – ‘Fit and Proper Person’ Criteria Dated 4th February 2026,issued by SEBI 1. Objective 1.1 This Consultation Paper solicits comments and inputs from the public on the proposed amendments to the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 (“Intermediaries Regulations”), with the objective to appropriately balance the ease of compliance by market participants and the regulatory objective of

Ease of Doing Investment and Ease of Doing Business - Doing away with Requirement of Issuance of Letter of Confirmation (“LOC”) and to effect Direct Credit of Securities in Dematerialisation Account of the Investor HO/38/13/(3)2026-MIRSD-POD/I/3763/2026,dated 30th January 2026,issued by SEBI 1. SEBI has prescribed the procedure for credit of securities issued pursuant to various investor service requests such as issuance of duplicate securities certificates, transmission, transposition, claim from unclaimed suspense account and corporate

Ease of Doing Investment - Special Window for Transfer and Dematerialisation of Physical Securities HO/38/13/11(2)2026-MIRSD-POD/ I/3750/2026,dated 30th January 2026,issued by SEBI 1. To facilitate ease of investing for investors and to secure their rights in the securities purchased by them, vide Circular dated July 02, 2025, a special window was opened for re-lodgement of transfer deeds of physical securities. 2. In order to further facilitate the investors to get rightful access

International Financial Services Centres Authority (Fund Management) (Amendment) Regulations, 2026 IFSCA/GN/2026/006,dated 27th January 2026,issued by IFSCA In exercise of the powers conferred by sub-section (1) of Section 28 read with sub- section (1) of Section 12 and sub-section (1) of Section 13 of the International Financial Services Centres Authority Act, 2019, and Section 28C of the Securities and Exchange Board of India Act, 1992, the International Financial Services Centres Authority hereby makes the following regulations, further to amend the International Financial Services

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

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 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.

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

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

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

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.

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

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 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.

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.

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.