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Madras High Court Allows Appeals of Shareholders in Capital Receipt Case — One Million Euros Received from Vedior NV Held Exempt as Capital Receipt. Compensation for Loss of Right of First Refusal and Non-Compete Agreement Treated as Capital Receipt Not Chargeable to Tax Under Income Tax Act, 1961.

The case involves two appeals by shareholders (K. Pandiarajan and R. Hemalatha) against the order of the Income Tax Appellate Tribunal (ITAT) which up...

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Supreme Court Upholds Expulsion of Trading Member for Violating Gross Exposure Limits and Failing to Maintain Capital Adequacy. Securities Contracts (Regulation) Act, 1956 - Section 22F - Appeal against Securities Appellate Tribunal order upholding expulsion from National Stock Exchange membership.

The appellant, Rusoday Securities Ltd., was a trading member of the National Stock Exchange of India Ltd. (NSE) since November 1994 and gave an undert...

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Bombay High Court Dismisses Petition Seeking Personal Hearing for Exemption Under SEBI Employee Benefits Regulations. SEBI Not Obliged to Grant Oral Hearing When Considering Exemption Application Under Regulation 9 of SEBI (Share Based Employee Benefits) Regulations, 2014.

The petitioner, JK Paper Limited, a public limited company, filed an exemption application under the Securities and Exchange Board of India (Share Bas...

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Bombay High Court Dismisses Petition Challenging Rejection of Discharge in Bank Fraud Case — Petitioner, a General Manager of a Cooperative Bank, Allegedly Violated RBI Guidelines by Investing in Non-SLR Securities Through a Broker, Causing Loss to the Bank.

The petitioner, Kishore Deshpande, was the General Manager of CKP Co-operative Bank Ltd. and was arraigned as accused No.5 in FIR No. RC 8/E/2010 regi...

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Bombay High Court Dismisses Contempt Petition Against Shareholders for Alleged Scandalous Allegations in Legal Proceedings. Filing of false cases does not constitute criminal contempt unless it scandalizes the court or impedes administration of justice under Section 2(c) of Contempt of Courts Act, 1971.

The petitioner, Housing Development Finance Corporation Limited (HDFC), filed a contempt petition against respondent shareholders Sureshchandra V. Par...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Penalty Case. Journal Entry Set-off for Loan Repayment Does Not Violate Section 269T of Income Tax Act, 1961, as It Is Not a Repayment but an Adjustment of Mutual Claims.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which deleted the penalty ...