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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 Allows Assessee's Appeal in Income Tax Penalty Case — Penalty Under Section 271(1)(c) Set Aside as Surrender of Income Was to Buy Peace, Not Concealment. Stock Difference Detected During Survey Was Not Deliberately Concealed and Related to Earlier Assessment Year.

The appellant-assessee, a partnership firm running a bar and restaurant, was subjected to a survey under Section 133A of the Income Tax Act, 1961 on 1...

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Bombay High Court Dismisses Writ Petition of Retired Livestock Development Officers Seeking Equal Pay with Graduate Counterparts. Diploma-holder LDOs not entitled to higher pay scale granted to graduates under 1999 notification as distinction based on educational qualification is valid.

The petitioners, nine retired Livestock Development Officers (LDOs) holding diplomas, filed a writ petition seeking the same higher pay scale as gradu...

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Bombay High Court Quashes FIR and Charge-Sheet in Insecticide Act Case Due to Lack of Sanction and Invalid Complaint. The court held that the complaint was not filed by a duly authorized Insecticide Inspector and no valid sanction was obtained under Section 31 of the Insecticide Act, 1968.

The applicant, Tajraj s/o Yadorav Chavhan, filed an application under Section 482 of the Criminal Procedure Code seeking quashing of FIR No. 0244/2023...

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Bombay High Court Dismisses Appeal Against Arbitral Award in Stockbroker Dispute, Upholds Limitation and Maintainability. The Court held that the claim was within limitation due to acknowledgement of debt and that the arbitration application was maintainable despite directors' disqualification.

The Appellant, Kaynet Finance Limited, a member-broker at the National Stock Exchange of India, was appointed by the Respondent, Verona Capital Limite...

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Gujarat High Court Dismisses State's Revision in Essential Commodities Act Confiscation Case — Reduction of Confiscation from 50% to 15% Upheld. Appellate court's proportionate reduction of confiscation under Section 7 of Essential Commodities Act, 1955, not interfered with in revisional jurisdiction.

The State of Gujarat filed a criminal revision application under Section 397 read with Section 401 of the Code of Criminal Procedure, 1973, challengin...

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Gujarat High Court Dismisses State's Revision Against Sessions Court Order Setting Aside Confiscation of Edible Oil Stock. Essential Commodities Act Confiscation Proceedings Quashed as Edible Oil Not Covered Under Gujarat Essential Articles Orders.

The State of Gujarat filed two criminal revision applications under Section 397 read with Section 401 of the Code of Criminal Procedure, 1973 (CrPC) c...

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Gujarat High Court Dismisses State's Revision in Essential Commodities Act Case — Proportionality of Confiscation Upheld. Appellate Court's Reduction of Confiscation from 100% to 15% of Seized Stock Found Not Perverse or Illegal Under Section 6B of Essential Commodities Act, 1955.

The State of Gujarat filed a criminal revision application under Section 397 read with Section 401 of the Code of Criminal Procedure, 1973, challengin...