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Bombay High Court Allows Petition Challenging SEBI Summons Under Article 227 and BNSS 2023 — Summons Issued Without Proper Application of Mind Quashed. SEBI's Power Under Section 11(2) and 11(3) of SEBI Act, 1992 Must Be Exercised with Due Application of Mind and Not as a Routine Matter.

The petitioner, Neville Tuli, an entrepreneur aged 61, filed a writ petition under Article 227 of the Constitution of India and Section 528 of the Bha...

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Bombay High Court Examines Arbitrability of Disputes Between Developer and Non-Signatory Member of Cooperative Society Under Development Agreement. Issue Involves Permissibility of Invoking Arbitration Clause Against Dissenting Member Not Party to Agreement.

The dispute arose from the redevelopment of a cooperative society's building in Mumbai. The applicant, a developer, entered into a Development Agreeme...

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Bombay High Court Hears Appeals Against Admission of Winding Up Petition in Shareholder Deadlock Case. The core issue concerns whether a petitioner who is not the registered shareholder can maintain a winding up petition after the registered shareholder merged into it.

The dispute concerned the winding up of Capital Controls India Private Limited, a joint venture between Chloro Controls (India) Private Limited and Se...

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Bombay High Court Allows Second Appeal in Specific Performance Suit — Failure to Prove Rebuttal Issue Leads to Decree. Appellate Court Erred in Overlooking That Defendant's Failure to Prove Issue No. 2 (Rebuttal) Entitled Plaintiff to Decree Based on Documentary Evidence.

The plaintiff filed a second appeal against the dismissal of his suit for specific performance of an agreement to sell property. The plaintiff and def...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — ERAF Receipt Not Income of Assessee. Amount Received from Exchange Risk Administration Fund Treated as Advance/Liability Converted to Equity, Not Taxable Income Under Income Tax Act, 1961.

The Revenue filed two appeals under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate Tribunal (ITAT) dated ...

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Bombay High Court Dismisses Appeal Under Section 37 of Arbitration Act Against Interim Order in IPL Franchise Dispute. Court finds no misrepresentation in bid process and upholds arbitrator's order granting interim measures while imposing conditions on franchisee to protect BCCI's interests.

Background: The dispute arose from the Indian Premier League (IPL) franchise agreement between the Board of Control for Cricket in India (BCCI) and Ja...

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Supreme Court Dismisses Appeal Against Rejection of Discharge in PMLA Case — Money Laundering Held to be Continuing Offence. Retrospective Application of PMLA Upheld Where Proceeds of Crime Remain in Circulation, Irrespective of When Scheduled Offence Was Committed.

The appellant, Pradeep Nirankarnath Sharma, was implicated in a money laundering case under the Prevention of Money Laundering Act, 2002 (PMLA) based ...