28 February, 2015
Finance Bill 2015 introduced in the Lok Sabha (Lower House of the Indian Parliament) today on 28-2-2015, has proposed certain relaxations in respect of penalty provisions under Central Excise and Customs Laws.
Section 28 of the Customs Act, 1962 is proposed to be amended to provide for non-imposition of penalty if the person to whom a show cause notice has been issued in ...
26 April 2016
Observing that Securities and Exchange Board of India (SEBI) was not in a position to take a definite stand on the question as to whether violation of Section 12A(b)&(c) of the SEBI Act and violation of Regulation 3(c)&(d) of SEBI (Prevention of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 constitute...
28 December 2015
Provisions of Sections 14 and 15 the Companies (Amendment) Act, 2015 (21 of 2015), that amend Sections 143 and 177, respectively, of the Companies Act, have come into force from the 14-12-2015. MCA Notification S.O. 3388(E), dated December 14, 2015 has been issued in this regard.
Section 13 of the Amendment Act amends sub-section (...
22 August, 2014
Bombay High Court on 31-7-2014 has held that ‘fraud’ and ‘misrepresentation’ as defined under Sections 17 and 18 of the Contract Act are well accepted grounds which would vitiate ‘free consent’ and consequently the contract itself and therefore, as a general rule, it cannot be said that once fraud and misrepresentation are alleged in the context of a contract, the subject mat...
6 June, 2014
The Supreme Court of India has, on 28th of May, 2014 declined to accept the proposition that whenever a contract is alleged to be void ab-initio, the courts exercising jurisdiction under Section 8 and Section 11 of the Arbitration and Conciliation Act, 1996 are rendered powerless to refer the disputes to arbitration. The Apex Court in this regard relied on an earlier judgement in...
By Vidushpat Singhania
The United Nations estimates that 3% of the total economic activity globally emanates from sports. This is significant, given that most leading industries cannot boast of such a large impact on the world GDP. Further, the frenzy, patriotic fervor and passion generated by sports makes it the equivalent of war leading some legends like Bill Shankly to comment: “[football...
By Anup Koushik Karavadi
The Companies Act, 2013 (“new Act”) contains stringent provisions to contain corporate frauds. A new “investigation” procedure has been provided under Sections 210 to 229, as against Sections 235 to 251 of the Companies Act, 1956, (“old Act”). The new Act also provides whistle blowing provisions and ensures anonymity of the whistle blower. This article seeks to articu...
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