Coercive action against SREI Equipment Finance Ltd SREI EQUIPMENT FINANCE: NCLAT LIFTS RESTRICTIONS IN THE RBI Action: The National Company Law Appellate Tribunal (NCL) has ordered the Interim Stay in a certain section of the Order of the Kolkata National Law Tribunal (NCLT) Order, which prevents the Reserve of Bank of India (RBI) from taking coercive action against SREI Equipment Finance Ltd. An Interim stay (partial assistance to the RBI), according to the order, will remain effective until the RBI application. Orders by NCLAT’s two-judge bench observed that any opinion about the power of NCLT to pass an order against RBI can affect the benefits of appeal and the court is considered suitable to forward interim orders. Non-bank financial company based in Kolkata (NBFC) Last week, the central bank had moved the court that challenged the NCLT order on December 30, 2020, which enabled the non-bank financial company based in Kolkata (NBFC) to skip repayments between January 1 and June 30, 2021, and quoted that it was not made as a party for cases in Kolkata NCLT. NCLT rules to pass an order contrary to the RBI RBI’s also said the direction that was passed by the Kolkata bench was contrary to the law because he exceeded his jurisdiction when passing the order. Counsel for the central bank further referred to that NCLT was not empowered under NCLT rules to pass an order contrary to the RBI July 2015 master circular on prudential norms and asset classification norms. RBI said […]
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AG removes himself from dealing with requests for criminal contempt against justice Katju Advocate General KK Venugopal on Tuesday removed himself from dealing with a request for Criminal proceedings against former Supreme Court Judge Markandey Katju for his remarks against the court in the UK for the extradition case of Nirav Modi in England. Venugopal, in his reply to the Petitioner of Advocate Alakh Alok Srivastava, “I have to show that I have known Justice Katju for about 16 years and we have interacted with each other since. In this background, it is not right that I deal with this matter.” Section 15 (3) – Criminal Contempt process In fact, He showed that Section 15 (3) empowered the Attorney General or the solicitor general to give consent to begin the criminal Contempt process if considered suitable. “If so it is recommended, you can submit a consent before India’s Solicitor General Tushar Mehta,” Venugopal told Srivastava in his one-page letter. Moreover, Srivastava wrote to Venugopal on March 1 and looked for his consent to begin the criminal proceedings against justice(Retd) Katju. Fugitive economic offender Nirav Modi Srivastava quoted the ruling of the British court of February 25 while rejecting the request by fugitive economic offender Nirav Modi against his extradition to India. Mainly, He said the British court had recorded the alleged “contemptuous” comment made by Kattue (Retd) Katju by means of evidence that supports NIRAV Modi. “Contemptuous” comment “This is quite axiomatically from the naked paragraph of the assessment that Justice (Retd) […]
Franklin Templeton Problems – Economy offenses Wing in the State Police Need to be Enhanced with the Right Personnel: Madras HC Hearing the plea submitted in connection with the alleged embezzlement of funds by the supervisor of Franklin Templeton Asset Management India Pvt. Ltd., Madras High Court on Monday (March 29) observed that the economic offenses wing in the state police needs to be increased with the right personnel. Technical expertise to investigate Plea before Chief Justice Sanjib Banerjee and Justice Senthilkumar Ramamoorthy gathered concerns about the officials and technical expertise to investigate this issue. The Petitioner Writ proposed that his business was to explore capital around Rs.2,000 Crore due to transactions and exchange parties and redemption of 5,000% increase due to inside trading. The Petitioner stated that complaints in Franklin Templeton material must be investigated by the investigation agencies that have the knowledge of the domain to carry out these tasks. Economic offenses wing was created in the National Police It was also alleged that even though the economic offenses wing was created in the National Police, there was no specialization level tried. It was conveyed that the usual transfer of a police deputy superintendent from one district or several police inspectors from another branch was being carried out without identifying the right personnel to have talent or understanding of economic affairs or market conditions to carry out very sophisticated investigations in this case. Knowledge of accounting, audits, and market conditions The court noted that in the previous order, […]
Educational standards and infrastructure available at several existing legal universities: Madras High Court Educational standards, infrastructure in several existing universities need to be seen by the Madras High Court: “The possibility of an order must be sought all over India to ensure that the quality is not compromised for more law universities born and with the guise of opportunities created”, the court added. While steps have been taken to ensure that new legal universities do not appear every day, there are concerns lingering for the educational standards and infrastructure available at several existing legal universities, Madras High Court recently observed (MD ASHOK v. The chief secretary of the government, the law department, Tamil Nadu and ORS). Observations made by the court while dealing with petitions increasing concerns over the increasing of law college in Tamil Nadu. “Fortunately, some concerns have been in the progress to ensure that legal universities do not appear every day in every locality. But the educational standards offer to several existing legal universities and available infrastructure also needs to be seen. This problem must observe, In-depth, by the bar council. The possibility of orders must be in vision at the level of all India. By the way, This is to ensure that the quality is not in compromise for more law universities born and with the guise of opportunities made, “says the court. Bar council of India (BCI) The State Bar council assure chief justice Sanjib Banerjee and Justice Senthilkumar Ramamoorthy that they were alert and […]
Truly reckless and politically motivated plea: Madras High Court Describing it as truly reckless and politically motivated, Madras High Court on Friday rejected the plea which was filed by the local administration minister SP Velumani seeking actions against Arappor Iakkam for accusing corruption and abandoning a number of contracts on social media that violated the court order. Minister as misuse of the court process Slamming the petition by the minister as misuse of the court process, the first bench consisting of the chairman of Judge Sanjib Banerjee and Justice Senthilkumar Ramamoorthy said, “As would be proven from the relevant sequence, no one said that the pend Proceedings should not allow adverse inference against the petitioner or applicant Minister and that the court has not experienced advantages on both sides.” Short-looking political purposes Holds that the court does not appreciate that the plea has been transferred for short-looking political purposes, the bench imposes the cost of Rs 10 token to be paid by the ministerial chair to any charity institution. However, appearing for Velumani, ARL Sundaresan, senior counsel for the minister proposed that there was no hatred in the request and asked for a bench not to force the cost even if it was one rupee, noting that the command could be misunderstood. The bench is obliged to this. Complaints of corruption in the Minister The bench also confirms that there is no embargo or a joke command against anyone who levels such accusations, even if the party to the process. […]
