SC refers key legal issue on modification of arbitral awards to 5-judge bench, ET LegalWorld
The Supreme Court has referred to a five-judge Constitution bench the key legal issue of whether courts can modify arbitral awards under the provisions of the Arbitration and Conciliation Act, 1996. In a significant move, a bench comprising Chief Justice Sanjiv Khanna and justices Sanjay Kumar and KV Viswanathan, on Thursday, emphasised the need for […]
OpenAI, Legal News, ET LegalWorld
Days before a court hearing, artificial intelligence company OpenAI, which created ChatGPT, raised objections to the jurisdiction of Delhi HC to hear a copyright violation suit against the tech giant. In a submission, the Microsoft-backed company argued that Delhi HC lacks jurisdiction as OpenAI has no presence in the country, being situated primarily in the […]
No legal obligation in India, as no office or permanent establishment here; servers too located outside India, ET LegalWorld
ChatGPT-maker OpenAI has challenged Delhi High Court’s (HC) jurisdiction in a copyright lawsuit filed against the tech giant in November brought by news agency ANI. The Microsoft-backed company has argued that the court lacks jurisdiction as OpenAI had no presence in the country. In its filing, OpenAI stated that complying with ANI’s request to remove […]
Delhi court accepts CBI’s closure report, Legal News, ET LegalWorld
A Delhi court on Thursday accepted a closure report filed by the CBI in an alleged case of irregularities by the ICICI Bank in accepting loan repayment from NDTV, saying “it appeared to be satisfactory”. Special judge Shailender Malik accepted the closure report after going through the report, and the submissions made by the CBI, […]
Homebuyer wins Rs 2.26 crore compensation after a 10-year delay in possession of flat; Know which legal rules helped him, ET LegalWorld
Can you imagine even after paying Rs 1.07 crore for a flat in an apartment you have to wait 10 years for a builder to finish its construction. Initially the homebuyer booked a flat in 2013 worth Rs 1.16 crore by paying about Rs 12 lakh as booking amount. Subsequently in 2014 a sale agreement […]
NCLT orders liquidation of Go First, Legal News, ET LegalWorld
The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly three years ago after being bogged down by financial woes. In May 2023, the airline filed for a voluntary insolvency resolution process citing financial woes. The tribunal, in a 15-page order, said it is […]
RBI study, Legal News, ET LegalWorld
The benefits of intervening in the foreign exchange market for emerging market economies like India far outweigh the costs, according to an article published in RBI’s Jan bulletin. The authors highlight that RBI’s interventions, both in the spot and forward markets, have effectively countered the volatility of capital flows. The report finds evidence of “symmetric […]
Sidbi’s secondary deal fund, Legal News, ET LegalWorld
The central government is planning to provide a corpus to the Small Industries Development Bank of India (Sidbi) to run a secondaries-focused fund of funds, people in the know told ET. The planned fund, the first such move by the Centre, will back venture capital firms managing vehicles focused on secondary transactions. In a secondary […]
Customs dept slaps fine on IndiGo; airline to take appropriate legal measure, ET LegalWorld
Leading airline IndiGo on Wednesday said the customs department has imposed a fine of little over Rs 25 lakh on the company in relation to duty on jet fuel. The fine has been imposed by the Joint Commissioner (Customs), Office of the Commissioner of Customs, Ludhiana. In a regulatory filing, InterGlobe Aviation, the parent of […]
Sebi, NISM launch eLearning course on municipal bonds, Legal News, ET LegalWorld
Markets regulator Sebi on Wednesday launched an eLearning course on municipal bonds to equip officials of municipal corporations and urban local bodies with the knowledge and practical skills to leverage such bonds as a tool for financing development projects. The course has been conceptualised and designed by Sebi in collaboration with National Institute of Securities […]