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Bombay High Court Quashes Section 138 NI Act Complaint Against Directors Due to Lack of Specific Averments of Vicarious Liability. Complaint against directors quashed as complaint lacked specific allegations of their role in company's conduct.

The applicants, K & K Foundry Pvt. Ltd. and its two directors, filed an application under Section 482 of the Code of Criminal Procedure, 1973 seeking ...

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Bombay High Court Allows State of Goa's Claim for Port Services as Admiralty Claim Against Vessel Sale Proceeds. Port Authority's Services to Vessel in Distress Constitute Maritime Claim with Priority Over Other Claims.

The plaintiff, State of Goa through Captain of Ports, filed an admiralty suit claiming recovery of Rs. 1,31,60,000/- for services rendered to the vess...

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High Court Allows Appeal Against Dismissal of Complaint in Default in NI Act Case — Restoration of Complaint Ordered Due to Sufficient Cause for Absence. Miscommunication Regarding Hearing Date Constitutes Sufficient Cause for Non-Appearance Under Section 138 Negotiable Instruments Act, 1881.

The appellant, The Aurangabad People's Cooperative Bank Ltd., filed a criminal appeal challenging the order dated 4-9-2010 passed by the learned 3rd J...

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High Court of Karnataka Dismisses Petition by Foreign Shareholder Challenging Constitutional Validity of Section 272(1)(e) Companies Act, 2013. Section 272(1)(e) is not ultra vires the Constitution; second proviso to Section 272(3) does not apply to petitions under Section 272(1)(e).

The petitioner, Devas Employees Mauritius Private Limited, a company incorporated under the laws of Mauritius and a shareholder of Devas Multimedia Pr...

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Supreme Court Partially Allows Appeal in Recovery Suit Against Sick Industrial Company — Suspension of Proceedings Under Section 22(1) of SICA Does Not Bar Suit for Unadmitted Debt. High Court's Grant of 24% Compound Interest Reduced to 12% Simple Interest.

The case involves a dispute between Fertilizer Corporation of India Ltd. (FCIL), a public sector undertaking, and M/s Coromandal Sacks Private Limited...

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Bombay High Court Dismisses Petitions Challenging RBI's Moratorium and Liquidation of CKP Co-operative Bank Ltd. — Petitioners' Deposits Not Covered by Deposit Insurance as Bank Was Under Moratorium Prior to Insurance Scheme Introduction.

The judgment pertains to a batch of writ petitions filed by depositors of the CKP Co-operative Bank Ltd., which was placed under moratorium by the Res...

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Bombay High Court Allows PF Commissioner's Claim for Interest Under Section 7Q Up to Winding Up Date in Company Liquidation. Priority Under Section 11(2) of PF Act Extends to All Dues Including Interest, But Damages Under Section 14B Must Be Levied Prior to Winding Up.

The Regional Provident Fund Commissioner, Thane, filed a Company Application challenging the adjudication order of the Official Liquidator of M/s. Zod...

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High Court of Bombay Examines Challenge to Arbitral Award Directing Payment of Rs.9,28,188.45 with Interest. The petition under Section 34 of the Arbitration and Conciliation Act, 1996 arises from a member-client dispute over stock market transactions and margin shortfalls.

The petitioner filed an Arbitration Petition under Section 34 of the Arbitration and Conciliation Act, 1996 before the High Court of Judicature at Bom...