PROCEEDINGS
Have it on record, even if expunged
Parliamentary expunction, when used for due diligence, can maintain ethical standards and transparency, ensuring accountability in proceedings for the proper functioning of Parliament.
AI Express decides to defer inquiries against cabin crew; next conciliation meeting on Aug 8
Air India Express cabin crew issues are discussed in conciliation meetings. BMS delegation meets Civil Aviation Minister to address support and salary concerns. Proposal for tri-party meeting involving AIX Connect is under consideration.
Vraj Iron and Steel GMP: Will there be a listing pop at the bourses tomorrow?
Vraj Iron and Steel's shares trade at a 67 rupee premium in the unlisted market, suggesting a potential 32% listing gain. However, grey market premiums are volatile and may not be accurate. The strong IPO subscription of 126.36 times reflects investor confidence in the company's prospects.
Who is Rishi Shah: The man who defrauded Goldman Sachs, Google of $1 billion
Rishi Shah, co-founder of Outcome Health, has been sentenced to seven and a half years in prison for orchestrating a $1 billion fraud scheme involving his healthcare advertising startup. The case has impacted major investors and drawn attention to corporate accountability.
Kapil Wadhawan moves NCLAT to challenge insolvency proceedings against him
Erstwhile Dewan Housing Finance promoter Kapil Wadhawan challenged NCLT order for personal insolvency proceedings, moved NCLAT. NCLT's Mumbai bench had directed the initiation of proceedings over Union Bank plea. NCLAT adjourned the hearing to July 18 and appointed Devendra Mehta as resolution professional. Wadhawan, guarantor of DHFL loans, faced insolvency proceedings in November 2019. DHFL acquired by Piramal Capital for Rs 34,250 crore, creditors recover Rs 38,000 crore.
Former TN Minister Senthil Balaji constantly filing petitions to stall trial: ED
The Enforcement Directorate informed a sessions court that former Tamil Nadu Minister V Senthil Balaji has been filing numerous petitions to delay trial proceedings in a money laundering case. This was stated by Karthik Dasari, Deputy Director, Chennai Zonal Office, Directorate of Enforcement, in his counter affidavit submitted to Principal Sessions Judge S Alli. Dasari claimed that Balaji's actions have an "ulterior motive to stall the trial proceedings" and are causing delays in the trial's commencement.
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Lok Sabha adjourned till Monday amid opposition uproar over NEET issue
The Lok Sabha was adjourned till Monday amidst uproar as the opposition demanded a discussion on alleged irregularities in the NEET medical entrance exam. Opposition members sought an adjournment motion to suspend regular business for a dedicated NEET discussion. Speaker Om Birla declined, citing the scheduled debate on the Motion of Thanks on the President's address as the appropriate forum for such issues, prompting opposition protests led by Rahul Gandhi.
Madras HC delivers shot in the arm for online pharmacies
In a shot in the arm for epharmacies, the Madras High Court overturned a previous ruling by a single-judge bench restricting online platforms like Tata 1mg, PharmEasy, Netmeds, and Practo from engaging in the digital trade of medicines.
Proceedings initiated against Byju's under companies law 'still ongoing': MCA
Last year, the ministry ordered the inspection of the books of Byju's in the wake of various developments at the edtech company, including its inability to finalise the statements and the resignation of an auditor.
Paid to Stay Home: French woman sues telecom giant for 20 years of pay without work
Laurence Van Wassenhove, a disabled French woman, is suing telecom giant Orange for paying her full salary for 20 years without assigning any work. Van Wassenhove claims this led to isolation and moral harassment, while Orange denies any wrongdoing, stating efforts were made to accommodate her condition.
Salman Khan firing case major update: Forensic analysis links suspects to Lawrence Bishnoi's brother
In the Salman Khan house firing case, forensic analysis has confirmed that the audio recovered from the suspects' phones belongs to gangster Lawrence Bishnoi's brother, Anmol Bishnoi. This development sheds light on the alleged involvement of Lawrence Bishnoi's gang in the shooting incident outside Salman Khan's Bandra residence. Salman Khan himself recounted waking up to gunfire on April 14 and expressed gratitude for the police's assistance.
Sebi disposes of proceedings against former Unitech promoters
The market regulator conducted a suo-moto investigation to determine if the Chandra brothers routed funds to the Indian securities market through their UBS AG bank accounts, potentially violating the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations.
Supreme Court stays criminal proceedings against IREO, Oberoi top brass
Challenging the Punjab and Haryana High Court’s order that upheld registration of an FIR, both IREO, and Oberoi group moved the Supreme Court alleging that Singh, the authorised representative of Advance India Projects (AIPL) did not disclose the first criminal proceeding where he got no relief and a second complaint was filed in a different police station.
NCLT orders insolvency proceeding against Supernova project developer Supertech Realtors
NCLT orders insolvency proceedings against Supertech Realtors for defaulting Rs 168.04 crore to Bank of Maharashtra in the Supernova project.
SC stays NCLAT's order initiating insolvency proceedings against Purvanchal Vidyut Vitran Nigam
A vacation Bench of Justice Sanjay Kumar and Justice Augustine George Masish also issued a notice to its operational creditor S.R.V. Techno Engineering and posted the matter for further hearing on July 26.
Curb on unfair GST demand recovery proceedings: GST official needs prior approval from higher authority to act within 3 months of demand
GST demand order: If you have received a GST demand order, you can either it pay it or file an appeal against it. However if GST officials believe that it is necessary to ask for early payment of the demand before the stipulated time period they can do so. However they need to give a justifiable reason to do so.
Go First granted 60-day extension by NCLT to complete insolvency proceedings
Bankrupt airline Go First has been granted an additional 60 days by the National Company Law Tribunal (NCLT) to conclude its insolvency proceedings, extending the deadline to June 3, 2024. The NCLT initially accepted Go First's plea for voluntary insolvency on May 10, 2023, following its suspension of operations on May 3, 2023
Suspended board of Jaiprakash Associates moves NCLAT, challenges insolvency proceedings
Jaiprakash Associates' suspended board challenged NCLT's order for insolvency proceedings, with the matter listed before NCLAT. NCLT admitted ICICI Bank's plea on June 3, appointing Bhuvan Madan as Interim Resolution Professional. Despite JAL's claims of liquidity crunch and asset-rich status, NCLT upheld the insolvency decision. The tribunal also dismissed JAL's objections regarding debt restructuring and asset transfers.
NCLT dismisses developer’s intervention plea at pre-admission stage
The National Company Law Tribunal dismissed an intervention petition by Surya Landmark Developers regarding exclusion of its prime 0.5-acre land parcel in Mumbai's Lower Parel from insolvency proceedings initiated by ACRE.
Startups’ new hiring strategies; unprecedented poll buzz online
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
NCLT admits personal insolvency plea against Rajkumar Dhoot of Videocon
The NCLT in Mumbai has admitted SBI's application against Rajkumar Dhoot of Videocon Group for a Rs 5,353-crore default by Videocon Industries, where Dhoot was a personal guarantor.
Amritpal Singh & Engineer Rashid voted to power: What does rule book say on incarcerated MPs?
The Election Commission declared the results of the Lok Sabha polls on Tuesday. While radical Sikh preacher Amritpal Singh won Punjab's Khadoor Sahib seat, terror financing accused Sheikh Abdul Rashid, also known as Engineer Rashid, emerged victorious on Jammu and Kashmir's Baramulla seat.
NCLT rejects JAL's claim of liquidity crunch due to delay in govt approvals, litigations
JAL has submitted that it is an "asset rich company", even after sale of cement plants to resolve the loans under Bucket 1 and Bucket 2A, assets like Real Estate Business - Noida and Greater Noida (about 11,000 flats) will remain with the company. Besides, it had other assets such as two 5 Five Star Hotels/Resort in Delhi, and one in Agra, two Golf Courses in Noida and Greater Noida, a Formula One Sports Complex and Cricket Stadium with Real Estate.
Insolvency proceedings ordered against Jaiprakash Associates; these Jaypee homebuyers won't be impacted
Jaypee home buyers: Jaiprakash Associates Ltd (JAL) is currently in the process of insolvency proceedings, and an appointed resolution professional by the NCLT will now assume control. As per a news report from the Times of India, the board, previously led by the Gaurs, will cease to function.
India seeks firms make additional disclosures to fast track public offers, document shows
SEBI wants companies seeking to go public to provide 31 additional disclosures, including details on conflicts of interest. The regulator aims to expedite public offers by requiring more information from merchant bankers, as reported by Reuters.
SC dismisses Adisri Commercial's appeal against insolvency proceedings on SREI Firms
The Supreme Court dismissed Adisri Commercial's appeal against the admission of insolvency proceedings against SREI Infrastructure Finance (SIFL) and SREI Equipment Finance (SEFL), imposing a cost of Rs one lakh for filing a frivolous petition. Upholding the National Company Law Appellate Tribunal's (NCLAT) decision, the court rejected Adisri Commercial's petition seeking to quash the Corporate Insolvency Resolution Process (CIRP) initiated against the two SREI companies
Income tax dept imposes penalty of Rs 4.68 cr on L&T
Indian multinational conglomerate Larsen & Toubro Ltd has been fined over Rs 4.68 crore by the income tax department for the tax proceedings of its former subsidiary, L&T Hydrocarbon Engineering Limited. The penalty was imposed due to the adjustment in the company's income tax assessment for the 2020-21 assessment year.
Singapore's highest disciplinary body for lawyers strikes Indian-origin advocate off the rolls
He posted videos on his Facebook pages and urged the public to make the same request of the president. When the President's Office replied to Ravi, he published her letter on his Facebook pages. The Attorney-General later complained about Ravi's conduct.
Excise policy scam: ED names AAP, Arvind Kejriwal in a fresh charge sheet
The Enforcement Directorate has implicated the Aam Aadmi Party (AAP) in a money-laundering case related to Delhi's defunct excise policy, marking the first time a political party has been named as an accused under the Prevention of Money Laundering Act (PMLA). Delhi Chief Minister Arvind Kejriwal, along with AAP and others, has been named in the prosecution complaint filed in a special PMLA court.
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