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High Court of Gujarat Upholds Disciplinary Action Against Chartered Accountant for Professional Misconduct in Bank Audit. Failure to Report Irregular Loans and Deficient Documentation Constitutes Negligence Under Section 21(5) of the Chartered Accountants Act, 1949.

This is a case reference under Section 21(5) of the Chartered Accountants Act, 1949, arising from a complaint by Smt. Prabha S. Prasad, General Manage...

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Bombay High Court Dismisses Appeal Under Section 37 of Arbitration and Conciliation Act, 1996 — Upholds Arbitral Award Holding Stockbroker Liable for Unauthorized Trades by Agent. Broker Failed to Prove Client Authorization for Disputed Trades, Resulting in Compensation of Rs.14,37,200/- to Client.

The case involves an appeal under Section 37 of the Arbitration and Conciliation Act, 1996, filed by IIFL Capital Services Limited (formerly IIFL Secu...

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High Court of Bombay Dismisses Broker's Challenge to Arbitral Award in Client Dispute Over Delay Paying Charges. Unilateral Charging of 2% Daily Interest Without Specific Agreement or Proof of Loss Held Unconscionable and Not Enforceable Under Section 34 of Arbitration and Conciliation Act, 1996.

The case involves a dispute between Sharekhan Limited, a trading member/broker of the Bombay Stock Exchange (BSE), and Nita Thakkar, a client. The bro...

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Bombay High Court Dismisses Revenue's Appeal in Share Broker Bad Debt Case — Affirms Deduction Under Section 36(1)(vii) of Income Tax Act. Amounts Advanced for Client Transactions Constitute Business Debts Allowable as Bad Debts Even if Only Commission Was Credited to Profit and Loss Account.

The appeal by the Revenue arose from a decision of the Special Bench of the Income Tax Appellate Tribunal dated 16 July 2010. The assessee, Shri Shrey...

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Bombay High Court Dismisses Petition Seeking Release from Investor Protection Fund Due to Client Code Mismatch. Claim Rejected as Contract Notes Did Not Match Trade Files of Stock Exchange.

The petitioner, Saurin T. Parikh, proprietor of Shah Investment, filed a writ petition seeking to set aside an order dated 25th May 2005 passed by the...

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Bombay High Court Allows Appeal by Depository Against Arbitral Award for Lost Shares Due to Third-Party Fraud. Court Holds That Depository Not Liable Absent Negligence or Breach of Contract Under Section 12(1-A) of SEBI Act, 1992.

The case involves an appeal by Central Depository Services (India) Ltd. (CDSL) against a judgment of a learned Single Judge dated 01/12/2025, which up...

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NCLAT Dismisses Appeal in Insolvency Case Due to Lack of Privity of Contract. Operational Debt Claim Under Section 9 of IBC, 2016 Fails as No Direct Contractual Relationship Exists Between Appellant and Respondent.

The present appeal was filed by Rahee Jhajharia E to E JV (the Appellant) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) against t...