Norms for Base Price, Price Bands, Call Auction in Pre-open Session and Close-out Procedure for Exchange Traded Funds HO/47/11/11(1)2026-MRD-POD3/I/13804/2026, dated 15th June 2026, issued by SEBI 1. In terms of Paragraph 2.3.1 of Chapter 1 of SEBI Master Circular for “Stock Exchanges and Clearing Corporations” dated December 30, 2024 (hereinafter referred to as “Master Circular”), individual scrip wise price bands up to 20% either way for all scrips in the rolling settlement except for the scrips on which derivatives

Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2026 No. FEMA. 395(4)/2026-RB, dated 13th June 2026, issued by RBI In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments to the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 [Notification No. FEMA.395/2019-RB dated October 17, 2019] (hereinafter referred to

Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2026 S.O. 3030(E), dated 12th June 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) (Third Amendment)

Extension of Timelines for Compliance with Certain Provisions of Circular dated 2nd January, 2026 HO/49/14/15(2)2026-CFD-POD1/I/13567/2026,dated 11th June 2026,issued by SEBI 1. SEBI (Merchant Bankers) (Amendment) Regulations, 2025 (“MB Amendment Regulations”) were notified on December 05, 2025, inter alia, revising the net worth and liquid net worth requirements applicable to Merchant Bankers and introducing Regulation 13A relating to activities that may be undertaken by Merchant Bankers and segregation of other activities through Separate Business Units (“SBUs”). 2. In this regard, SEBI issued Circular No.

  Harmonisation of Base Price for Call Auction in Pre-open Session and for Price Band - For Scrips listed on Multiple Stock Exchanges Dated 11th June 2026, issued by SEBI Objective: 1. The objective of this consultation paper is to seek public comments on the proposals to harmonize the base price for call auction in pre-open session and for setting up price bands for scrips listed on multiple stock

  Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2026 F. No. IBBI/2026-27/GN/REG153, dated 8th June 2026, issued by IBBI Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2026 In exercise of the powers conferred by clauses (aa) and (t) of sub-section (1) of section 196 read with section 240 of the

  Review of Provisions on Disclosure of Executive Remuneration by Asset Management Companies Dated 10th June 2026, issued by SEBI 1. Objective 1.1. The objective of this consultation paper is to seek public comments/ suggestions on the proposed rationalization of the existing disclosure framework relating to remuneration of employees of AMCs, with a view to enhancing meaningful transparency while balancing investor interest. 2. Background 2.1. Disclosure of executive remuneration is an important pillar for sound corporate governance, as it

Investments by Foreign Portfolio Investors in Government Securities -Amendments to the Regulatory Framework A.P. (DIR Series) Circular No. 11, dated 5th June 2026, issued by RBI 1. Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified vide Notification No. FEMA. 396/2019-RB dated October 17, 2019, as amended from time to time; the Master Direction - Reserve Bank of India (Non-resident Investment in Debt Instruments) Directions, 2025 dated January 07, 2025 [hereinafter,

Submission of Statement/Return on Centralised Information Management System A.P. (DIR Series) Circular No. 12, dated 5th June 2026, issued by RBI Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the A.P. (DIR Series) Circular No.69 dated May 12, 2016, in terms of which AD Category - I banks were required to submit a consolidated list of all the BOs/LOs/ POs opened and closed by them during a month, by the fifth of

Swap Facility for FCNR (B) Deposits FMOD.MAOG.No.S-56/01.06.016/2026-27, dated 8th June 2026,issued by RBI Please refer to the Governor’s Statement dated June 5, 2026. 2. It has been decided to introduce a US Dollar-Rupee Forex Swap Facility for fresh FCNR (B) deposits, mobilised for a minimum tenor of three years and maximum tenor of five years. 3. The salient features of the swap facility are as under: a) The swap facility will be available to the AD Category I banks for fresh FCNR(B) deposits mobilized

NOP-INR Position of Authorised Dealer Category-I banks A.P. (DIR Series) Circular No. 13,dated 8th June 2026, issued by RBI Attention of Authorised Dealer Category (AD Cat)-I banks is invited to circulars FMOD.MAOG.No.S-56/01.06.016/2026-27 dated June 8, 2026, on ‘Swap Facility for FCNR (B) Deposits’ and FMOD.MAOG.No.S-57/01.06.016/2026-27 dated June 8, 2026, on ‘Swap Facility for External Commercial Borrowings and Overseas Foreign Currency Borrowings’. 2. AD Cat-I banks may exclude the swap positions arising out of FCNR (B) deposits, External Commercial Borrowings and Overseas Foreign Currency

Swap Facility for External Commercial Borrowings and Overseas Foreign Currency Borrowings FMOD.MAOG.No.S-57/01.06.016/2026-27, dated 8th June 2026, issued by RBI Please refer to the Governor’s Statement dated June 5, 2026. 2. It has been decided to introduce a US Dollar-Rupee Forex Swap Facility for, (a) External Commercial Borrowings (ECBs) of average maturity of three years and above, drawn on after the date of this circular till December 31, 2026, (i) by Public Sector Undertakings (PSUs) viz., whose

Foreign Exchange Management (Export of Goods and Services) (First Amendment) Regulations, 2026 F. No. FEMA 23(R)/(8)/2026-RB,dated 5th June 2026,issued by RBI In exercise of the powers conferred by Section 7, Section 8 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 [Notification No. FEMA 23(R)/2015-RB dated January 12, 2016] (hereinafter referred to as 'the

Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2026 F. No. IBBI/2026-27/GN/REG144,dated 1st June 2026,issued by IBBI In exercise of the powers conferred by section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017, namely:- 1. (1) These regulations may be called the

Formats under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 Circular No. IBBI/IU/100/2026, dated 3rd June 2026, issued by IBBI The Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 (IU Regulations) as amended vide notification No. IBBI/2026-27/GN/REG146 dated 1st June, 2026, read with the Insolvency and Bankruptcy Code, 2016 (Code), provide for various formats to be notified by the Board through a circular. These formats relate to: i. application for certificate of registration or renewal of registration as

Format for Filing Claims Circular No. IBBI/INSP/101/2026, dated 3rd June 2026, issued by IBBI 1. Sub-regulation (3) of regulation (14) of the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 states that the Board shall notify a form for filing claims. 2. In exercise of the above provision, the format is enclosed at Annexure. Annexure FORM (Under Regulation 14(3) of the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017) Claim under Order No… dated ………. under section 220(4)

Format for Filing Complaint Circular No. IBBI/COMP/102/2026, dated 3rd June 2026, issued by IBBI 1. Sub-regulation (3) of regulation (3) of the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 states that the Board shall notify a form for filing a complaint. 2. In exercise of the above provision, the format is enclosed at Annexure. Annexure Form [Under sub-regulation (3) of regulation (3) of the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017] To Insolvency

Foreign Exchange Management (Cross Border Merger) (Amendment) Regulations, 2026 No. FEMA 389(1)/2026-RB,dated 29th May 2026,issued by RBI In exercise of the powers conferred by section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the following amendment in the Foreign Exchange Management (Cross Border Merger) Regulations, 2018 (Notification No. FEMA.389/2018-RB dated March 20, 2018) (hereinafter referred to as 'the Principal Regulations'), namely:- 1. Short title and commencement: (1) These regulations may

Companies (Registered Valuers and Valuation) (Amendment) Rules, 2026 G.S.R. 432(E),dated 1st June 2026,issued by MCA In exercise of the powers conferred by section 247 read with sections 458,459 and 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Registered Valuers and Valuation) Rules, 2017, namely:- 1. Short title and commencement. - (1) These rules may be called the Companies (Registered Valuers and Valuation) (Amendment) Rules, 2026. (2) They shall

Formats under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 Circular No. IBBI/LIQ/96/2026, dated 2nd June 2026, issued by IBBI IBBI Circular No. IBBI/LIQ/96/2026 The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations), as amended by the Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026 specify various forms relating to the process to be notified by Board through circular . 2. Accordingly, in exercise of the powers conferred under section 196 of 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 discusses in depth analysis inter-play between sections 52 and 66 of the Companies Act, 2013.

This article examines the legal consequences of this unusual sequencing. Additionally, the article addresses how courts may respond to this misalignment. It considers two primary scenarios: (i) a challenge to the amended Rules under the current statutory regime ; and (ii) disruption when the substituted provision eventually takes effect, potentially unsettling existing financing arrangements.

This article explores how related party transaction (RPT) assessments operate in practice, beyond mechanical compliance. It explains that related-party identification depends not only on shareholding but also on control, significant influence, and contractual rights. It examines how “ordinary course of business” must be evaluated through business reality, recurrence, industry practice, and commercial purpose rather than objects clauses alone. The article further clarifies that arm’s length pricing is as much about neutrality of process and terms as about numbers. Drawing from

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.

Corporate insolvency resolution process – Can an application by financial creditor be rejected on the ground that there is some deficiency in the affidavit without giving a notice to him individually – The notice should be given individually directed to the applicant.

Arbitral award – Can it be set aside on the ground that it provides for excessive interest – Merely because arbitral award has allowed excessive rate of interest, it cannot be a ground for setting aside it.

CSR – Expenditure on environmental protection – Can it be said to be a constitutional obligation – Company can and should incur expenditure even if environmental protection is not included in its object clause but which is incidental to carrying on of business item.

Probate of will by Hindu – Is it mandatory to obtain – As obtaining a probate has been dispensed with the Amendment Act, 2025, the transmission of the holdings of a deceased shareholder on the basis of a will would be left to the discretion of companies.

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.