Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
Section 59 of the Companies Act, 2013 was held to be confined to rectification of the register of members and not a vehicle to obtain a judicial direction for issuance of a valid share certificate. Since the claimant admittedly did not hold a validly executed share certificate and sought to cure defects by compelling issuance of a fresh certificate, the dispute involved seriously contested factual issues and scrutiny of evidence beyond the Tribunal's summary rectificatory jurisdiction, with Rule 70(5) being inapplicable in the absence of a valid certificate. The withdrawal from arbitral proceedings on the identical issue also weighed against maintainability under Section 59. The application was therefore not maintainable and the appeal was dismissed - NCLAT
Section 59 of the Companies Act, 2013 was held to be confined to rectification of the register of members and not a vehicle to obtain a judicial direction for issuance of a valid share certificate. Since the claimant admittedly did not hold a validly executed share certificate and sought to cure defects by compelling issuance of a fresh certificate, the dispute involved seriously contested factual issues and scrutiny of evidence beyond the Tribunal's summary rectificatory jurisdiction, with Rule 70(5) being inapplicable in the absence of a valid certificate. The withdrawal from arbitral proceedings on the identical issue also weighed against maintainability under Section 59. The application was therefore not maintainable and the appeal was dismissed - NCLAT
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