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SC sets aside SAT order directing RIL to disgorge ₹447 crore
The Supreme Court on Friday set aside an order directing Reliance Industries Ltd (RIL) to disgorge Rs 447.27 crore in a matter relating to the trading of Reliance Petroleum Ltd (RPL) shares in 2007. The apex court partly allowed the appeal filed by RIL challenging a November 2020 order of the Securities Appellate Tribunal (SAT), Mumbai. The SAT, by a 2:1 majority order, dismissed RIL's appeal against the Securities and Exchange Board of India (SEBI )'s March 24, 2017, order relating to the sale of RPL shares in November 2007. The top court said the SAT, in its majority verdict, committed an "egregious error" in passing the judgement insofar as the question of fraud under Regulations 3 and 4 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market), 2003 (PFUTP) is concerned. "However, we concur with the SAT's observations in its majority judgment as regards the penalty to be levied on the appellant number 1 (R
Supreme Court seeks govt, RBI response to plea for audit of banks' realty exposure
The Supreme Court has asked the government and the Reserve Bank of India for their response to a petition that wants banks' dealings with real estate projects to be reviewed. The court also wants an investigation into developers accused of misusing homebuyers' money. Several authorities and builders have been issued notices.
Supreme Court seeks govt, RBI response to plea for audit of banks' realty exposure
The Supreme Court has asked the government and the Reserve Bank of India for their response to a petition that wants banks' dealings with real estate projects to be reviewed. The court also wants an investigation into developers accused of misusing homebuyers' money. Several authorities and builders have been issued notices.
SC seeks Centre, ED responses on plea alleging Rs 14,000 crore diversion in Noida, Yamuna Expressway housing projects
The Supreme Court has issued notices to the Centre, Enforcement Directorate, RBI, Uttar Pradesh authorities, and several real estate firms. This follows a plea alleging diversion of thousands of crores collected from homebuyers in Noida and Yamuna Expressway projects. Advocate Prashant Bhushan highlighted a pattern of developers diverting funds and pushing projects into insolvency.
SC junks plea against green nod for Adani MP project
The Supreme Court has dismissed a petition challenging forest land diversion for an Adani group coal mining project in Singrauli, Madhya Pradesh. The court also rejected a plea against the Madhya Pradesh government's approval. An activist had sought to declare the area an eco-sensitive zone, citing its importance as an elephant corridor and a biodiverse forest.
SC seeks Cabinet records in Rs 8,415-crore Yes Bank AT-1 bond write-off case
The Supreme Court on Wednesday pulled up the Finance Ministry over the 2023 write-off of Yes Bank’s Rs 8,415 crore AT-1 bonds and asked Solicitor General Tushar Mehta to produce Cabinet meeting records, quorum details and related documents by 3 PM.
Supreme Court gives Flipkart eight weeks to clear MarQ inventory in trademark dispute
The top court refused to interfere with lower court orders, and held that Flipkart’s MarQ branding was deceptively similar to Marc Enterprises’ trademark.
NCLT admits insolvency plea against Supreme Housing & Hospitality
The National Company Law Tribunal has admitted Canara Bank's insolvency plea against Supreme Housing and Hospitality. The real estate firm faces dues exceeding Rs 567 crore. This follows multiple failed settlement attempts and prolonged litigation.
No status quo on Adani Port land: Supreme Court
The Supreme Court clarified it did not order a status quo on 108 hectares of grazing land allotted to Adani Ports in Gujarat, rejecting villagers' claims. The apex court stated the written order did not mention status quo and imposed a symbolic cost of ₹2,000 each on the villagers for their clarification applications.
Rani Kapur moves Supreme Court over family trust-linked board meeting
The new application, reviewed by Mint, asked the court to restrain Kapur's widow, Priya Kapur, and other respondents from changing the management structure, appointing new directors, altering bank signatories, or taking financial decisions
Supreme Court directs MSEDCL to pay ₹250 crore to JSW Energy in tariff dispute
Shares of JSW Energy Ltd ended at ₹562.00, down by ₹0.65, or 0.12%, on the BSE.
SBI-led secured lenders move SC for claims from Rs 5,100 crore deposited by Sterling Biotech
Banks have approached the Supreme Court to release Rs 5,100 crore. This amount is part of a settlement for Sterling Biotech Ltd. and its group companies. The total outstanding debt is Rs 19,283.77 crore. Lenders agreed on a distribution formula. The court is expected to hear the matter soon. This move aims to recover a portion of the dues.