Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
The High Court upheld the validity of Regulation 3(2)(b)(i) of the SEBI (Delisting of Equity Shares) Regulations, 2021, which exempts the delisting of shares pursuant to an approved resolution plan under the Insolvency and Bankruptcy Code (IBC) from SEBI's delisting regulations. The court ruled that the IBC, being a later and overriding legislation, would prevail over the SEBI Act in case of conflict. The delisting under the IBC resolution plan cannot be considered ultra vires. The court rejected the challenge to the NCLT order approving the resolution plan for delisting the shares of Reliance Capital Limited, holding that the petitioner's lack of notice argument was misconceived given the IBC provisions and limited scope of judicial review.
The High Court upheld the validity of Regulation 3(2)(b)(i) of the SEBI (Delisting of Equity Shares) Regulations, 2021, which exempts the delisting of shares pursuant to an approved resolution plan under the Insolvency and Bankruptcy Code (IBC) from SEBI's delisting regulations. The court ruled that the IBC, being a later and overriding legislation, would prevail over the SEBI Act in case of conflict. The delisting under the IBC resolution plan cannot be considered ultra vires. The court rejected the challenge to the NCLT order approving the resolution plan for delisting the shares of Reliance Capital Limited, holding that the petitioner's lack of notice argument was misconceived given the IBC provisions and limited scope of judicial review.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
