Supreme Court holds that the RBI Circular of 12 Feb 2018 not valid

Hon’ble Supreme Court, in Dharani Sugars and Chemicals Ltd v Union of India and Others, on 02 April 2019 held the constitutional validity of Ss. 35AA and 35AB of the Banking Regulations Act, 1949 (the Banking Regulation Act) and also held that the RBI circular of 12.02.2018 directing banking and non-banking companies to initiate action … Continue reading Supreme Court holds that the RBI Circular of 12 Feb 2018 not valid

Frequent Buzz on Corporate Laws: Legal Updates 16 Feb., 2016

Some of the important Court decided judgements: Negotiable Instruments Act, 1881 - S. 142(2)(a), vests jurisdiction for initiating proceedings under S. 138, inter alia, in the territorial jurisdiction of court, where cheque is delivered for collection (through an account of branch of bank where payee or holder in due course maintains an account). Again, insofar … Continue reading Frequent Buzz on Corporate Laws: Legal Updates 16 Feb., 2016

Stay of retrospective effect of the Payment of Bonus (Amendment) Act, 2015

The Payment of Bonus (Amendment) Act, 2015 had received assent of the President of India on 31 December 2015. The said Amendment Act provides for changes in the eligibility limit and calculation of bonus of the employees. Eligibility Limit increased: The eligibility of payment of bonus to employees has been increased from drawn salary of … Continue reading Stay of retrospective effect of the Payment of Bonus (Amendment) Act, 2015

Supreme Court upheld constitutional validity of NCLT and NCLAT while some provisions held unconstitutional

Supreme Court upheld constitutional validity of NCLT and NCLAT while some provisions held unconstitutional The present judgment, delivered by a bench headed by Chief Justice H L Dattu, emphasised on the principles of independence of the judiciary and separation of powers, underlined in the 2010 judgment. According to the court, many of the amended provisions- … Continue reading Supreme Court upheld constitutional validity of NCLT and NCLAT while some provisions held unconstitutional