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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 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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High Court of Karnataka Hears Writ Petition Seeking Enforcement of RBI COVID-19 Moratorium Package. Petitioner Challenges Banks' Denial of Moratorium Under RBI Circular Dated 27.03.2020.

Velankani Information Systems Limited, a company operating an IT park and a five-star hotel in Bengaluru, availed term loans aggregating Rs. 475 crore...

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Supreme Court Upholds Validity of Pre-deposit Condition Under Punjab VAT Act. Condition of 25% Pre-deposit for First Appeal Held Not Unconstitutional, but Appellate Authority Has Inherent Power to Grant Interim Relief.

The Supreme Court considered a batch of appeals challenging the judgment of the Punjab and Haryana High Court which upheld the validity of Section 62(...

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Bombay High Court Dismisses Tenant's Petition in Eviction Case Based on Landlord's Reasonable and Bonafide Requirement. Comparative Hardship Not in Tenant's Favor as Landlord's Need Outweighed Tenant's Hardship.

The petitioners, tenants of a suit premises, challenged the judgment and decrees dated 12th August 1985 and 12th January 1998 passed by the trial cour...

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High Court of Karnataka Allows Writ Petition for Condonation of Delay in Investment Under Section 54EC of Income Tax Act, 1961 — CBDT's Rejection Set Aside. The CBDT's power under Section 119(2)(b) is not circumscribed by any time limit and must be exercised liberally to avoid hardship.

The petitioner, Dr. Sujatha Ramesh, sold an immovable property during the Assessment Year 2013-14 and realized long-term capital gains. To claim exemp...

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Bombay High Court Dismisses Appeal Against Full Predeposit of Penalty in FEMA Case — No Undue Hardship or Prima Facie Case Established. Appellant failed to demonstrate financial hardship or strong case on merits for waiver of predeposit under Section 19(1) of FEMA, 1999.

The Appellant, Rajkumar Shivhare, was proceeded against for violation of Section 3(c) of the Foreign Exchange Management Act, 1999 (FEMA) for allegedl...