SC allows extension of registration period of 3 special protection vehicles, ET LegalWorld
The Supreme Court on Monday extended by five years the registration period of three specialised armoured diesel vehicles belonging to the special protection group (SPG). A bench of Justices Abhay S Oka and Manmohan was hearing a plea filed by the SPG challenging an order of the National Green Tribunal (NGT) refusing to allow the […]
Sebi proposes appointment process, cooling off period for MII key officials, ET LegalWorld
Markets regulator Sebi on Friday proposed a process for appointing or removing specific key officials of stock exchanges and other market institutions, along with a cooling-off period before they can join a competing institution. These proposals are aimed at ensuring that MIIs are staffed with qualified, independent key management personnel (KMPs) and directors while safeguarding […]
When does the limitation period for appeals really begin? NCLAT weighs in, ET LegalWorld
The National Company Law Appellate Tribunal (NCLAT) has held that the limitation shall commence from the date of pronouncement of the judgment and not from the oral dictation of the order. The Appellate Tribunal observed that the order was dated April 16, 2024. Although, the order was signed and uploaded on May 12, 2024. Thus, […]
PMLA can’t be allowed to detain accused for unreasonably long period: Delhi HC, ET LegalWorld
The Delhi High Court has said that the stringent provisions of Prevention of Money Laundering Act (PMLA) cannot be allowed to detain accused persons for an unreasonably long period. It said that when “the trial is not likely to conclude in a reasonable time, Section 45 (of PMLA) cannot be allowed to become a shackle […]
NCLAT rules limitation period begins from pronouncement date, not receipt of free copy, ET LegalWorld
The National Company Law Appellate Tribunal, Delhi has held that the date of receiving free of cost copy cannot be the date from which limitation period start. “The mere fact that the appellant received free of cost copy on 23.07.2024 cannot arrest the running of the limitation which began on the date when the Judgment […]
Banks can claim deductions for broken period interest on securities traded as stock-in-trade: SC, ET LegalWorld
In a big relief to banks including SBI, the Supreme Court on Wednesday clarified that banks are allowed to claim deductions for broken period interest paid on securities traded as stock-in-trade. It rejected the income tax department’s stand that broken period interest on security held till maturity constitutes an investment and, therefore, should be treated […]
Application for extension of time after the expiry of the period for making of the arbitral award is maintainable: SC, ET LegalWorld
On September 12, The Supreme Court on limited question of whether an application for extension of time under Section 29A of the Arbitration and Conciliation Act, 1996 can be filed even after the expiry of the period for making of the arbitral award has held that an application for extension of the time period for […]