Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Class actions under Section 245 are maintainable in respect of transactions pleaded as past, continuing or systematically orchestrated where concealment prevents shareholder knowledge or authorisation; the Tribunal held such allegations justify admission. The Tribunal construed Section 245(1)(g) and residuary clause (h) to permit reliefs against the company, its directors and third parties, including damages or compensation aimed at restoring the company and consequential shareholder loss. The NCLT properly applied Section 245(4) factors (good faith and locus to pursue) and relevant NCLT Rules on threshold shareholding, joinder impracticability and common questions, and admission on the prima facie record was upheld.
Class actions under Section 245 are maintainable in respect of transactions pleaded as past, continuing or systematically orchestrated where concealment prevents shareholder knowledge or authorisation; the Tribunal held such allegations justify admission. The Tribunal construed Section 245(1)(g) and residuary clause (h) to permit reliefs against the company, its directors and third parties, including damages or compensation aimed at restoring the company and consequential shareholder loss. The NCLT properly applied Section 245(4) factors (good faith and locus to pursue) and relevant NCLT Rules on threshold shareholding, joinder impracticability and common questions, and admission on the prima facie record was upheld.
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