https://www.taxtmi.com/caselaws?id=428347 Wilful reduction of encumbered and unencumbered shareholding after repeated court assurances and status quo directions was treated as civil contempt; the Court found the explanations unacceptable and imposed custodial punishment with a fine on the contemnors concerned. As to the noticee banks and financial institutions, the record was insufficient to conclude contempt or immediate coercive liability because the commercial transactions, antecedent arrangements, and the effect of later modification orders required deeper factual scrutiny. Similar disputed transactions involving FHL, IHH and RHT were not finally adjudicated, but were remitted for further examination by the executing court, with forensic audit and execution-related directions to preserve assets. en-us Thu, 22 Sep 2022 00:00:00 +0530 Thu, 29 Sep 2022 09:41:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428347 Wilful reduction of encumbered and unencumbered shareholding after repeated court assurances and status quo directions was treated as civil contempt; the Court found the explanations unacceptable and imposed custodial punishment with a fine on the contemnors concerned. As to the noticee banks and financial institutions, the record was insufficient to conclude contempt or immediate coercive liability because the commercial transactions, antecedent arrangements, and the effect of later modification orders required deeper factual scrutiny. Similar disputed transactions involving FHL, IHH and RHT were not finally adjudicated, but were remitted for further examination by the executing court, with forensic audit and execution-related directions to preserve assets. Case-Laws Indian Laws Thu, 22 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428347