Is “mandatory annexures” a way out of false disclosure making? Experts weigh in, ET LegalWorld
The Security Exchange Board of India (SEBI) has suspended trading in the scrip of Bharat Global Developers Ltd till further orders on the ground of misrepresenting true state of affairs of the Company and its business which resulted the scrip seeing a steep 105-times jump in its share price from ₹ 16.14 in November 2023 […]
IBBI proposes mandatory monitoring committees for resolution plans, ET LegalWorld
The Insolvency and Bankruptcy Board of India (IBBI) has proposed monitoring committees for implementing resolution plans under the Insolvency and Bankruptcy Code (IBC) rules. These changes seek to address challenges in implementing resolution plans and bolster confidence in the insolvency resolution process. The move came after a Supreme Court judgement emphasising statutory recognition for such […]
Experts see potential for streamlined insolvency process in IBBI’s mandatory mediations for operational creditors, ET LegalWorld
The Insolvency Bankruptcy Board of India has proposed that operational creditors can exercise the option of mediation before filing insolvency applications under Section 9 of the IBC. Under this scheme, the operational creditor can undergo mediation with the aid of a mediator, as provided under the Mediation Act, 2023. The IBBI’s proposal for mandatory mediation […]
SC directs Centre to establish mandatory accessibility standards for disabled persons, ET LegalWorld
The Supreme Court on Friday directed the Centre to implement mandatory accessibility standards within three months, in a significant order aimed at improving access to public spaces for persons with disabilities. The order by a three-judge bench headed by Chief Justice D Y Chandrachud comes in response to slow progress on the accessibility directives issued […]
Registration-cum-membership certificate not mandatory for exporters to seek scheme benefits: DGFT, ET LegalWorld
The commerce ministry’s arm DGFT has clarified that registration-cum-membership certificate is not mandatory for exporters to seek benefits under schemes like duty drawback and remission of state levies. According to the Foreign Trade Policy, a Registration-cum-Membership Certificate (RCMC) is required for exporters in order to avail benefits under the policy. Holding the certificate can also […]
Govt imposes mandatory quality norms for screws; violation attracts penal provisions, ET LegalWorld
The government has imposed mandatory quality norms for certain types of screws to curb the import of sub-standard goods, boost domestic manufacturing and ensure consumer safety. According to the order, the item cannot be produced, sold, traded, imported or stocked unless it bears the Bureau of Indian Standards (BIS) mark. Violation of the provision of […]
Plea filed in Delhi HC against mandatory scrapping of old vehicles, ET LegalWorld
A plea has been filed in the Supreme Court against the Delhi government’s policy for mandatory scrapping of old vehicles. One Nagalaxmi Laxmi Narayan has challenged the 2024 ‘Handling End of Life Vehicles in Public Places of Delhi’ guidelines that mandatorily require the scrapping of diesel vehicles older than 10 years and petrol vehicles older […]
Pre litigation mediation mandatory to file counter claim in commercial disputes: HC, ET LegalWorld
The Delhi High Court has held that the requirement of pre-litigation mediation under the Commercial Courts Act is mandatory in nature prior to the filing of counterclaims in commercial disputes. The court said the process of pre-institution mediation is mandatory for every suit involving a commercial dispute and no distinction can be drawn when it […]
Sebi proposes mandatory maintenance of communication record for 8 yrs, ET LegalWorld
Markets regulator Sebi on Thursday proposed to make it mandatory for all entities regulated by it to maintain communication records, including acknowledgements, for at least eight years. The move is aimed at improving regulatory compliance, increase transparency, protect investors’ interest and boost their confidence in the securities market. In its consultation paper, the regulator suggested […]