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Supreme Court Clarifies SEBI's Jurisdiction in Investor Compensation Claims Under Securities Law. SEBI Lacks Power to Award Direct Compensation but Can Order Disgorgement of Ill-Gotten Gains for Restitution Under Sections 11 and 11B of the Securities and Exchange Board of India Act, 1992.

The dispute originated in 2005 when the Securities and Exchange Board of India (SEBI) issued a show-cause notice to M/s. Vital Communications Limited ...

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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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Bombay High Court Dismisses Revenue Appeal in Goregaon Sports Club Case — Club Promoting Sports Held Charitable Under Section 2(15) of Income Tax Act, 1961. Principle of Mutuality Not Applicable as Facilities Open to General Public Without Restriction.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against the decision of the Income Tax Appellate Tribunal (I...

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Bombay High Court Dismisses Petition Challenging Auction Sale of Property by EDC Limited. Held that the petitioner failed to establish any illegality or arbitrariness in the auction process and that the sale was validly conducted under the terms of the loan agreement.

The petitioner, Asiatic Holiday Resorts Pvt. Ltd., had taken a loan from respondent no. 2, Maharashtra State Financial Corporation, and had mortgaged ...

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High Court of Karnataka Dismisses Appeal Against Cancellation of Allotment for Non-Construction of School Building Within Stipulated Period. Conditional Sale Deed Rescinded Due to Failure to Fulfill Condition Precedent of Construction Within 5 Years.

The appellant, M/S Divyajyothi Vidya Kendra, a society registered under the Karnataka Society Registration Act, 1960, was allotted a civic amenity sit...

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High Court of Karnataka Disposes of Appeals Against Interim Injunction in Temple Pooja Rights Dispute. Appeals under Section 104 read with Order XLIII Rule 1(r) CPC challenge trial court's order restraining interference with hereditary archakas' rights at Shree Mahabaleshwara Temple.

The miscellaneous first appeals arose from a common order dated 2020-02-19 passed in Original Suit No. 2 of 2016 by the Principal District and Session...

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Supreme Court Allows Arbitration in Partnership Dispute Involving Simple Allegations of Fraud. Court appoints arbitrator under Section 11 of Arbitration and Conciliation Act, 1996, distinguishing between serious and simple fraud allegations.

The present case arises out of a partnership dispute between Rashid Raza (appellant) and Sadaf Akhtar (respondent). An FIR dated 17.11.2017 was lodged...

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Bombay High Court Partially Allows Challenge to Arbitral Awards in Partnership Dissolution Dispute. Court upholds award on Grant Road firm but sets aside award on Colaba firm due to lack of reasons on counterclaim.

The petitioner, Zenobia Poonawala, filed two petitions under Section 34 of the Arbitration and Conciliation Act, 1996, challenging two arbitral awards...