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High Court of Bombay at Goa Dismisses Appeal Against CLB Consent Order in Company Oppression Case — Parties Bound by Consensus. Consent order for share buyout under Sections 397-398 of Companies Act, 1956 cannot be challenged by consenting party.

The case involves an appeal filed by Shalby Limited and others against an order dated 25.04.2016 passed by the Company Law Board (CLB), New Delhi Benc...

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Supreme Court Considers Scope of Section 45 of Arbitration and Conciliation Act in International Commercial Disputes. Multiple Issues Framed on Reference to Arbitration in Multi-Party Joint Venture Agreements.

The dispute arose from a series of joint venture and ancillary agreements executed between Indian company Chloro Controls (I) P. Ltd. and foreign coll...

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Supreme Court Allows Appeals Against High Court Orders Interdicting Statutory Deemed Termination Under Section 5B of Mumbai Municipal Corporation Act. High Court Cannot Suspend Legal Fiction of Retrospective Termination for Failure to Submit Caste Validity Certificate Within Prescribed Period.

The Supreme Court considered two appeals arising from a common judgment of the Bombay High Court dated 02.04.2019, which had allowed writ petitions fi...

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Supreme Court Allows Revenue's Appeal in Income Tax Case — Upholds Addition Under Section 68 for Unexplained Share Capital. Assessee Failed to Prove Identity, Creditworthiness, and Genuineness of Investor Companies Despite Receiving Share Premium at Rs. 190 per Share.

The present appeal arises from a judgment of the Delhi High Court in an income tax appeal concerning the assessment year 2009-10. The respondent-asses...

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Bombay High Court Dismisses Appeal in Derivative Suit Challenging Sale of Shares by Company Management. Minority Shareholders' Challenge to Sale of Bajaj Hindustan Ltd Shares Fails as Court Finds No Prima Facie Case of Fraud or Mismanagement.

The appellants, minority shareholders of Bachharaj & Company Pvt Ltd, filed a derivative suit challenging the proposed sale of 3,46,96,250 shares of B...

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Bombay High Court Dismisses Petition Under Section 31(1)(aa) of SFC Act for Non-Compliance with Pre-Deposit Condition. Court holds that failure to deposit 25% of the amount due under Section 31(7) of the State Financial Corporations Act, 1951 renders the petition not maintainable.

The petitioner, M/s. SICOM Limited, a State Financial Corporation, filed a petition under Section 31(1)(aa) of the State Financial Corporations Act, 1...

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Bombay High Court Allows Appeal in Admiralty Bunkers Arrest Case. Bunkers on board a ship can be arrested and sold separately under admiralty jurisdiction as they are not part of the ship.

The appellant, Mansel Limited, a Bermuda company engaged in chartering vessels, filed an admiralty suit seeking arrest of bunkers on board the vessel ...

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High Court Appoints Arbitrator and Grants Interim Relief in Loan Default Case Under Arbitration and SARFAESI Acts. Applicant Secures Protection for Mortgaged Property in Dispute with Respondents

The High Court of Bombay heard two connected applications filed by Tata Capital Housing Finance Limited against Inderjeet Sahni and others. The first ...

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Supreme Court Allows Appeal in Contractual Forfeiture Case — HUDCO Cannot Forfeit Payments Without Fulfilling Reciprocal Obligations. Allotment Cancellation and Forfeiture of Rs. 28.11 Crores Set Aside as Unjust Enrichment Where Lessor Failed to Execute Agreement to Sub-Lease.

The dispute arose from an allotment letter issued by HUDCO to Tomorrowland Limited for a 99-year lease of land to build a 5-star hotel. The appellant ...