NCLT Chandigarh Approves Utilisation of Securities Premium to Set Off Accumulated Losses of Rs. 99.59 Crores
The NCLT Chandigarh Bench confirmed the reduction of share capital of a foreign-owned private company under Section 66 of the Companies Act, 2013, permitting it to utilise Rs. 99.59 crores from its securities premium account to set off accumulated losses.
Interim Moratorium Under Section 96 IBC Cannot Unsettle a Confirmed SARFAESI Auction: NCLT Chandigarh
The NCLT Chandigarh Bench held that where an e-auction has been conducted and sale confirmed before the filing of an application under Section 94 of the IBC, the interim moratorium under Section 96 cannot reverse or stall the concluded sale.
Frivolous Contempt Petition Against Judicial Officer Dismissed with Rs. 1,00,000/- Costs: Punjab and Haryana High Court
The Punjab and Haryana High Court dismissed a contempt petition filed against a Judicial Officer and imposed costs of Rs. 1,00,000/- on the petitioner, holding the petition to be a gross abuse of the process of law.
Consensual Relationship Between Adults Cannot Be Converted Into Rape on False Promise of Marriage Where Prosecutrix Was a Married Woman
The Punjab and Haryana High Court quashed charges under Sections 376(2)(n), 180 and 506 IPC, holding that a married woman aware of her subsisting marriage cannot claim she was induced into a sexual relationship by a promise of marriage. The Supreme Court subsequently issued notice and stayed the trial on the surviving IT Act charge.
Counter-Offer Constitutes Rejection of Pre-Emption Offer and Doctrine of Ratification Cures Procedural Irregularities in Board Resolutions: NCLT Chandigarh
The NCLT Chandigarh dismissed an oppression and mismanagement petition, holding that a counter-offer to a pre-emption offer constitutes its rejection and no concluded contract arises. The Tribunal further applied the Doctrine of Ratification to cure procedural irregularities in board resolutions concerning a debt-restructuring loan, and held that a shareholder who benefited from the transaction is estopped from challenging it.
Proclaimed Offender Order Under Section 82 CrPC Quashed Where Mandatory 30-Day Proclamation Period Was Not Complied With: Punjab and Haryana High Court
Punjab and Haryana High Court quashed a proclaimed offender order for non-compliance with the mandatory 30-day proclamation period under Section 82 CrPC, emphasizing that procedural safeguards cannot be circumvented.
NCLT Chandigarh Sanctions Amalgamation of Redbus India with MakeMyTrip (India) with Capital Reduction and Prospective Appointed Date
The NCLT Chandigarh sanctioned the scheme of amalgamation of Redbus India Pvt Ltd with MakeMyTrip (India) Pvt Ltd under Sections 230 to 232 read with Section 66 of the Companies Act, 2013, involving capital reduction and a share exchange ratio of 3,333 shares of the Transferee Company for every 1,00,000 shares of the Transferor Company.
Eviction of Unauthorised Occupants Under Punjab Public Premises Act Upheld Where Land Acquired for Grain Market Was Never Allotted: Punjab and Haryana High Court
The Punjab and Haryana High Court dismissed 16 Letters Patent Appeals filed by truck and bus body builders occupying land on GT Road, Patiala-Sirhind, which had been acquired for a grain market. The Court upheld the eviction orders under the Punjab Public Premises and Land (Eviction and Rent Recovery) Act, 1973.