Girraj Sharma

📢 NCLAT Ruling: Related Party Unsecured Financial Creditor Gets Priority Over Operational Creditor In a key judgment, i.e. Times Innovative Media Ltd. Vs. Pawan Kumar Aggarwal (Liquidator) & Anr dated 19.09.2024, the NCLAT has ruled that related party unsecured financial creditors (FCs) have priority over operational creditors (OCs) during liquidation under Section 53 of the IBC. 🔑 Key Ruling: The hon’ble NCLAT held that Section 53 does not distinguish between related and unrelated unsecured FCs, granting both higher priority over OCs in the liquidation distribution. This ruling reaffirms that financial debts take precedence over operational debts, even for related parties. #IBC #NCLAT #InsolvencyLaw #FinancialCreditors #CorporateLaw #Liquidation

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Will offence of forgery, fabrication, and filing of false affidavit, warrant lodging of complaint u/S. 340 CrPC? Delhi HC explains Read More Here- https://lnkd.in/gnhYP8-t #DelhiHighCourt #BharatiyaNagarikSurakshaSanhita2023 #BharatiyaNyayaSanhita2023 #fabricateddocument #Forgetdocument #Forgery #IPC #section340CrPC #scconline #SCC #legalnews #legalknowledge #scctimes #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

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[Op Eds] Groundless Threats of Legal Proceedings: An Analysis under the Trade Marks Act, 1999 by Javvad Shaikh Read Full Article Here- https://lnkd.in/gANUuvrS #OpEd #Advertisements #grossdomesticproduct #GroundlessThreats #legalProceedings #marketplace #PostIndianindependence #TradeandMerchandiseMarksAct #TradeMarksAct #scconline #SCC #legalnews #legalknowledge #scctimes #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

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PMLA Act, 2002:- Section 8(3) of PMLA Act, 2002 "Compliance of Section 8(3) of PMLA Act, 2002 must be obeyed by ED" Ceased property should be released beyond 365 days, if investigation does not culminate into any complaint. #delhc #ed #pmla #searchandseizure #moneylaundering #investigation #ecir #legal #update #cirp #irp #legalinsights #lawyers Mahi Yadav

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Interim Relief in Concurrent GST Jurisdiction Case by Kochhar & Co. Kochhar & Co. has secured significant interim relief in a case involving overlapping jurisdiction between Central and State GST Authorities. The Uttarakhand High Court has granted a stay on further proceedings regarding show cause notices issued to a Uttarakhand-based manufacturer by both Central and State GST Authorities. These notices involved the re-classification of PP Bags and the denial of refunds due to an inverted duty structure. The High Court, by an order dated July 9, 2024, has further extended this interim stay until the next date of hearing. This case highlights the challenges taxpayers face due to the concurrent jurisdiction of Central and State GST Departments. Ideally, the exercise of jurisdiction by one authority should preclude the other from intervening on the same issue. However, despite this legal principle, taxpayers continue to receive overlapping notices from both authorities. This matter was represented by our Senior Partner & Head of Indirect Tax Practice Ms. Reena Asthana Khair and Principal Associate Ms. Vrinda Bagaria. #KochharAndCo #GST #TaxLaw #ConcurrentJurisdiction #LegalRelief

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SEBI: ISSUES INFORMAL GUIDANCE TO CLARIFY REGARDING POST-MERGER COMPLIANCE REQUIREMENTS ON PROMOTER SHAREHOLDING SEBI issues Informal Guidance to Anjani Portland Cement Ltd. (Applicant), to clarify on compliance requirements upon merger of the Applicant co. and its unlisted subsidiary, pertaining to Promoter shareholding and applicability of insider trading norms to promoter shares offload; Further notes that the shareholding of the "merged co." will be 24.91%, which will be less than the stipulated 25% limit as specified in the Master Circular on Scheme of Arrangement, thereby failing to satisfy the stipulated requirement; Thus, as to the Applicant’s query, that whether the Promoter of the co., holding shares or voting rights in excess of 25%, acquire additional shares or voting rights in the Co. in compliance with Regulation 3(2) of the Takeover Code, post approval of the amalgamation scheme, without requiring continued compliance with Part 1(A) clause 3(b) of the said Master Circular, SEBI states that the shares allotted to persons classified as “other non-promoter public shareholders” of the subsidiary co., may have to be classified under the “promoter and promoter group” category; Further, Regulator clarifies that since the merger co. will continue to be a listed entity, it shall comply with the minimum public shareholding requirements, on a continuing basis, and remarks that, “Hence, even if the promoter holding is in excess of 25%, it could acquire shares/voting rights in the Company in compliance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011…”; Elucidating on the query regarding compliance with Insider Trading norms in case of disposal of shares by the co.’s Promoter for complying with the Master Circular Requirement, SEBI states that Clause (iii) of the proviso to Regulation 4(1) of the Prohibition of Insider Trading Regulations provides a defence is the transaction in question was carried out pursuant to a statutory or regulatory obligation to carry out a bonafide transaction; Therefore, Regulator concludes that however, in the present case, disposal of shares by the Promoter can’t be construed as a transaction carried out pursuant to a statutory or regulatory obligation as there’s no mandate under the Clause 3(b) of Part 1(A) of the Master Circular, and hence, “…clause (iii) of the proviso…cannot be used for granite exemption/permission for disposal of shares by the promoter…”::SEBI MUM The Informal Guidance was issued by Mr. Raj Kumar Das.

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180 days Maternity leave for all working women regardless of the type of establishment - Rajasthan High Court In Minakshi Chaudhary v. Rajasthan State Road Transport Corporation (RSRTC) and Another, the High Court ruled that all working women, regardless of the establishment they work in, are entitled to 180 days of maternity leave as per the Maternity Benefit (Amendment) Act, 2017. The RSTRC in turn argued that there was a state regulation that capped leave at 9-days. However, the Court found this regulation to be in violation of Articles 14 and 21 of the constitution and stated that maternity leave and benefits are fundamental rights essential to the health and dignity of a woman and that outdated regulations cannot place constraints on this fundamental right. The Court has directed Centre and the Rajathan state government to issue necessary orders and guidelines to ensure that all sectors, including unrecognized and private provide 180 days of maternity leave to their female employees. The RSRTC was finally directed to either extend the petitioner’s leave to 180 days or to compensate her with an additional 90 days' salary, highlighting the necessity for modernized workplace policies that uphold women’s rights across all establishments. Song for the night - Osiris, by Matstubs & Rfen #indianlaw #maternitybenefits #maternityleave #womensrights #indianlawyer #rajasthan

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The Supreme Court dismissed GTL Limited's appeal against an NCLAT order. The NCLAT had remanded the case back to the NCLT for reconsideration. The NCLT initially dismissed Canara Bank's insolvency petition against GTL, but the NCLAT overturned this decision, citing GTL's acknowledged debt and default, allowing the bank to pursue remedies under the Insolvency and Bankruptcy Code. Read more at: https://lnkd.in/eZ2waSas #ETLegalWorld

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🚨𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗨𝗽𝗱𝗮𝘁𝗲 𝗼𝗻 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗛𝗲𝗮𝗿𝗶𝗻𝗴𝘀 𝗶𝗻 𝗚𝗦𝗧..... . . . 📌As per CBIC's Instruction dated 5th November 2024, Personal hearings in adjudicating/appellate proceedings will primarily be conducted in virtual mode via Video Conferencing (VC)👇 📌Physical hearings will only be allowed upon specific request, with reasons recorded in writing.... Instructions dated 21.08.2020 have been reinstated, and the amendment dated 28.07.2022 has been withdrawn, leading to the above scenario!! ....... #gstcouncil #gstcases #gstcaselaws #gstcompliances #gstr #cgst #cgst #sgst #tax #taxupdates #informative #linkedin #linkedinconnections #linkedinforcreators

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[Op Eds] Balancing Expediency and Justice: Upholding the Mandatory Notice Requirement in Civil Execution under Section 51(c) CPC by Kunal Parihar Read Full Article Here- https://lnkd.in/ggyuK-Eh #OpEd #BalancingExpediencyandJustice #CivilExecution #civilmatters #civilprocedurecode #CentralLawCommission #criminallawmechanisms #MandatoryNoticeRequirement #scconline #SCC #legalnews #legalknowledge #scctimes #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

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No disciplinary action required for temporary employee's termination due to unsatisfactory performance: MP High Court Reported by Ritu Singh Read More Here- https://lnkd.in/eCkT5ixw #MadhyaPradeshHighCourt #Disciplinaryaction #JusticeAnilVerma #MaharishiPaniniSanskritEvamVedicUniversity #TemporaryEmployee #termination #scconline #SCC #legalnews #legalknowledge #scctimes #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

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Dr Justice Bidyut Ranjan Sarangi, Chief Justice of Jharkhand High Court, bids farewell after a brief tenure of 15 days Reported by Sucheta Sarkar Read More Here- https://lnkd.in/g-AfE473 #DrJusticeBidyutRanjanSarangi #casedisposal #DrJusticeBRSarangi #HighCourtJudges #Jharkhandhc #LawandPractice #OrissaHC #retirement #scconline #SCC #legalnews #legalknowledge #scctimes #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

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🤓SEBI LODR REGULATIONS NEED TO BE AMENDED PERIODICALLY – PROVISIONS OF R30- DISCLOSURE ON RESIGNATION OF KMPs EXCERPTS FROM THE ARTILCE : From the disclosures made by listed entities over a period regarding the resignation of KMP / senior management personnel, i.e., other than non-executive directors, it has been noticed that several instances of such resignations were accepted and the employees were relieved from the services of the respective entities immediately upon receipt of resignation letters. It appears from such disclosures that entities do not insist on the notice period requirements as per their terms of appointment but are generous in relieving them from services instantaneously! The disclosures to stock exchanges do not mention whether the acceptance of the resignation conforms with the Policy of the entities on how the resignation of such senior level executives have to be processed and whether in lieu of notice period, the executive has paid the specified amount to the entity as per the Terms of appointment.  While even for the resignation of the junior-most/entry-level positions, employers insist on serving the notice period/payment in lieu of the notice period, in the case of KMPs, why do the listed entities accept the resignation with immediate effect? It is also not ascertainable as to "who" in the listed entity accepted the resignation. Therefore, SEBI may consider amending the SEBI LODR Regulations such that listed entities are required to include in their Nomination and Remuneration Policy the following subjects: ♦ The manner in which the company shall deal with the resignation of KMPs ♦ The norms to be considered for acceptance of resignation of KMPs who submit their resignation with the request for immediate relieving from the services of the company ( this would include the availability of standby resource – successor to the resigning KMP and the time period it may take to fill the vacancy ) ♦ The Director who shall be empowered to decide on such requests ( Designated Person) and the basis on which waiver of the notice period requirements shall be considered Accordingly, the format on disclosure to the stock exchanges on such resignations may be amended by including the following inputs: 1. Whether the resignation is in line with the terms of the appointment of the KMP/ Senior management. If not, whether waiver for such terms approved by the Designated Person 2. Impact of severance of the KMP / senior management on the company and steps taken to minimise risks, if any, caused by such resignation. This improved communication format would meaningfully keep the shareholders of listed companies abreast of the material facts and events; listed companies would also take such resignations seriously as they may create negative publicity for them in the market and get disciplined to minimise such cases. JULY 17 1123 HRS

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The Employees’ Provident Fund Organisation has reduced penalties for employers who delay or fail to deposit contributions in the Employees’ Provident Fund, Employees’ Pension Fund, and Employees’ Deposit Linked Insurance Scheme. As per notifications from the Ministry of Labour, defaulting employers will now face a penal charge of 1% of the contribution amount per month for these three schemes, amounting to 12% annually. This revision aims to alleviate the financial burden on defaulters. #epfo #labourlaws #laws #notification

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Are the proposed changes by the IBBI to grievance redressal and AFA timelines a timely step? Most certainly, says Bhuta Shah & Co. The proposed changes are much-needed for addressing key operational issues and procedural issues in the insolvency framework. For instance, relaxing the AFA timelines is crucial, as the current 45-day window does not account for the extensive compliance requirements. Furthermore, implementing digital tracking systems for compliance will help minimize administrative delays while boosting transparency and efficiency. #IBBIReforms #InsolvencyFramework #AFAChanges #GrievanceRedressal #DigitalCompliance #TransparencyInInsolvency #OperationalEfficiency #InsolvencyReforms #TimelyReforms #CorporateGovernance

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