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Bombay HC Allows Commercial Suit Of ₹938 Crore Against NSEL Defaulter

Posted under Business, Legal, Top Stories, by Shivangi Pandey / 2 days ago

The National Spot Exchange Ltd (NSEL) has got a shot in the arm with the Bombay High Court converting its suit for recovery of Rs 937.89 crore against NK Proteins and others into a commercial suit which would ensure stringent procedural formalities for speedy disposal of the case against the defaulter.

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Govt. Notifies Production Linked Incentive Scheme For Specialty Steel In India

Posted under Business, Legal, Top Stories, by Shivangi Pandey / 2 days ago

The Ministry of Steel notified the Production Linked Incentive (PLI) Scheme for Specialty Steel in India to be implemented over FY 2023-24 to FY 2029-30 with a budgetary outlay of Rs.6,322 crore. The objective of the PLI Scheme for specialty grade steel is to promote manufacturing of such steel grades within the country.

Read more at Tax Scan

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Delhi High Court Interprets Exception 3 To Section 28 Contract Act

Posted under Business, Judgement, Legal, Top Stories, by Shivangi Pandey / 2 days ago

In an important judgment, the Delhi HC has interpreted Exception 3 to Section 28 of the Indian Contract Act 1872 to hold that it does not deal with 'claim period' under Bank Guarantees. The Court held that this provision deal with the curtailment of the period for the creditor to approach the court or tribunal to enforce the rights under the bank guarantee.

Read more at Live Law

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Person Can’t Be ‘De Facto Trustee’ Merely For Supervising Activities Of Trust

Posted under Business, Legal, by Shivangi Pandey / 4 days ago

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that a person cannot be treated as “de facto trustee” under section 13(3) of the Income Tax Act, 1961 merely because he is supervising the substantial activities of the Trust.

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CFE Given For Commercial Karwar Port Project By Pollution Board 'Illegal': HC

Posted under Business, Legal, Top Stories, by Shivangi Pandey / 5 days ago

The Karnataka HC held as illegal the consent for establishment granted by the Karnataka State Pollution Control Board for the second stage development of the commercial Karwar port in Karwar in July 2020. However, the court allowed the KSPCB to take a fresh decision for grant of CFE within a month by adhering to the provisions of the laws related to control of air and water pollution.

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