Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Financial debt characterization was examined for payments described as share subscription money; the rules exclude share subscription amounts from the definition of deposit under Rule 2(c)(vii) of the Companies (Acceptance of Deposits) Rules, 2014, and therefore such payments do not convert into financial debt permitting invocation of the Insolvency Code. An acknowledgment in the debtor's books was considered but found insufficient to alter character into financial debt. Resultantly the tribunal found no financial debt enabling a petition under insolvency law and dismissed the appeal.
Financial debt characterization was examined for payments described as share subscription money; the rules exclude share subscription amounts from the definition of deposit under Rule 2(c)(vii) of the Companies (Acceptance of Deposits) Rules, 2014, and therefore such payments do not convert into financial debt permitting invocation of the Insolvency Code. An acknowledgment in the debtor's books was considered but found insufficient to alter character into financial debt. Resultantly the tribunal found no financial debt enabling a petition under insolvency law and dismissed the appeal.
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