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Bombay High Court Dismisses Appeals Challenging MPID Act Application in NSEL Scam Case — Held That MPID Act Applies to NSEL as a Financial Establishment and That Default in Repayment of Deposits Attracts Offences Under the Act.

The judgment arises from multiple criminal appeals and interim applications filed by various parties, including directors, brokers, and financial inst...

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Bombay High Court Dismisses Petition Challenging Cooperative Bank Elections Due to Availability of Alternative Remedy. Writ Petition Under Article 226 Held Not Maintainable as Election Process Had Commenced and Remedy Under Section 152 of Maharashtra Cooperative Societies Act, 1960 Was Available.

The petitioners, nineteen individuals who are members of the Nashik District Central Cooperative Bank Ltd., filed a writ petition under Article 226 of...

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Bombay High Court Appoints Sole Arbitrator in Family Dispute Over Partnership and Company Matters — Mediation Failed. Court holds that disputes arising from Deed of Family Settlement and Partnership Deed are arbitrable and that non-signatory companies can be joined as parties to arbitration.

The case involves two groups of the same family, the CPS group (Chandrakant Phoolchand Sanghvi and others) and the APS group (Anilkumar Phoolchand San...

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Judicial Scrutiny of RBI's Supersession of Abhyudaya Co-operative Bank's Board. Balance between Constitutional mandates and banking regulations reaffirmed.

The Bombay High Court assessed the legality of the Reserve Bank of India's (RBI) supersession of the Board of Directors of Abhyudaya Co-operative Bank...

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Bombay High Court Allows Reference to Arbitration in Derivative Action Under Arbitration and Conciliation Act. Section 45 Does Not Require Reciprocity of Territory; Disputes Under Buyback Agreement Without Arbitration Clause Covered by Related Agreements' Arbitration Clauses.

The case pertained to a Notice of Motion under Section 45 of the Arbitration and Conciliation Act, 1996 filed by Defendant Nos. 1 and 2 in a suit brou...

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High Court of Karnataka Hears Petitioners' Challenge to Bye-law Amendment Resolution and Order in Kolar Union Case Due to Alleged Procedural Impropriety. The Court Examines Admissibility of Video Evidence and Compliance with Section 12 of Karnataka Co-operative Societies Act, 1959.

Background: The dispute arose from the bifurcation and merger of the Kolara-Chikkaballapura District Co-operative Milk Producers Societies Union Limit...

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Bombay High Court Dismisses Petitions Challenging Reduction of Superannuation Age from 60 to 58 for Employees of Government Mining Corporation. State as Sole Shareholder Can Amend Service Rules Unilaterally Without Employee Consent.

The petitioners, employees of Maharashtra State Mining Corporation Ltd. (a Government company), challenged the State Government's decision to reduce t...