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High Court of Karnataka Allows Appeal in Companies Act Case — Acquittal Set Aside for Non-Prosecution of Director. Section 452 of Companies Act, 2013 requires that a director must be prosecuted for the company's default; acquittal of director without trial on merits is illegal.

The appellant, M/s. P.M. Granites Exports Pvt. Ltd., filed a complaint under Section 452 of the Companies Act, 2013 against the respondent, T. Manohar...

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Bombay High Court Dismisses Writ Petitions Challenging DRAT Order Confirming Sale of Company Property in Favour of Auction Purchaser. Workers' Dues and Alleged Irregularities Do Not Justify Annulment of Concluded Auction Sale Under Recovery of Debts Due to Banks and Financial Institutions Act, 1993.

The judgment concerns three writ petitions filed under Article 226 of the Constitution challenging an order of the Debts Recovery Appellate Tribunal (...

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Bombay High Court Dismisses Writ Petition Challenging SARFAESI Auction Sale Due to Alternative Remedy and Suppression of Facts. Petitioner, a Director and Shareholder of Mortgagor Company, Failed to Disclose Rejection of OTS and Auction Sale, Leading to Dismissal with Costs.

The petitioner, Ms. Archana Wani, a director and shareholder of respondent No. 5 (N. Kumar Housing and Infrastructures), filed a writ petition under A...

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Bombay High Court Restrains Recovery of Excise Duty from Sick Industrial Company Without BIFR Consent. The court held that Section 22(1) of SICA bars coercive recovery of dues without prior consent of BIFR, protecting the petitioner-company's assets.

The petitioner, Polymermann (ASIA) P. Ltd., is an industrial unit engaged in the manufacture of polymer chemicals, with its factory at MIDC, Ambad, Na...

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Bombay High Court Determines Sheriff's Poundage Payable on Settlement Amount in Admiralty Suit — Poundage Calculated on Amount Actually Realized Under Warrant of Arrest, Not on Claim Value.

The plaintiffs, Great Pacific Navigation (Holdings) Corporation Ltd., filed an Admiralty Suit against the vessel M.V. Tongil Yantai and its owners for...

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Bombay High Court Dismisses Writ Petition Challenging RBI Circular on Resolution of Stressed Assets. Circular dated 12.02.2018 held to be valid and within RBI's powers under Sections 35A and 35AB of the Banking Regulation Act, 1949.

The petitioners, Jayaswal Neco Industries Limited and Jayaswal Holdings Private Limited, filed a writ petition under Article 226 of the Constitution o...

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High Court of Karnataka Allows Appeal in Insurance Nomination Dispute — Mother of Deceased Policyholder Entitled to Insurance Proceeds as Nominee Under Section 39 of Insurance Act, 1938. Nominee is a Trustee, Not Beneficial Owner; Suit for Declaration and Injunction by Legal Heirs Not Maintainable.

The appellant, Smt. Yashodha, is the mother and nominee of the deceased policyholder, Sri Rohith S, who died intestate. The respondents, Smt. Rashmi J...

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High Court of Bombay Allows Official Liquidator to Keep Provision for EPF Claims in Winding Up of Navinon Limited. Court Directs Refund of Excess Payment to EPF Office Kandivali.

This judgment arises from Official Liquidator's Report No.517 of 2015 in Company Petition No.1176 of 2001, concerning M/s.Navinon Limited (In Liquidat...