Basic Idea Behind Disgorgement Is Restitution: SAT Allows Investors' Plea For Compensation

The Securities Appellate Tribunal (SAT) has directed SEBI in a case to compensate victims of an investor fraud scheme by utilising funds either from the disgorgement money received from the wrongdoer, or from its 'Investor Protection and Education Fund'. The SAT is a tribunal that hears appeals against SEBI rulings. The direction...

NCLAT Allows Appeal Filed By ICICI Against RP Of Ruchi Soya Industries; Dismisses Claim Of Preferential Transactions

The NCLAT has allowed an appeal filed by ICICI Bank against the Resolution Professional of Ruchi Soya Industries, setting aside the NCLT order that had upheld the RP's claim of preferential treatment of its claims being done by the Corporate Debtor.The Resolution Professional (RP) of Ruchi Soya Industries had moved an application at NCLT Mumbai under section 43(1) of the Insolvency and...

NCLT Initiates Insolvency Proceedings On Homebuyer's Plea Against Builder For Defaulting Payment Of Refund [Read Judgment]

The Tribunal held that the plea cannot be regarded as one for recovery of debt.

Delay Or Insufficiency Of Services Are Not Issues Under The Competition Act: CCI

The Competition Commission of India has held that elements of anti-competitive agreement and abuse of dominant position stand on a higher platform than deficiency in services, thus such inefficiency in services will not form a competition issue. The observation was made by the Commission on a complaint by the National Consumers Co-operative Federation of India...

NCLT Initiates Insolvency Proceedings Against Builder On Homebuyers' Plea

The NCLT Delhi has admitted an insolvency petition filed by a group of 'homebuyers' against the builder Today Homes Noida India Ltd. The allottees of the flat (homebuyers) had entered into a Flat Buyers Agreement for allotment of flats in a residential project at Noida, with Today Homes during 2011-13, and had paid almost 90% of the purchase value. As per the agreement,...

Abuse On Account Of Collective Dominance Not Recognized By Indian Competition Regime: CCI Dismisses Allegation Of Cartelization By Telugu Film Producers [Read Order]

The competition commission of India has dismissed a complaint filed by Ashok Kumar Vallabhaneni, a Telugu Film & T.V. serial producer and distributor of dubbed Telugu movies against various studios engaged in the business of production and distribution of movies in Andhra Pradesh and Telangana. Ashok Kumar (Informant) had purchased the distribution and exhibition rights for...

Insolvency Proceedings Against Jet Airways in India And Netherlands- NCLAT to Decide The Legality of Dual Proceedings

What should the domestic company law tribunals do when a foreign court has already triggered insolvency proceedings against an Indian entity – this question has popped up before the NCLAT in the Jet Airways insolvency proceedings. In an interesting turn of events, the NCLAT while hearing an appeal filed by the Administrator appointed in the Dutch Bankruptcy Proceedings, has now sought...

CCI Directs DG To Probe If Intel Abused Its Dominant Position And Denied Market Access

The Competition Commission of India has directed the Director General (DG) to probe into allegations of abuse of dominant position by Intel Corporation and its Indian subsidiary Intel Technology India Private Limited. The decision came on a complaint filed by Matrix Info Systems Pvt. Ltd., (Informant), a Delhi based IT trading company engaged in the business of importing,...

NCLT Cautions RPs To Look Out For Excess Claims Made By Financial Creditors Against Corporate Debtor

The NCLT Principal Bench at New Delhi, while admitting an insolvency plea, has cautioned RP's to carefully settle the claims made by financial creditors, banks and financial institutions, in excess of what's actually owed to them by the Corporate Debtor. The petitioner (Operational Creditor) in the matter [S.A. Consultants and Forwarders Private Ltd. vs. Cargo Planners...

Director Of Company Can Be Made An Accused Along With It Only If There Is Sufficient Material To Prove His Active Role And Criminal Intent: SC [Read Judgment]

The Supreme Court has held that an individual either as a Director or a Managing Director or Chairman of the company can be made an accused, along with the company, only if there is sufficient material to prove his active role coupled with the criminal intent which has direct nexus with the accused.The bench comprising Justice Abhay Manohar Sapre and Justice R. Subhash Reddy observed thus...

CCI Imposes Penalty On LPG Gas Vendors For Cartelization In Bidding Process [Read Order]

The Competition Commission of India (CCI) has imposed penalty on 51 vendors for cartelization in the bidding process in supplying LPG Gas Cylinders to HPCL. A further penalty was imposed on 48 vendors for contravention of Section 48(1) of the Competion Act, 2002. The Commission took suo motu cognizance of the case upon receiving an anonymous letter dated 25.04.2013 alleging that a cartel...

CCI Finds Jaiprakash Associates Abusing Its Dominant Position, Imposes A Penalty Of 14 Crores [Read Order]

The Competition Commission of India (CCI) has imposed a fine of Rs. 13.82 crores on Jaiprakash Associates Limited (JAL) for by abusing its dominant position in contravention to the provisions of the Competition Act. The Complaint was filed by one Naveen Kataria against JAL. The Complainant also alleged that the terms and conditions in the Provisional Allotment Letter (PAL) were...