Minimum Public Offer Requirements set tiered issuer-based allotment minima with mandatory staged public shareholding increases and exchange enforcemen...
Disallowance under tax law for investment expenses cannot be applied mechanically; authority must record clear reasons before increasing assessee's su...
Share application money was treated as financial debt and the appellate tribunal applied res judicata to reject reopening issues already finally decided; consequence: the subsequent insolvency petition under Section 7 was properly admitted where the corporate debtor failed to refund amounts after prior proceedings. The tribunal found earlier assurances to refund were not genuine and, on merits, upheld admission of the petition and dismissed the appeal. Consequent orders directed refund of the interim deposit to the appellant, permitted the appellant to remit specified sums to the financial creditor, and allowed the resolution professional to continue CIRP excluding the specified interim period.
Share application money was treated as financial debt and the appellate tribunal applied res judicata to reject reopening issues already finally decided; consequence: the subsequent insolvency petition under Section 7 was properly admitted where the corporate debtor failed to refund amounts after prior proceedings. The tribunal found earlier assurances to refund were not genuine and, on merits, upheld admission of the petition and dismissed the appeal. Consequent orders directed refund of the interim deposit to the appellant, permitted the appellant to remit specified sums to the financial creditor, and allowed the resolution professional to continue CIRP excluding the specified interim period.
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