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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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Supreme Court Allows Review Petition Filed by Customs Department in Customs Act Case — DRI Officers Held as Proper Officers. The Court overruled earlier decisions and upheld Section 28(11) of the Customs Act, 1962 as constitutionally valid, restoring the Department's power to issue show cause notices.

The Supreme Court, in a batch of petitions led by Review Petition No. 400 of 2021, considered the correctness of its earlier judgment in M/s Canon Ind...

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Bombay High Court Dismisses Petitions Challenging SARFAESI Act Applicability to Cooperative Banks and Arbitration Awards. Multi-State Cooperative Bank held to be a 'bank' under SARFAESI Act, and arbitration under Multi-State Cooperative Societies Act does not bar subsequent SARFAESI proceedings.

The judgment concerns three writ petitions filed by borrowers challenging actions taken by Abhyudaya Co-operative Bank Ltd. and Piramal Capital and Ho...

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Bombay High Court Upholds Cooperative Court's Order Terminating Lease for Violation of Bye-laws in Cooperative Housing Society Dispute. Leasehold rights terminated due to unauthorized construction and sub-letting without society's consent; purchasers' rights held subject to society's bye-laws.

The dispute pertains to leasehold rights over a plot in Vithalnagar Co-operative Housing Society Ltd. The society granted a lease of the plot to membe...

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High Court of Karnataka Quashes Proceedings Against Director in Dishonour of Cheque Cases Due to Lack of Specific Averments — Petitioner Not a Director of the Drawer Company at Relevant Time

The petitioner, Sri Shamanur Shivashankarappa, filed three criminal petitions under Section 482 of the Code of Criminal Procedure, 1973, seeking quash...

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Bombay High Court Quashes Reopening Notices Under Section 148 of Income Tax Act for Assessment Years 2005-06 to 2008-09 Due to Lack of Failure to Disclose Material Facts and Change of Opinion. Remuneration Paid to Directors Was Fully Disclosed and Examined During Original Assessment, So Reopening Invalid.

The petitioner, M/s. OHM Stock Brokers Pvt. Ltd., a share and stock broker, challenged notices under Section 148 of the Income Tax Act, 1961 for reope...

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Bombay High Court Dismisses Contempt Petition for Alleged Violation of Injunction in Trademark Infringement Suit. Court holds that petitioner failed to prove willful disobedience of injunction order under Trade Marks Act, 1999.

The petitioner, Hindustan Petroleum Corporation Ltd., filed a contempt petition against the respondents, H.P. Oil Corporation Ltd. and its directors, ...

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Bombay High Court Dismisses Writ Petition Challenging Termination Due to Abolition of Post in Government Company. Abolition of Post is a Management Decision Not Requiring Natural Justice, and Government Company Not 'State' Under Article 12 for Service Disputes.

The petitioner, Shri R.D. Avhad, was employed by the Maharashtra State Farming Corporation Ltd., a government company under the Companies Act, 1956, w...