Just a moment...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Highlights of RBI's April monetary policy
    RBI projects FY27 retail Inflation at 4.6 pc, within government-mandated target
    Deutsche Bank and Akshaya Patra Launch Pune Kitchen to Tackle Classroom Hunger
    RBI projects India's FY27 GDP growth to moderate to 6.9 pc
    RBI keeps policy rate unchanged amid inflationary pressure
    Pradhan Mantri Mudra Yojana (PMMY) — completes 11 Years of empowering Small and Micro Entrepreneurs
    CCI approves acquisition of certain equity shares by Coastal Cedar Investments B.V. in Fleur Hotels and internal restructuring of Lemon Tree Hotels gr...
    CCI approves acquisition of 100% equity shareholding of KNR SPVs by Indus Infra Trust from KNR Constructions Ltd.
    CCI directs 17 Opposite Parties to cease and desist from anti-competitive practices in relation to tenders invited by Assam Police Housing Corporation...
    CCI approves acquisition by Citrus Investment LLC (Citrus) of additional shareholding of 0.4% in Hitachi Construction Machinery Co., Ltd. (HCM) and (i...
    CCI approves proposed acquisition of 100% equity shares and non-cumulative optionally convertible redeemable preference shares in Nabha Power Ltd. by ...
    CCI approves acquisition of equity shares amounting to 14.286% of Aditya Birla Housing Finance Ltd. by Indriya Ltd.
    Rupee surges 50 paise to 92.56 against USD in early trade after US, Iran agree to 2-week ceasefire
    Adani seeks dismissal of SEC case, cites extraterritorial overreach, lack of jurisdiction
    AERA announces 25 pc cut in flight landing, parking charges across major airports for 3 months
    Rupee falls 16 paise to close at 93.06 against US dollar
    Delhi Court grants bail to 'conman' Sukesh Chandrasekhar in ED case
    TN polls: AIADMK's Leema Rose richest candidate
    ED attaches over Rs 39-cr assets of Al-Falah chairman Siddiqui, his charitable Trust
    RBI invites comments on the Draft “Reserve Bank of India (Branch Authorisation) Amendment Directions, 2026”
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
April 8, 2026
Show AI Summary
Monetary policy remains neutral as the repo rate stays unchanged, with growth and inflation projections set for FY27.
The Reserve Bank's first bi-monthly monetary policy for fiscal 2026-27 kept the repo rate unchanged at 5.25 per cent and retained a neutral monetary policy stance. It projected GDP growth at 6.9 per cent for FY27 and inflation at 4.6 per cent, while noting that the West Asia crisis and elevated energy and commodity prices may weigh on domestic economic activity and production. The Reserve Bank said it would remain proactive in ensuring sufficient liquidity in the banking system.
April 8, 2026
Show AI Summary
Retail inflation outlook remains within target as the repo rate stays unchanged amid supply and price pressures.
Retail inflation is projected at 4.6 per cent for the current financial year, within the government-mandated target range. Quarterly CPI-based inflation is estimated at 4 per cent in the first quarter, 4.4 per cent in the second, 5.2 per cent in the third and 4.7 per cent in the fourth, while headline inflation remains contained and below target. The Monetary Policy Committee kept the repo rate unchanged at 5.25 per cent amid geopolitical uncertainty, energy price pressures, weather-related food risks and supply chain dislocations.
April 8, 2026
Show AI Summary
School meal partnership expands nutritious mid-day meals through a centralised kitchen, improving classroom attendance and child nutrition.
Deutsche Bank, under its CSR programme in India, partnered with The Akshaya Patra Foundation to inaugurate a centralised kitchen in Pune for the PM POSHAN initiative. The facility is designed to provide hot, nutritious mid-day meals to 25,000 children in 29 government and government-aided schools, supporting classroom attendance, nutrition outcomes, and access to education. The kitchen operates as a food-safe and hygiene-compliant unit with electric meal-delivery vehicles, reflecting environmental sustainability alongside social impact.
April 8, 2026
Show AI Summary
GDP growth projection moderates as supply chain disruption, commodity prices and global volatility weigh on domestic outlook.
India's real GDP growth for 2026-27 is projected at 6.9 per cent, with quarterly estimates of 6.8 per cent in Q1, 6.7 per cent in Q2, 7.0 per cent in Q3 and 7.2 per cent in Q4. The projection reflects elevated commodity and energy prices, supply chain disruptions, and higher freight and insurance costs, while domestic demand is supported by services activity, GST rationalisation, manufacturing capacity utilisation, and healthy financial sector and corporate balance sheets.
April 8, 2026
Show AI Summary
Repo rate unchanged as inflation pressures and currency movements keep monetary policy in a cautious stance.
Monetary policy retains the repo rate unchanged at 5.25 per cent with a neutral stance amid inflationary and external market pressures. The decision follows concerns arising from disrupted energy supplies, higher crude prices, and import-linked inflation, while headline retail inflation had moved closer to the medium-term target. The inflation framework also reflects a fresh government mandate requiring the central bank to maintain retail inflation at 4 per cent within a tolerance band of 2 per cent on either side for the next five years ending March 2031.
April 8, 2026
Show AI Summary
Financial inclusion through PMMY expands collateral-free credit for small entrepreneurs across banks, NBFCs and MFIs.
Pradhan Mantri Mudra Yojana (PMMY) extends collateral-free institutional credit to small and micro entrepreneurs for non-corporate, non-farm income-generating activities, with the objective of funding the unfunded and broadening financial inclusion. The scheme operates through banks, NBFCs and MFIs, and is structured into Shishu, Kishor, Tarun and TarunPlus categories according to the borrower's credit needs. Loan support covers term finance and working capital across manufacturing, trading, service activities and allied agricultural activities, while interest rates are governed by RBI guidelines and repayment terms are flexible.
April 8, 2026
Show AI Summary
Competition Commission approval for hospitality sector acquisition and group restructuring through amalgamation and demerger.
Competition Commission approval was granted for the acquisition of certain equity shares in Fleur Hotels Limited by Coastal Cedar Investments B.V. and the internal restructuring of the Lemon Tree Hotels Limited group through amalgamation and demerger. The transaction concerns a hospitality sector structure in which Fleur Hotels Limited is a subsidiary of Lemon Tree Hotels Limited and owns and leases hotels directly and through subsidiaries, while several wholly owned subsidiaries of Lemon Tree Hotels Limited are involved in the restructuring.
April 8, 2026
Show AI Summary
Infrastructure investment trust acquisition of KNR SPVs approved for highway project SPVs under the Hybrid Annuity Model.
The Competition Commission of India approved the proposed acquisition of 100% equity shareholding in KNR SPVs by Indus Infra Trust from KNR Constructions Ltd. The transaction is structured through the trust's investment manager and concerns four special purpose vehicle companies incorporated for infrastructure development projects. Indus Infra Trust is a SEBI-registered infrastructure investment trust governed by the SEBI (Infrastructure Investment Trusts) Regulations, 2014, while the target SPVs operate highway projects under concession agreements on a Hybrid Annuity Model.
April 8, 2026
Show AI Summary
Bid rigging in public tenders led to cease-and-desist directions for anti-competitive conduct and proprietor liability.
The Competition Commission of India directed seventeen opposite parties to cease and desist from anti-competitive conduct in tenders for internal and external electrification works in police station buildings across Assam. The proceedings concerned alleged bid rigging by bid rotation and cover bidding, supported by identical mistakes in bids, identical IP addresses, call detail record details, and consecutive demand draft numbers, and the Commission acted under Section 27 for contravention of Section 3(3)(d) read with Section 3(1), with proprietors also held liable under Section 48.
April 8, 2026
Show AI Summary
Acquisition of sole control and minor shareholding increase in a joint venture were approved under competition law scrutiny.
Acquisition of an additional 0.4% shareholding in Hitachi Construction Machinery Co., Ltd. through market purchases, together with acquisition of sole control over the 50:50 joint venture HCJI Holdings K. K. through a share buyback, was approved by the Competition Commission of India. Citrus Investment LLC is an investment vehicle with no other business activities, while HCM manufactures construction equipment and HCJI is a holding company with no other activities.
April 8, 2026
Show AI Summary
Competition approval for Torrent Power's acquisition of Nabha Power's equity and convertible preference shares.
Competition approval was granted for the proposed acquisition of 100% equity shares and non-cumulative optionally convertible redeemable preference shares in Nabha Power Limited by Torrent Power Limited from L&T Power Development Limited. The transaction was structured on a fully diluted basis and concerned a target operating a 2x700 MW supercritical thermal power plant at Rajpura, Punjab. The acquirer is a listed power company engaged in generation, transmission, distribution and cable manufacturing, and forms part of the Torrent Group.
April 8, 2026
Show AI Summary
Competition approval for minority equity acquisition in a housing finance company through preferential issue and private placement.
Approval was granted for a proposed combination involving acquisition of equity shares in a housing finance company through a preferential issue on a private placement basis. The transaction contemplates acquisition of 14.286% of the post-issue paid-up equity share capital of the target on a fully diluted basis by an investment holding company. The target is a non-deposit accepting housing finance company registered with the National Housing Bank and engaged in home loans, loans against property, construction finance loans, and lease rental discounting loans.
April 8, 2026
Show AI Summary
Rupee appreciation follows ceasefire-driven risk-on buying as markets watch central bank policy and currency stability.
The rupee appreciated in early trade after a two-week suspension of military strikes against Iran triggered risk-on buying across currencies, equities and commodities, while Brent crude and the dollar index fell. Foreign exchange conditions were also shaped by the Reserve Bank of India's deadline for squaring overnight positions and the day's monetary policy announcement, with markets expecting the rupee to remain range-bound and volatile as attention shifted to inflation, growth, global uncertainty and currency stability.
April 7, 2026
Show AI Summary
Extraterrestrial reach and personal jurisdiction challenges frame dismissal bid in offshore securities fraud proceedings.
US securities fraud proceedings concerning an offshore bond offering by an Indian renewable energy company were met with a request for dismissal on grounds of lack of personal jurisdiction and impermissible extraterritorial application of US law. The filing contends that the securities were issued outside the United States under Rule 144A and Regulation S, were not listed or traded on a US exchange, and involved an Indian issuer and conduct alleged to have occurred in India. It further asserts that the complaint does not plead a domestic transaction, sufficient minimum contacts, or that irrevocable liability was incurred in the United States.
April 7, 2026
Show AI Summary
Landing and parking charges reduced for domestic flights as AERA implements tariff relief across major airports.
AERA reduced landing and parking charges at major airports by 25 per cent, effective immediately, for all domestic flights for three months. The reduction applies to aeronautical tariff components and was implemented in response to the government's direction in view of the ongoing West Asia crisis.
April 7, 2026
Show AI Summary
Rupee volatility eases as dollar pressure, capital outflows and RBI policy caution keep the market on edge.
The rupee weakened against the US dollar amid foreign capital outflows, a firm dollar, higher crude oil prices, and geopolitical uncertainty. Market participants remained cautious ahead of the Reserve Bank's monetary policy review and the expiry of a geopolitical deadline affecting the Strait of Hormuz. The market also reflected the Reserve Bank's recent steps to curb speculative positions and limit banks' net open positions to reduce volatility in the domestic currency.
April 7, 2026
Show AI Summary
Bail in money-laundering case granted after prolonged custody crossed the statutory threshold under the bail provision.
Bail was granted in a money-laundering case arising from allegations of acting as a middleman in relation to the AIADMK's election symbol, after the court noted detention beyond half of the maximum imprisonment prescribed under the Prevention of Money Laundering Act. The court applied the near-mandatory bail provision under Section 479(1) of the Bharatiya Nagarik Suraksha Sanhita, subject to strict conditions including bonds, non-interference with witnesses, surrender of passport and travel restrictions.
April 7, 2026
Show AI Summary
Election affidavit disclosures and money laundering scrutiny mark the legal backdrop to a high-profile Tamil Nadu Assembly contest.
Election affidavit disclosures in the Tamil Nadu Assembly elections record that an AIADMK candidate for the Lalgudi constituency declared assets of about Rs 1,049.56 crore, comprising movable and immovable properties, along with business interests in real estate, gaming and hospitality. The filing also records four pending criminal cases, including Income Tax Department proceedings over transfer of tax assessments and matters under the Prevention of Money Laundering Act linked to Enforcement Directorate scrutiny of the husband's lottery business.
April 7, 2026
Show AI Summary
Provisional attachment under money laundering law freezes Al-Falah-linked assets amid alleged diversion of proceeds of crime.
Provisional attachment under the Prevention of Money Laundering Act was issued against residential and agricultural immovable property, demat holdings, bank balances and fixed deposits linked to Al-Falah Group chairman Jawad Ahmad Siddiqui and Al-Falah Charitable Trust. The attachment was stated to freeze the properties pending further proceedings in an ongoing money laundering probe concerning alleged generation and diversion of proceeds of crime through the trust and university, including routing of funds through controlled entities and alleged siphoning of funds to a foreign destination.
April 7, 2026
Show AI Summary
Business correspondent framework reform proposes new delivery point definitions, simpler eligibility norms, and uniform remuneration arrangements.
Reserve Bank of India has issued draft amendment directions for public comments across multiple categories of banks, revising branch authorisation and the business correspondent framework. The proposals define branch, Business Correspondent-Banking Outlet and Business Correspondent-Banking Touchpoint, simplify eligibility criteria for engaging business correspondents, subsume Business Facilitators under the business correspondent model, and standardise commission and remuneration arrangements in the business correspondent ecosystem.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Showing Results for : Reset Filters
Corp. Laws / SEBI / IBC

Adani seeks dismissal of SEC case, cites extraterritorial overreach, lack of jurisdiction

April 7, 2026

Contents
Summary
Note

Note

-

Bookmark

Print

Print

New York, Apr 7 (PTI) Billionaire Gautam Adani have moved a US court seeking dismissal of a US Securities and Exchange Commission's securities fraud lawsuit, arguing the case represents an impermissible extraterritorial application of US law and fails for lack of personal jurisdiction.

The SEC had sued Adani Group founder and his nephew, Sagar, in November 2024, alleging they misled investors by failing to disclose an alleged bribery scheme tied to Indian state officials, framing the case under US securities laws.

Denying all allegations, the two through their lawyers filed a pre-motion letter ahead of a planned April 30 motion to dismiss in the Eastern District Court of New York.

In the plea, they said the SEC's claims over a 2021 bond sale by the group's renewable energy arm, Adani Green Energy Ltd (AGEL) are legally flawed on multiple grounds.

NO US JURISDICTION ------------------------ The Adanis argued that the court lacked personal jurisdiction, saying neither of them had sufficient contacts with the US or direct involvement in the bond offering.

The USD 750-million bond sale was conducted outside the United States under Rule 144A and Regulation S exemptions, with securities sold to non-US underwriters and only later resold in part to qualified institutional buyers, they said.

The plea stated that "in September 2021, Adani Green, which is not a US registrant, conducted a USD 750 million bond offering pursuant to SEC Rule 144A and SEC Regulation S, which are registration exemptions for private resales to qualified institutional buyers (QIBs) and for non-US sales, respectively".

"Adani Green sold all of the notes from the Offering outside the United States, via a Subscription Agreement, to non-US underwriters, who later resold the Notes to QIBs. A fraction of those resales -- in transactions to which Adani Green was not a party -- are alleged to have been made to 'investors in the United States'," it said.

The plea through the lawyers added that the complaint does not allege that Gautam Adani approved the issuance, attended key meetings, or directed any activity at US investors.

Stating that the SEC could not charge the two under the US Foreign Corrupt Practices Act, it instead recast its charges as a securities fraud case.

The filing states that the Adanis dispute that there is any credible evidence supporting the purported bribery scheme.

"Notably, the SEC does not allege that there were any investor losses, and there were none. The bonds have matured, and Adani Green repaid all principal and interest in full to investors in 2024," it added.

EXTRATERRITORIAL REACH CHALLENGED --------------------------------------------- The filing also contends the SEC's case is impermissibly extraterritorial, noting the securities were not listed in the United States, the issuer is Indian, and the alleged misconduct occurred entirely in India.

Citing US Supreme Court precedent, Adanis said the SEC failed to show any "domestic transaction", a requirement for applying US securities laws.

Under the sections invoked, the SEC must plausibly allege a "domestic transaction" and it must plead that "irrevocable liability was incurred or title was transferred within the United States".

The SEC charges against Adanis say nothing about where irrevocable liability was incurred, the plea said, adding that the mere fact, taken as true, that some downstream investors were located in the US is irrelevant to the case.

"The SEC's claims here solely involve Indian Defendants, an Indian issuer, securities not registered with the SEC and not traded on any US exchange, and underlying conduct alleged to have occurred exclusively in India," it said. "This case is thus conclusively beyond the reach of the US securities laws." NO INVESTOR LOSSES ------------------------- The defendants said the SEC does not allege any investor losses, adding that the bonds matured and were fully repaid with interest in 2024.

They also disputed the underlying bribery allegations, saying there is no credible evidence supporting such claims.

"The alleged bribery scheme relates to a solar energy project in India for the provision of renewable power in India. There is no allegation that any US company bid on the project, or that any US customer purchased energy in the project. In fact, there was no such US involvement," the plea said.

'PUFFERY' DEFENCE ---------------------- The filing argues that statements cited by the SEC -- relating to ESG commitments, anti-corruption practices, and corporate reputation -- amount to non-actionable "puffery", or general corporate optimism that investors cannot reasonably rely on.

It further said the SEC failed to link either defendant to specific misleading statements or demonstrate intent to defraud.

The defendants are seeking dismissal of the case in full and said they are prepared to appear for a pre-motion conference if required.

Adanis argued that the court lacks personal jurisdiction, saying neither had sufficient contacts with the US or direct involvement in the bond offering.

"The complaint contains no plausible allegation that Gautam Adani was involved in drafting, reviewing, or approving any document containing any alleged misstatement. Indeed, the SEC does not allege that Gautam Adani even knew these statements were being made," the plea said. "Because there are no allegations tying him to any alleged misstatement, the SEC's claims against Gautam Adani fail as a matter of law." The allegations against Sagar Adani are also deficient. "Even if 'multiple drafts' of the Offering Circular 'were provided to [him]', these allegations do not tie him to specific misstatements, much less show that he had 'ultimate authority' over their content," it said.

The SEC also fails to adequately plead that defendants acted with the requisite intent. "The SEC makes no plausible allegation that Defendants acted with knowledge or recklessness," it said.

The defendants intend to move to dismiss the SEC's complaint by April 30, 2026 and, as part of this process, have on April 7, 2026 submitted a letter with the EDNY (Eastern District New York) judge informing the court that the defendants are prepared to attend a pre-motion conference should the court wish to schedule one.

The filing of this letter is a standard procedural step in the legal process for the handling of such matters in accordance with the procedural rules prescribed by the EDNY judge.

In the letter, the defendants have briefly set out their grounds for dismissal of SEC's complaint, including that (i) the court concerned lacks personal jurisdiction over the defendants and the claims against them, (ii) the SEC's claims are impermissibly extraterritorial, (iii) the alleged misstatements by the defendants are too vague and general for any reasonable investor to rely upon as a guarantee of any concrete fact or outcome, making them inactionable, and (iii) the defendants' lack of involvement in the transaction bars the SEC's claims against them.

Gautam Adani is represented by Sullivan & Cromwell LLP, while Sagar Adani's counsel is Nixon Peabody LLP and Hecker Fink LLP.

SEC's CHARGES AGAINST ADANI ------------------------------------ The SEC has alleged that Gautam Adani, Sagar Adani and others orchestrated a USD 250 million-plus bribery scheme between 2020 and 2024 to secure solar energy contracts in India.

Their plea (termed as letter in US legal system) pointed out that SEC does not allege that there were any investor losses as there were none. The bonds have matured and all interest payments were made on time.

The court lacks personal jurisdiction over defendants and the claims against them should be dismissed under Rule 12(b)(2), the letter cited.

The SEC must plead that defendants had sufficient "minimum contacts" with the US and that the claims against them arose out of those activities, the letter pointed out. With respect to Gautam Adani, the SEC does not come close, the lawyers added.

The claims, according to the lawyers, "involve Indian Defendants, an Indian issuer, securities not registered with the SEC and not traded on US exchanges, and underlying conduct alleged to have occurred exclusively in India".

The SEC has not alleged underwriters who purchased the bonds from AGEL were US institutions as they weren't, or that the subscription agreement underlying the purchases was governed by US law as it wasn't.

"This case is thus conclusively beyond the reach of the US securities laws," the lawyers said.

The SEC has also failed to tie Sagar Adani to a single allegedly false or misleading statement, much less one directed at US investors, the letter added. PTI ANZ ANZ TRB TRB

Topics

Acts Income Tax