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Indu Bhan

Articles By Indu Bhan

584 Articles

SC asks Fortis to furnish by March 1 all details of stake sale deal to IHH

“How this divergence happened? Does your contractual obligation take priority over the SC order,” Justice Lalit asked.

A bench comprising justices UU Lalit and KM Joseph asked FHL to file a “comprehensive affidavit” explaining “all the steps since when the idea of bringing in the Malaysian entity germinated and when all the formalities of the deal were completed".

SC drops contempt case against DVI, but says it can’t raise force majeure clause

The apex court also rejected DVI’s application for rectification, terming it to be “an attempt to renege from the resolution plan which it submitted and to resile from its obligations. This is a devious attempt which must

This is a devious attempt which must be disallowed,” the court said.

Daiichi arbitration: Fortis stake sale to IHH Healthcare comes under cloud

SC directs lenders to place on record all details of loans, securities extended to former promoters and share sale

Thursday's order of the SC comes after it had asked the lenders on February 11 to explain their role in the transfer of Fortis Healthcare's shares to IHH Healthcare Berhad despite the Delhi High Court’s and its directions barring any such transfer.

Franklin schemes: E-voting process gets nod from SC

The issue with regard to interpretation of the Sebi regulations governing winding up is yet to be examined. The Karnataka High Court in its judgment on October 24 had expressed disappointment over ambiguities in the market re

An “overwhelming majority” of unitholders had voted in favour of the winding up of the schemes which were wound up by FT on April 23, citing difficulties in the bond market conditions following the pandemic.

SBI Funds to distribute Franklin Templeton’s Rs 9,122 crore to investors: Supreme Court

It also approved the distribution plan submitted by the SBI asset management company and allowed it to become a party in the case.

The apex court had on February 2 entrusted the SBI Mutual Funds to carry out the disbursement of money to 3 lakh investors of the six debt MFs in “proportion to their respective interest in the assets of the scheme” within 20 days.

Blow to Amazon: Delhi High Court allows Future Group to go ahead with RIL deal

The division bench also rejected the request of the counsel of the party opposing the deal, Amazon, to keep the order in abeyance for a week so that it could explore alternative remedies.

Following the order, Future Retail had last week moved the division bench challenging it.

SBI Funds seeks SC nod to distribute Franklin’s Rs 9,122 crore to unitholders

An “overwhelming majority” of unitholders had voted in favour of the move in December. Around 3 lakh investors were affected by the winding up of these debt mutual fund schemes.

The apex court had on February 2 entrusted the SBI Mutual Funds to carry out the disbursement of money to 3 lakh investors of the six debt MFs in “proportion to their respective interest in the assets of the scheme” within 20 days.

Future Retail moves HC against order to maintain status quo on deal with Reliance

A bench comprising Chief Justice DN Patel and Justice Jyoti Singh agreed to hear the appeal on Thursday. It rejected FRL senior counsel Darius Khambata’s request to hear the stay application in the afternoon itself. “FRL

However, senior counsel Rajiv Nayar, appearing for Amazon, opposed the mentioning, saying the HC's procedure ought to be followed.

SC orders disbursement of Rs 9,122 crore to investors of 6 Franklin MF schemes

Franklin Templeton Mutual Fund has challenged the HC's order that asked the fund house to obtain the consent of the unitholders of the six debt mutual fund schemes that it proposed to wind up.

franklin templeton mutual funds scheme

HC directs Future Retail to maintain status quo on deal with Reliance

The court said the EA’s order is enforceable in the same manner as that of an arbitrator’s order. It said that the EA had rightly proceeded against Future Retail (FRL) and its award was not a nullity.

The Singapore arbitration was an attempt to resolve dispute via talks, senior counsel Gopal Subramanium and Amit Mishra argued on behalf of Amazon.

Property dispute: Serve power of attorney to kin, Supreme Court tells Lalit Modi

Modi had invoked emergency measures under ICC Rules in February last year before the International Court of Arbitration of the ICC, which had determined Singapore as the place of arbitration.

Last year, the SC had refused to vacate the stay on the arbitration proceedings initiated by him in Singapore.

Amazon moves Delhi High Court seeking detention of Kishori Biyani & other Future Group directors

It alleged grave and material breach of binding agreements committed by the Future Group, particularly on account of the proposed transaction relating to transfer of retail assets of Future Retail to the Mukesh Ambani group.

The SIAC on October 25 had passed an interim order in favour of Amazon barring Future Retail from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party.

Most shareholders of Franklin MF favour closing of 6 schemes

Five of these six schemes are now cash positive, with the cash available at over Rs 9,000 crore as of January 15, fund house’s counsel Harish Salve told the Bench.

While posting the matter for further hearing on January 25 to decide on the procedure for disbursement of funds to the unitholders, the apex court clarified that it would not stop disbursal of refunds for want of audit report.

Future-RIL deal: Amazon moves Delhi HC’s division bench for relief

“Having held that the Emergency Arbitrator’s order was not ‘coram non judice’ (without jurisdiction), the single judge could not have, in the same order, render any observations inconsistent with the express premises

The matter will come up for hearing on Wednesday.

Vi moves apex court seeking correction in DoT’s maths

A day after Bharti Airtel, Vodafone Idea also moved the Supreme Court seeking modification of its order so that the department of telecommunications (DoT) can consider its submissions regarding arithmetical errors in the calc

Supreme Court dismisses Sebi plea against SAT relief to NHAI

The Supreme Court on Wednesday dismissed Sebi’s appeal against the Securities Appellate Tribunal’s order that quashed its decision to impose Rs 7-lakh penalty on the NHAI for the delay in filing financial results.

Supreme Court stays refund of licence fee to UL-ISPs

The Supreme Court on Tuesday admitted the government’s appeal against the telecom tribunal’s order that asked it to maintain parity between Unified Licence Internet Service Providers (ISPs) and old licensees on licence fe

A total 2,251 MHz of spectrum worth Rs 3.92 lakh crore at reserve price in the 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz and 2500 MHz bands is being put up for sale.

Supreme Court allows NHPC to process bids for Teesta HE project

The Supreme Court on Monday allowed state-owned National Hydro power Corporation (NHPC) and its subsidiary Lanco Teesta Hydro Power to process the tender for completion of balance works for the Teesta-VI Hydro Electric Projec

Why shouldn’t all LVB merger petitions be transferred to Bombay HC: Supreme Court

RBI also said that it is essential that there are no contradictory or inconsistent judgments passed by different HCs on the same issue.

RBI has sought transfer of all the petitions to the Bombay HC to avoid multiplicity of proceedings and conflicting judgments.

Supreme Court stays criminal proceedings against Premji, wife over merger of companies

Chennai-based NGO India Awake for Transparency had accused the Premjis of illegally transferring assets from the firms Vidya, Regal and Napean into a private trust and a new company in 2014 without following due process.

Senior counsel Abhishekh Singhvi argued that the trial court had failed to scrutinise the evidence thoroughly to find out the truthfulness of the allegations and should have ordered an inquiry before taking cognizance of the claims.

Franklin Templeton: Supreme Court asks Sebi to appoint observer for e-voting

The apex court had last week allowed the fund house to hold meeting with unitholders so as to get their consent/approval for winding up of the schemes.

Wait gets longer for Franklin Templeton investors; Supreme Court halts redemptions till January

The Supreme Court extended its previous order, staying all redemptions for the six schemes that were abruptly shut in April this year, till the third week of January.

Supreme Court, apex court, Supreme Court of India, medical college scam, PIL, Public Interest Litigation, CJAR, Prashant Bhushan

SC asks govt, Vodafone to maintain status quo on OTSC demands, final hearing in February

After the TDSAT’s decision last year, the burden of OTSC for operators like Bharti Airtel and Vodafone Idea had come down by more than 60%.

Solicitor General Tushar Mehta suggested before a bench led by Justice Ashok Bhushan that the government needs to re-compute the demands and in the meantime status quo orders be passed “ with no fresh demands or payments by any side either” till the disposal of the case.

SC order: Franklin Templeton asked to seek investors consent for closure of schemes

Justice Khanna during the hearing also observed that the “the issue is big. People wanted refund...let Sebi answer... If they knew people will withdraw money like anything during Covid, why didn't Sebi do something like RBI

The SC then posted the case for further hearing next week. It asked the registry to place on record other cross-appeals also filed by Sebi and others.

Franklin Templeton investors must wait more; SC stays debt funds redemption, questions SEBI

The Apex Court also questioned capital markets regulator SEBI for not intervening to protect investor’s interest.

Hence it is better to clarify, to save further hiccups, with the Supreme Court of India.

Supreme Court stays NCLAT probe order against Flipkart

The NCLAT had erroneously placed reliance on only one fact set out in a separate Income tax proceedings related to Flipkart India, senior counsel Harish Salve, appearing for Flipkart argued.

The AIOVA in its appeal to NCLAT had stated that the CCI order is liable to be quashed as the fair trade regulator “was unjust in ruling out dominance prima facie even after it had submitted ample evidence to prove otherwise”.

Supreme Court order: Vedanta plea to reopen copper plant turned down

According to Singhvi, apart from Vedanta’s own investment of Rs 3,727 crore at stake, it also provided employment directly to 4,000 people and indirectly to 20,000 people.

A bench led by justice RF Nariman refused to accept the company’s request that the best way to find out if the plant actually pollutes the area will be to restart it on a trial basis.
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