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Supreme Court Dismisses Appeal by Suspended Director in IL&FS Accounts Reopening Case — Recasting Permitted Under Section 130 Companies Act. Court holds that SFIO and ICAI reports provide sufficient basis for reopening accounts and that suspended director lacks locus standi.

The case pertains to an appeal filed by Hari Sankaran, a suspended director of Infrastructure Leasing & Financial Services Limited (IL&FS), against th...

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Supreme Court Adjudicates Appeals by Sahara Companies on SEBI's Regulatory Powers Over OFCDs. Case centers on Section 55A(b) Companies Act and compliance with DIP Guidelines for issuance of optionally fully convertible debentures.

The case involved two Sahara Group companies, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited ...

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Bombay High Court Allows Winding Up Petition Against Varun Global Limited for Non-Payment of Loan Debt. Life Insurance Corporation of India Succeeds in Proving Company's Inability to Pay Debts Under Sections 433(e) and 434 of the Companies Act, 1956.

The petitioner, Life Insurance Corporation of India (LIC), filed a company petition under Sections 433(e) and 434 of the Companies Act, 1956, seeking ...

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Bombay High Court Quashes Process Against Director in Cheating Case for Lack of Vicarious Liability. Petitioner Joined Company After Alleged Misrepresentation, No Specific Overt Act Alleged.

The petitioner, Harshavardhan Madhav Chitale, was accused No.3 in a complaint filed by Respondent No.2, Micromate Computers, before the Chief Judicial...

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Bombay High Court Upholds Restriction on Certificate of Practice to Fellow Members of Actuaries. Court Dismisses Petition Challenging Regulation 10 of 2017 and Section 12 of the Actuaries Act, 2006

The Bombay High Court dismissed the writ petition filed by Divvela Ramaiah and another petitioner, challenging the Institute of Actuaries of India's r...