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Bombay High Court Dismisses Appeal in Share Dispute Case — Upholds Trial Court's Refusal of Interim Injunction. Court held that the appellants failed to establish a prima facie case for restraining the pledge of shares, as the shares were not proved to be held in a fiduciary capacity.

The case involves a dispute between two branches of the Arya family over shares of Arya Iron & Steel Co. Pvt. Ltd. The appellants, Ravi Arya and other...

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Bombay High Court Allows Winding Up of Swadeshi Mills Co. Ltd. in Creditors' Petitions and BIFR Recommendation. Company declared unable to pay debts and commercially insolvent; winding up ordered under Sections 433(e) and 434 of the Companies Act, 1956.

The judgment concerns multiple company petitions filed by creditors and the Board for Industrial and Financial Reconstruction (BIFR) seeking the windi...

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Madras High Court Adjudicated a Commercial Suit for Recovery of Chit Maturity Amount Against a Partnership Firm and Partners. The plaintiff claimed the maturity value based on an acknowledgment of liability and promissory estoppel, while the defendants raised a prior suit for injunction and accounts.

The plaintiff, a construction company, filed a commercial suit against a partnership firm (first defendant) and its partners (defendants 2 to 6) for r...

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Bombay High Court Allows Scheme for Small Fixed Deposit Holders in Winding-Up Petition Against Lloyds Finance Ltd. — Court directs framing of scheme to repay small depositors instead of winding up the company, considering that winding up would leave no recovery for any creditor.

The judgment arises from a winding-up petition filed by Shri Basant Lal Agarwal against M/s. Lloyds Finance Ltd. for recovery of Rs. 3,75,00,000 advan...

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Bombay High Court Dismisses Petition Challenging FEMA Show Cause Notices Against BCCI President. Section 42 of FEMA applies to persons in charge of and responsible for the conduct of business of a company, and the petitioner as President is covered.

The petitioner, Shashank Vyankatesh Manohar, was the President of the Board of Control for Cricket in India (BCCI) from 2008 to 2011. During this peri...

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Bombay High Court Upholds Validity of Maharashtra Revenue Services (Recruitment) Rules, 2020 and Directs Finalization of Seniority Lists for Deputy Collectors — Seniority to be Determined by Date of Continuous Officiation, Not by Date of Regular Promotion.

The judgment pertains to a batch of writ petitions filed by Deputy Collectors and the State of Maharashtra concerning the determination of seniority o...

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Supreme Court Quashes Criminal Complaint Under Section 138 NI Act for Cheque Issued as Security — Endorsement on Cheque and Plaint Admission Confirm Security Purpose, No Legally Enforceable Debt Exists

The Supreme Court allowed the appeals filed by the Directors and Managing Director of R.L. Steels & Energy Limited, quashing the criminal complaint un...

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Bombay High Court Quashes Criminal Case Against Secretary in Food Safety Violation — No Vicarious Liability Without Specific Role. Secretary Not Present at Sampling, Complaint Lacks Averment of Responsibility Under Section 59 of Food Safety and Standards Act, 2006.

The applicant, Hemant Sukaji Funde, was the Secretary of Gurukrupa Adiwasi Prathmik and Madhyamik Ashramshala, Thana, Amgaon, Gondia. He was arraigned...