Review and Rationalisation of (Buy-Back of Securities) Regulations, 2018 Dated 8th May 2026, issued by SEBI 1. Objective 1.1. The objective of this consultation paper is to seek comments / views / suggestions from the public and other stakeholders on the further proposals to review and rationalize the SEBI (Buy-Back of Securities) Regulations, 2018 (hereinafter referred to as "Buy-Back Regulations"). 2. Background 2.1. SEBI had issued a consultation paper dated April 02, 2026, seeking public comments on the proposal for re-introduction of Open Market Buy-Back

  Norms for Sharing and Usage of Price Data for Educational Purposes HO/47/17/12(11)2025-MRD-POD3/I/11107/2026, dated 8th May 2026, issued by SEBI 1. SEBI vide Circular No. SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/56 dated May 24, 2024, inter alia, prescribed Norms for sharing of real time price data to third parties by Stock Exchanges, Clearing Corporations, Depositories (collectively referred to as Market Infrastructure Institutions (MIIs)) and registered market intermediaries. The said norms restricted sharing of real time price data only for orderly functioning of the securities market or for fulfilling

International Financial Services Centres Authority (Finance Company) (Amendment) Regulations, 2026 F. No. IFSCA/GN/2026/009, dated 5th May 2026, issued by IFSCA In exercise of the powers conferred by sub-section (1) of section 28 read with sub-section (1) of Section 12 and sub-section (1) of Section 13 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following regulations, further to amend the International Financial Services Centres Authority (Finance Company) Regulations, 2021 (hereinafter referred to as

Justice (Retd.) Anupinder Singh Grewal, Former Judge of High Court of Punjab and Haryana appointed as President in National Company Law Tribunal S.O. 2285(E), dated 6th May 2026, issued by MCA In exercise of the powers conferred by section 408 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints Justice (Retd.) Anupinder Singh Grewal, former Judge of the High Court of Punjab and Haryana as President in the National Company Law Tribunal in the pay scale of Rs.

Discontinuation of Investor Risk Reduction Access (IRRA) Platform HO/38/44/12(3)2025-MIRSD-TPD1/I/10705/2026, dated 7th May 2026, issued by SEBI 1. SEBI vide circular dated December 30, 2022 introduced IRAA platform for the Stock brokers. The platform is designed to provide Stock brokers an alternative access point for trading in case of disruption of trading services offered by them. The platform was operationalized with effect from October 01, 2023. 2. In the meantime, SEBI has introduced various technology driven measures to strengthen the business continuity

Advisory on Emerging Advanced Artificial Intelligence (AI) Tools for Vulnerability Detection (like Mythos) HO/13/19/12(1)2026-ITD-1_CIMGI/10873/2026, dated 5th May 2026, issued by SEBI A. The rapid evolution of emerging technologies including AI-driven vulnerability identification tools (E.g. Claude Mythos) has introduced new dimensions of risks for Regulated Entities. Such tools may give rise to heightened risk exposure

Significant Indices under SEBI (Index Providers) Regulations, 2024 HO/47/17/12(8)2025-MRD-POD2, dated 5th May 2026, issued by SEBI 1. SEBI has notified the regulatory framework for Index Providers in the securities market through the SEBI (Index Provider) Regulations, 2024 (hereinafter “IP Regulations”) with the objective of fostering transparency and accountability in governance and administration of Indices in the securities market. 2. Regulation 3(1) of IP Regulations states as follows: “These regulations shall be applicable only to Index Providers that administer Significant Indices consisting of

Amendments to the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 Dated 4th May 2026,issued by SEBI 1. OBJECTIVE: 1.1. The objective of this consultation paper is to seek comments/ views/ suggestions from the public on the proposal to amend SEBI (Issue and Listing of Securitised Debt

  Modification in the Regulatory Framework for Online Bond Platform Providers (OBPPs) including Measures for Promoting Ease of Doing Business Dated 5th May 2026,issued by SEBI 1. OBJECTIVE AND BACKGROUD: 1.1. The objective of this consultation paper is to seek comments/ views/ suggestions from the public on the proposals related to ease of doing business for Online Bond Platform Providers (OBPPs). 1.2. SEBI prescribed a regulatory framework for entities operating or desirous of operating

Clarification with respect to Applicability of the Benefit of Early Pay-in in Commodity Derivatives Segment Dated 5th May 2026, Issued by SEBI Objective 1. This consultation paper seeks comments from the public and stakeholders on the proposal to extend the applicability of the benefit of early pay-in, currently available on futures contracts, to options contracts in the commodity derivatives segment. Background 2. Para 11.3 of Chapter 11 of SEBI Master

Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2026 S.O. 2186(E), dated 2nd May 2026, issued by Ministry of Finance In exercise of the powers conferred by clauses (aa) and (ab) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby makes the following rules further to amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, namely: -- 1. Short, title and commencement.-(1) These rules may be called the Foreign Exchange Management (Non-debt

Fast-Track Mechanism for Processing of Placement Memorandum of AIFs filed with SEBI HO/19/19/11(2)2026-AFD-RAC2 I/10624/2026, dated 30th April 2026, issued by SEBI 1. In order to ensure that a minimum standard of disclosure is available in the Private Placement Memorandum (PPM) of AIFs, templates for PPMs were introduced vide SEBI circular dated February 05, 2020. 2. The requirement of filing of PPM of AIFs with SEBI through SEBI registered Merchant Banker was introduced vide SEBI circular dated October 21, 2021 inter alia to streamline

Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2026 S.O. 2174(E), dated 1st May 2026, issued by Ministry of Finance In exercise of the powers conferred by clauses (aa) and (ab) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby makes the following rules further to amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, namely: -- 1. (1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2026. (2)

Operationalisation of Past Risk and Return Verification Agency (“PaRRVA”) HO/38/14/(4)2026-MIRSD-POD/I/10557/2026, dated 29th April 2026, issued by SEB Background 1. SEBI, vide circular no. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/51 dated April 4, 2025, specified the framework for recognition and operationalisation of PaRRVA. As specified in the said circular, A CRA may be recognized as a PaRRVA, in terms of Regulation 12A of the ‘SEBI (Credit Rating Agencies) Regulations, 1999’ (“CRA Regulations”) read

Extension of Timeline for Compliance with Terms and Conditions by Debenture Trustees for Carrying Out Activities Outside the Purview of SEBI HO/(201)2026-DDHS-POD1 I/10421/2026, dated 28th April 2026, issued by SEBI 1. On October 27, 2025, amendments to the SEBI (Debenture Trustees) Regulations, 1993 ("DT Regulations") were notified, inter alia introducing Regulation 9C to provide clarity on the scope of permitted activities for Debenture Trustees (DTs). The provision inter-alia stipulates that a debenture trustee holding

Reporting Instructions for Authorised Dealer Category-I Banks A.P. (DIR Series) Circular No. 08, dated 27th April 2026, issued by RBI Please refer to the Master Direction - Risk Management and Inter-Bank Dealings dated July 5, 2016, as amended from time to time, in terms of which Authorised Dealer Category-I (AD Cat-I) banks are required to report all over-the-counter (OTC) foreign exchange derivative contracts and foreign currency interest rate derivative contracts, undertaken by them directly or through their overseas

Ease of Doing Investment and Ease of Doing Business- Handling of Client’s Unpaid Securities by Trading Members/ Clearing Members Dated 24th April 2026,issued by SEBI 1. In order to strengthen investor protection by ensuring segregation and safeguarding of clients’ securities, SEBI vide Circular Nos. CIR/HO/MIRSD/DOP/CIR/P/2019/75 dated June 20, 2019 and SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2022/153 and November 11, 2022 specified certain provisions related to handling of unpaid securities of clients (i.e.,

Review of Variable Net Worth for Stock Brokers Dated 24th April 2026,issued by SEBI 1. As part of comprehensive risk management framework and to protect the interest of investors by aligning the net worth requirement with the operational risk being taken by the stock broker (“broker”) with respect to its clients, the concept of variable net worth was introduced vide SEBI (Stock Brokers) (Amendment) Regulations, 2022. As per the said amendment, variable net worth was specified as 10% of average daily cash

Framework for Net Settlement of Funds for Transactions done by Foreign Portfolio Investors (FPIs) in Cash Market HO/(1)2026-AFD-POD2/I/10157/2026,dated 24th April 2026,issued by SEBI 1. SEBI’s Master Circular for Stock Exchanges and Clearing Corporations dated December 30, 2024 inter-alia stipulates that no institutional investor shall be allowed to do day trading, i.e., square off their transactions intra-day. Thus, all transactions carried out by FPIs are required to be grossed at custodians’ level and obligations are fulfilled by FPIs on a gross basis.

Companies (Registration Offices and Fees) (Amendment) Rules, 2026 G.S.R. 300(E), dated 21st April 2026, issued by MCA In exercise of the powers conferred by sections 396, 398, 399, 403 and 404 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Registration Offices and Fees) Rules, 2014, namely:— 1. Short title and commencement. - (1) These rules may be called the

Telecom service providers (‘TSPs’) does not ‘own’ spectrum either in law or in fact, nor do they have absolute possession. What they hold is a limited, a case specific, and conditional right to use spectrum. The combined effect of the Telegraph Act, public trust doctrine, judicial precedents, tripartite agreements and statutory exclusions under sections 18 and 36 of the Code unequivocally establishes that spectrum cannot form part of the assets of the corporate debtor capable of transfer during CIRP or

The debt and default having been conclusively established, and the narrow exception carved out in Vidarbha Industries Power Ltd. v. Axis Bank Ltd. [2022] 169 CLA 211 (SC) being clearly inapplicable, the NCLAT was fully justified in admitting the corporate debtor into the CIRP. The NCLT’s refusal was contrary to the settled law and the statutory mandate of section 7 The corporate debtor admittedly possesses no adjudicated or realisable claim exceeding the amount in default. Its reliance on business viability,

Where no adjudicatory exercise was undertaken qua the respondents and there are no pleadings attributing any personal role to them, no evidence led to establish individual culpability, and no findings returned fixing personal liability. In the absence of these foundational elements, execution proceedings cannot be utilised as a surrogate forum to impose liability where none has been adjudicated Once a moratorium has been declared against the judgment-debtor company, the modes of execution contemplated under section 71 of the Consumer Protection

Scope of writ jurisdiction is extremely narrow. It is not a power to sit in appeal over the decision being challenged. Mere disagreement with the decision making process or the decision of the administrative authority is no reason for a constitutional court to interfere. In view of the statutory scheme of the Code the appellant was under obligation to ensure compliance with the provisions of the Code and the regulations made thereunder, including section 29A and sub-section (2) of section

The High Court cannot be said to have exceeded its jurisdiction under section 260A in making the impugned observation on section 28 before remanding the matter. The preliminary contention of the appellants is, therefore, devoid of merit and stands rejected The scheme of section 206A is consciously modelled on section 100 of the Code of Civil Procedure, 1908, which similarly confines jurisdiction in second appeal to substantial questions of law. Both provisions embody the legislative policy of limiting higher appellate interference

Criminal Appeal arising out of SLP(Clr.)No.10770 of 2025 It is well settled that under section 138, a separate cause of action arises upon each dishonour of a cheque provided the statutory sequence of presentation, dishonour, notice, and failure to pay is complete. The fact that multiple cheques arise from one transaction will not merge them into a single cause of action Where the cheques were distinct instruments drawn on different accounts, presented on different dates, dishonoured separately, and followed by independent statutory

The Company Law Board, being a quasi-judicial body, could not be said to have power to condone the delay in filing an appeal under sub-section (3) of section 58 of the Companies Act, 2013 The 1963 Act, per say, does not apply to quasi-judicial bodies It can be stated, without doubt, that the provisions of the 1963 Act (provisions that lay down a prescribed period of limitation as well as sections 4 to 24 of the 1963 Act respectively) would only

The concept of vicarious liability is unknown to the Indian Penal Code. Since the complaint against the company was dismissed, the petitioner, being the managing director, cannot be prosecuted vicariously in the absence of specific allegations of personal inducement or fraudulent intent attributed to him, distinct from the company’s acts. Indian Penal Code, 1860 – Section 420 read with section 482 of Code of Criminal Procedure, 1973 – Cheating – Offence of – Mere breach of contract or failure to pay

Clause 2.2 of Deed of Undertaking does not constitute a contract of guarantee and that Electrosteel Castings Ltd. cannot be treated as guarantor for the financial facilities availed by Electrosteel Steels Ltd. Clause 2.2 of Deed of Undertaking obligates Electrosteel Castings Ltd. (‘ECL’) to arrange for infusion of funds into Electrosteel Steels Ltd. (‘ESL’), so as to enable the borrower to comply with the stipulated financial covenants. For an obligation to be construed as a guarantee under section 126, there must

span>In terms of clause (c) of sub-section (5) of section 60, sections 65 & 75 read with the relevant NCLT Rules, 2016 the NCLT has powers to adjudicate upon issues concerning fraud, forgery, collusion as also the validity of the documents on the basis of which debt is sought to be proven by a given financial creditor. To undertake the adjudication, the NCLT can, delve into seriously disputed questions of fact and examine, record, and evaluate evidence in the form

For an account to be maintained by an account holder, it is essential that he is in a position to operate the account by either depositing monies therein or by withdrawing money therefrom and to give effective instructions to his banker with whom the account is maintained. Once the account has been attached by an order of the Court it cannot be said that ingredients of section 138 are not fulfilled Negotiable Instruments Act, 1881 – Section 138 – Dishonour of

A power of attorney holder or authorised person can file complaint and pursue it on behalf of the principal and in the name of actual owner or person they represent and not in their personal name. But it is not permissible in law to file complaint in his personal capacity Negotiable Instruments Act, 1881 – Section 138 – Dishonour of cheque – Complaint – Complainant filing a complaint against petitioner in his individual name without any authorisation or power

The target-discount scheme of the respondent does not amount to discriminatory or exclusionary pricing in contravention of clauses (a) and (b) of sub-section (2) of section 4 Clause (a) of sub-section (2) of section 4 implies that an abuse arises only where a dominant enterprise directly or indirectly imposes unfair or discriminatory price in purchase or sale. As the words “unfair or discriminatory” import a comparative enquiry, it must first be established that transactions which are materially equivalent have been

For a pre-existing dispute to be a ground to nullify an application under section 9, the dispute raised must be truly existing at the time of filing a reply to notice of demand as contemplated by sub-section (2) of section 8 Where demand notice issued by the operational creditor to the corporate debtor and second demand notice was clearly a novated demand notice with particulars of debt and default and date of default being at variance from the first demand

While the issuance of show cause notice (‘SCN’) is mandatory upon formation of a prima facie opinion, it is not necessary after receiving response to the SCN to escalate the verification to the DG for investigation Sub-section (1) of section 29 makes it mandatory to issue an SCN on the appreciable adverse effect on competition (‘AAEC’) noted from the proposed combination to the parties and received their response. At the same time with the receipt of the response or modification

Where Adjudicating Authority has not directed any investigation under section 213 but has forwarded the copy of the order to the Ministry of Corporate Affairs (‘MCA’) for taking such steps as may be necessary, direction issued by the Adjudicating Authority cannot be read to mean any direction to MCA or any other statutory authorities to carry out the investigation The Adjudicating Authority, while exercising jurisdiction under section 9 of the Insolvency and Bankruptcy Code, 2016, also exercise jurisdiction of the NCLT

Operational creditors cannot file joint application if amount jointly exceeds Rs. one crore While Legislature permitted financial creditors to jointly file application for insolvency resolution process, it has not permitted operational creditors to do this in a scheme under sections 8 and 9. It is not correct to contend that application can be jointly filed by the operational creditors if amount jointly due on the corporate debtor exceeds Rs. one crore. Each workman/employee is a different operational creditor and is required

Sub-section (4) of section 36, which relates to liquidation process, cannot be deemed to be incorporated or available for the purpose of deciding a plea under the insolvency resolution process. Therefore, plea of exclusion of the provident fund from the scope of Chapter II of the Code will have to be considered independently of clause (iii) of sub-section (4) of section 36 It would be correct to say that the provisions of sub-section (4) of section 36, which fall under

Where the application under section 12A was filed before the constitution of the committee of creditors in accordance with the procedure laid down in IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Adjudicating Authority rightly held that the creditor has locus standi to file the application post the settlement and the application under section 12A filed by the insolvency resolution professional has a direct bearing on the interest of the creditor in relation to the corporate debtor Insolvency and

The criminal proceedings under section 138 of the Negotiable Instruments Act stand terminated in relation to the corporate debtor Insolvency and Bankruptcy Code, 2016 – Section 14 read with section 138 of Negotiable Instruments Act, 1881– Moratorium – Initiation of criminal proceedings for dishonour of cheque against corporate debtor – Criminal proceedings against corporate debtor – Is to be deferred till moratorium is lifted. When the corporate insolvency resolution process of the company is underway, the corporate debtor would be covered

This article explores directors’ fiduciary duties under the Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016 in the “twilight zone” of insolvency and examine the behavioural and institutional factors influencing directors’ wisdom to initiate restructuring actions.

Both the Prevention of Money Laundering Act, 2002 (‘PMLA’) and the Insolvency and Bankruptcy Code, 2016 (‘the Code’) having a non-obstante clause makes it difficult to decide as to which one will prevail over the other. The Code operates in civil area of law while the PMLA deals in criminal field as money laundering is an economic offence against the public at large. There are various principles of law which favour the both but the main question that arises is

In this article, the author dwells on a question as to whether in relation to a petition complaining oppression/mismanagement under section 230 of the Companies Act, 2013, the affairs of the holding company cover affairs of a subsidiary company. He is of the view that having regard to the nature of the remedy provided by section 241 and the words used therein, it would seem that those against whom a complaint can be made must be in-charge of or responsible

In this article the author delves into a question as to whether directors of companies can be appointed by postal ballot.

In this article, the author gives an insight into the appointment of directors of companies under the provisions of the Companies Act, 2013.

The central thesis of this article is that MDPs can serve as the next frontier for India’s professional services industry, transforming it into a globally competitive ecosystem. However, this transition must be accompanied by thoughtful reforms and robust safeguards to balance growth, independence and public trust.

In this article, the authors give an insight into insider trading in the backdrop of legal framework, pitfalls and preventing measures. They are of the view that the effectiveness of the insider trading framework ultimately depends on behavioural discipline within organisations, adherence to governance norms and a culture that respects confidentiality as a fiduciary responsibility, not merely a statutory requirement.

In this article, the author throws light on ongoing CSR projects under section 135 of the Companies Act, 2013.

The Competition (Amendment) Act, 2023 has introduced a new concept called ‘settlement’ which is aimed at expeditious resolution of the disputes. Framework relating to the settlement has been brought into force with effect from 6th March, 2024. The Competition Commission of India has passed its first Settlement Order on 21st April, 2025. This article elaborates the provisions related to the settlement mechanism.

In this article, the author delves into question as to whether company can give loan to its managing/whole-time directors. He concludes that by applying this rule of statutory interpretation, it can be said that sub-section (2) of section 67 is a special provision and sub-section (3) of section 185 is a general provision and, hence, the former should give way to and prevail over the latter. Consequently, although clause (c) of sub-section (3) of section 185 permits giving of loans

This paper explores how the way Indian companies finance mergers and acquisitions has changed over time, moving steadily away from bank-driven models towards capital market solutions. In the early years, internal funds and traditional bank loans were the mainstay, but they soon proved inadequate to meet the growing scale and complexity of deals. As India liberalised, regulatory reforms under the Companies Act, SEBI’s frameworks, FEMA, and faster merger control processes created the space for market-led financing to thrive.

In this article the author delves into issue of financial claim against the corporate debtor which is not part of resolution plan. Having reviewed multiple rulings of High Courts and the Supreme Court, he concludes that neither any proceeding can be initiated nor continued in respect of claims, which are not a part of the resolution plan nor any fresh claims can be lodged or enforced after the approval of the resolution plan against a corporate debtor.

One of the anti-trust practices prohibited under the Competition Act, 2002 (‘the Act’) is “abuse of dominant position”. Section 4 of the Act prohibits an enterprise or group from abusing its dominant position. If a dominant enterprise or the group indulges in any of the practices listed under clause (a) of sub-section (2) of section 4 to clause (e) of sub-section (2) of section 4, it is treated as abuse of dominance. A plain reading of section 4 gives an

In this article the authors analyse in depth cross-border investments.

This article explores unicorn governance through the lens of agency, stewardship and stakeholder theories, showing how founder dominance, investor conflicts and weak transparency shape outcomes. Case studies of Byju’s, Zomato, WeWork, Infosys and Razorpay illustrate how governance failures can destroy trust while early reforms can build credibility. A comparative review of India, the United States and the United Kingdom highlights different approaches, with India’s reactive stance leaving gaps during the critical private phase. The study argues that unicorns require tailored

In this article the author discusses in depth ruling of the Supreme Court in Chief Commissioner of Central Goods and Services Tax v. Safari Retreats (P.) Ltd. [Civil Appeal No. 2948 of 2023, dated 3rd October, 2024] dealing with the issue of whether input tax credit can be claimed against the use of goods and services in the construction of property and further dealt with the constitutionality of the exceptions mentioned in section 17 of the CGST Act, 2017.

In this article, the author sets out decisions of the Nagpur Bench and Bombay Bench of the Bombay High Court and analyses to conclude that these two have now authoritatively pronounced the way forward leaving no ambiguity in the computation of the stamp duty on a development agreement entered into by the proposed builder and the owner of the property.

This article examines the growing wave of independent director resignations in India by analysing available data, industry surveys, and case evidence. It highlights the key factors driving the exits, underscores the risks to governance stability, and proposes potential solutions to restore trust in boardroom processes. By doing so, it seeks to situate the issue not only as a corporate concern but as a policy and market imperative for India’s future economic growth.

FAQs on Combinations* [2025] 187 CLA (Mag.) 104 A. COMBINATION AND JURISDICTIONAL THRESHOLDS 1. Are all M&As required to be notified to the Commission ? Not every Merger and Acquisition (‘M&A’) activity requires notification to the Commission. As per section 6(2) of the Competition Act, 2002 (‘the Act’) only combinations require notification and approval of the Commission prior to their consummation, i.e., coming into effect even partially. 2. What is meant by a combination. M&As that meet either asset, turnover, or value of transaction thresholds

This proposal seeks for amendments in existing eligibility criteria to make PPIRP more inclusive, eventually enhancing its impact on MSME recovery and economic resilience.

Circular – Circular dated 22nd September, 2025 permitting companies to conduct their annual general meetings through video conferencing – Circular cannot be said to be in consonance with democratic principles.

Transfer of property – Can it be transferred through general power of attorney – The grantee has, in his own right, no interest in the immovable property and, therefore, the question of his transferring interest in immovable property would never arise.

Dishonour of cheque – Conviction of drawer on compounding – Can it be cancelled on compounding – When the law allows such compounding, court should not come in the way of giving effect to the same and as such should take note of the compounding and cancel the punishment awarded.

Compliance officer – Status of – Compliance officer should be clothed with the requisite powers through appropriate Board resolutions. Otherwise, he is only a paper tiger.

Director Identification Number – Surrender by a person who is no longer a director – Directors Rules does not provide for surrender of DIN. Therefore, form has to be filed and if filed late the person concerned has to shell out Rs.5,000 every year, until his death, when automatically the DIN would stand cancelled.

Returns filed under Central Goods and Services Tax Act, 2017 – Can it be revised for removing discrepancies – The right to correct mistakes in the nature of clerical or arithmetic cannot be denied unless the mistake has been committed intentionally and with a view to evade the payment of the correct tax. Such unintended mistakes or errors should permitted to be corrected and should not be denied.

Interim moratorium – Would it apply to recovery of penalties – Interim moratorium contemplated under section 96 of the Code would not apply to levying of penalties or recovery thereof.

Non-executive directors and independent directors – Are they vicariously liable – Independent and non-executive directors of companies are never in-charge of the management of affairs of companies individually, their responsibility being collective and that too only in the meetings of the Board, the question that they are liable to penal consequences would never arise.

Returns filed under Central Goods and Services Tax Act, 2017 – Can it be revised for removing discrepancies – The right to correct mistakes in the nature of clerical or arithmetic cannot be denied unless the mistake has been committed intentionally and with a view to evade the payment of the correct tax. Such unintended mistakes or errors should permitted to be corrected and should not be denied.

AGM – Agenda item – Can it be withdrawn at the meeting – Question of the item being withdrawn at the meeting cannot and would not arise particularly if the voting electronically results in disapproval of the item slated for withdrawal from consideration at the physical meeting.

CIRP – Unsuccessful applicant thereof – Can it be an aggrieved person for filing appeal under the Code – Once a corporate insolvency resolution process is approved by the Adjudicating Authority, it ceases to be a right in personam and an unsuccessful applicant of a corporate resolution process could appeal against the order of the Adjudicating Authority approving a corporate resolution process.

Equity shares on conversion of loan into share capital – Does its issue require mandatory approval of the shareholders – As the conversion of loan into share capital is done pursuant to an agreement initiated by the company, the conversion would be deemed to be issue of share capital by the company and as such provisions of section 62 of the Act would be attracted and approval of the shareholders in general meeting has mandatorily to be taken for such

Settlement of debt - Can NCLAT directly approve settlement of debt before constitution of committee of creditors and after the Adjudicating Authority admitted application - The right to deal with debt including settlement thereof, vests with the committee of creditors and not with each member of the committee and the decision of the committee is approved by the Adjudicating Authority and none else including Appellate Tribunal.

Insolvency resolution – Collective entry in balance sheet on amount due to debtors – Would it amount to acknowledgement of debt for determining the maximum time by which recourse should be taken – It would be enough if the amount of the debt forms part of the amount shown in the balance sheet of a company prepared, audited by the statutory auditors of the company and adopted by the members of the company as required by the provisions of the

Insolvency resolution process – Returning of wrongful claim for re-submission by resolution professional – Can operational creditor agitate for settling his claim after the corporate resolution proposal is approved – In returning a wrongful claim for re-submission under the appropriate head, the resolution professional is not judging the claim but only advising for correct collation of the claim.

Appeal against order of NCLT - Is NCLAT competent to condone delays beyond 45 days in filing appeals - Even if there are adequate, plausible and genuine reasons, the NCLAT cannot condone the delay in filing the appeal beyond the expiry of 15 days from the expiry of thirty days from the date of the order.

Directions by Reserve Bank to Banks - Are they mandatory - Directions are mandatory ; however, it is open to Reserve Bank to give exemptions from all or any of the directions issued by it.

Circulars/Press notes issued by Government - Do they have statutory support - They have no statutory support and as such are not binding on anyone including on the public. But they would have only persuasive value. However, circulars issued by the CBDT on the provisions of Income-tax Act, 1961 are exception to general rule.

Insolvency resolution - Approval by Adjudicating Authority - Does it release guarantor from his obligations. When under an arrangement between the corporate debtor and his creditor, the creditor agrees to accept a part of the amount due in full and final settlement of the entire debt, to which the guarantor is not a party, he would be absolved of his obligations under the guarantee, and he will get protection under section 134 of the Contract Act.

NCLAT – Single Member Bench – Can Bench exercise its powers through one Member Bench–The powers of NCLAT vest in Benches comprising one Judicial Member and one Technical Member. As a corollary no Single Member of NCLAT can exercise his powers through one Member Bench.