Mumbai, July 25 (IANS) A Special Court under the Prevention of Money Laundering Act (PMLA) in Mumbai has ordered the restoration of attached immovable properties worth Rs 22.40 crore to bona fide legitimate claimants, according to an official statement issued on Saturday.The order was passed by the Additional Sessions Judge on July 23.The Enforcement Directorate’s (ED) Mumbai Zonal Office had initiated a money laundering investigation against Vinod Kumar Chaturvedi, Manoj Pathak and others for t…
Latest National Company Law Tribunal News & Updates
New Delhi, July 20 (IANS) The High Court of England and Wales has ordered businessman Raj Kundra to repay $4.94 million to Emerging Media Ventures (EMV) and permanently restrained him from pursuing legal proceedings in India over his former shareholding in IPL franchise Rajasthan Royals, handing a major legal victory to the investment firm.The ruling comes months after EMV and its shareholders completed the sale of a controlling stake in Rajasthan Royals to a consortium led by billionaire Lakshm…
Mumbai, July 6 (IANS) Ola Electric Mobility shares fell more than 5 per cent in intra-day trade on Monday, after a report said two suppliers of its operating arm had approached the National Company Law Tribunal (NCLT) seeking insolvency proceedings over alleged unpaid dues exceeding Rs 40 crore.Ola Electric share price dropped as much as 5.3 per cent to an intra-day low of Rs 42.10 apiece.At noon, the stock was trading 5.02 per cent lower, even as the benchmark Nifty index was up 0.78 per cent.A…
Mumbai, June 13 (IANS) The Enforcement Directorate (ED) has arrested two former executives of the Reliance Anil Ambani Group under the Prevention of Money Laundering Act (PMLA) in Mumbai, according to officials.The probe agency took transit remand of Satish Seth and Gautam Doshi, who previously served as directors of Reliance Telecom Ltd.The CBI had booked and raided the premises of the duo in March as part of its investigation into an alleged loan fraud worth Rs 114.98 crore at the State Bank o…
Mumbai, June 13 (IANS) The Enforcement Directorate (ED) has arrested two former executives of the Reliance Anil Ambani Group under the Prevention of Money Laundering Act (PMLA) in Mumbai, according to officials.The probe agency took transit remand of Sateesh Seth and Gautam Doshi who previously served as directors of Reliance Telecom Ltd. The CBI had booked and raided the premises of the duo in March as part of its investigation into an alleged loan fraud worth Rs 114.98 crore at the State Bank …
New Delhi, June 11 (IANS) The National Company Law Tribunal (NCLT) on Thursday admitted a plea filed by the State Bank of India (SBI) and initiated personal insolvency resolution proceedings against industrialist Anil Ambani in his capacity as a personal guarantor for loans extended to Reliance Communications (RCOM) and Reliance Infratel Ltd (RITL). A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order while admitting the SBI’s application filed …
New Delhi, May 26 (IANS) The Delhi High Court on Tuesday refused to grant interim relief against the Union government’s move to reclaim possession of the Delhi Gymkhana Club premises in Lutyens’ Delhi. While issuing summons in suits filed by club members and employees, a single-judge Bench of Justice Avneesh Jhingan declined to stay the Centre’s communication after Solicitor General (SG) Tushar Mehta assured the Delhi High Court that no forcible eviction would take place and that any actio…
New Delhi, May 4 (IANS) Adani Group’s resolution plan for Jaiprakash Associates Limited (JAL) has received approval from the National Company Law Appellate Tribunal (NCLAT), which dismissed Vedanta’s appeal challenging the process.A Bench comprising Chairperson Justice (Retd.) Ashok Bhushan and Technical Member Barun Mitra upheld the earlier order of the National Company Law Tribunal (NCLT), and said there were no grounds to interfere with the decision of the adjudicating authority.The tribuna…
New Delhi, April 30 (IANS) The Centre has approved the appointment of Justice (Retd.) Anupinder Singh Grewal, former judge of the Punjab and Haryana High Court, as President of the National Company Law Tribunal (NCLT).According to an official notification issued by the Department of Personnel and Training (DoPT), the Appointments Committee of the Cabinet cleared the Ministry of Corporate Affairs’ proposal for Justice Grewal’s appointment to the top post in the NCLT.“The Appointments Commit…
New Delhi, April 30 (IANS) Renault Group India on Thursday said it has approached the National Company Law Tribunal (NCLT) to seek approval for a proposed restructuring of its India operations.The Duster-maker said in an official statement the plan aims to streamline its operating structure by separating powertrain manufacturing into a dedicated entity, while integrating vehicle manufacturing and sales under a single framework.The company said the move is intended to align with the distinct oper…