CAPSTONE LEGAL
SC dismisses ex-PwC chairman’s appeal in final settlement dispute
The Supreme Court has dismissed Shyamal Mukherjee's appeal against PricewaterhouseCoopers (PwC) India, upholding a Karnataka High Court order concerning final settlement benefits. Mukherjee, a former chairman of PwC India, filed the appeal under the Arbitration Act, but the court rejected it. PwC had proactively filed a caveat to ensure they could be heard in case of such a challenge.
Law firms plot a new course through geopolitics
Geopolitical risks are increasingly influencing corporate decisions, prompting Indian law firms to expand their services. Firms like DSK Legal and Economic Laws Practice are incorporating expertise in international relations and economics to advise clients on navigating political volatility and regulatory complexities. This shift reflects a growing awareness among companies of the impact of global events on business operations.
NYT Strands Spangram, hints, and answers for May 22: Here’s how to solve today’s puzzle
As The New York Times expands its digital games portfolio, NYT Strands continues to offer an intellectually satisfying alternative for wordplay aficionados, a game where lateral thinking and thematic reasoning converge. The NYT Strands Spangram is more than just a thematic capstone, it often acts as a central key to decoding the rest of the puzzle.
Big order, big impact: JSW Steel’s Bhushan Power buyout cancelled by SC over IBC violations
The Supreme Court has invalidated JSW Steel's resolution plan for Bhushan Power and Steel, citing non-compliance with the Insolvency and Bankruptcy Code due to timeline violations and funding structure. Banks face potential financial repercussions, including refunding payments. JSW Steel has legal avenues for review, while the future of Bhushan Power hangs in the balance, potentially facing liquidation.
NCLT admits plea against Ansal Properties unit Serene Residency
The bankruptcy court in New Delhi has taken a significant step by admitting the case of the Serene Residency Group Housing Project in Sector ETA II, following a default on dues amounting to approximately Rs 257 crore. This real estate entity operates as a subsidiary of the publicly traded Ansal Properties and Infrastructure Ltd.
Murugappa family ends dispute with Valli Arunachalam
The communique, which did not reveal the terms of the agreement, said this will also bring to a close legal challenges including that mounted by family scion Valli Arunachalam following the death of her father and group patriarch MV Murugappan in 2017.
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Maruti probing allegations of wrongdoing by some company executives
"Any information or event that might have an impact on the share price is required to be disclosed by listed companies. Although there is no mandatory requirement to disclose internal investigations and their results, exchanges can seek information from the listed entity in the interest of investors," said Ashish Kumar Singh, managing partner at Capstone Legal.
NCLAT allows Valli Arunachalam to file fresh waiver petition in Murugappa Group battle
In its order on Monday, a copy of which ET has seen, the National Company Law Appellate Tribunal said the NCLT's order permitting the fresh plea, with objections to be taken up at "appropriate stage", was "free from any legal flaws".
Law firms K Singhania & Co and Capstone Legal ink strategic partnership pact
Under this partnership, Krrishan Singhania, managing partner of K. Singhania & Co will join Capstone Legal as an Of-Counsel while both managing partners of Capstone Legal - Ashish Kumar Singh and Vagish Kumar Singh will be joining K Singhania & Co. as Of-Counsel to serve each other's clients in the respective jurisdictions.
SIAC rejects Future Group plea to terminate arbitration proceedings
"The most important consideration for continuing the arbitration proceedings is that Amazon's claims before the tribunal are not solely based on the transaction but they are also related to breach of contract which is not a part of the transaction," said Ashish K Singh, managing partner of law firm Capstone Legal.
Amazon moves NCLAT against CCI order suspending deal with Future
The US ecommerce retailer also filed a special leave petition (SLP) in the Supreme Court against the Delhi court decision that stayed proceedings in an ongoing Singapore arbitration case between Amazon and Future Group until February, 1 citing CCI's recent order.
United Breweries preparing to file plea against CCI penalty
In September, India's competition watchdog found top beer companies UBL, Carlsberg India and Anheuser Busch InBev India to have indulged in price fixing for over a decade, and fined UBL and Carlsberg over Rs 870 crore to be paid within two months.
ZEE drags Invesco to High Court over Extraordinary General Meeting demand
Invesco Developing Markets Fund and OFI Global China Fund - both owned by Invesco - hold a total 17.88% stake in ZEE. Goenka and the promoter family own 3.99%. Goenka is ZEE founder Subhash Chandra's son.
Shapoorji Pallonji Group could pledge its entire Tata Sons stake to service debt
Lenders to SP Group will have to offer the first right of refusal to Tata Sons under Article 75 of the holding company's articles of association, if the pledge were to be invoked. Officials close to the development said the lenders have done their due diligence on the legal validity of the possible pledge of shares.
Cognizant drags law firm Bohrer PLLC to court alleging overbilling
Bohrer PLLC was one of five law firms hired by Cognizant’s former chief legal officer Steven E. Schwartz to defend him in an India bribery case relating to construction of the company’s campus in the outskirts of Chennai.
Pandemic brings windfall for lawyers as courts go digital
Earlier, senior lawyers would often hop from one city to another in a day, often in private jets, but would still be able to attend only two cases at the most. That changed when courts went digital. In some cases, the top lawyers even increased their fees for virtual appearances.
Former Rajasthan DIG joins law firm Capstone Legal to head its white-collar crime practice
About three-decade veteran Maheshwari is also a qualified Insolvency Resolution professional. His last posting was as Deputy Inspector General of Police, State of Rajasthan.
Future Group challenges court order blocking its Reliance deal in dispute with Amazon
The single judge had said Tuesday that the emergency ruling of the Singapore International Arbitration Centre (SIAC) to halt the deal—until it decides on Amazon’s challenge against the plan—was enforceable in India.
HUL reacts to scathing claims by Sebamed campaign, says will take suitable action'; may file legal case on Monday
“Our products and claims are backed by strong technology and underpinning science, clinical evidence, and decades of expert and consumer-backed testing, enjoying strong brand loyalty,” an HUL spokesperson said in response to an email from ET. “We will take suitable action as we deem fit.” People aware of the company’s plans said HUL is likely to file a legal case on Monday.
Amazon-Future coupons deal named 15 companies as untouchables
Amazon's shareholders' agreement with Future Coupons had barred not just Reliance Industries but tens of companies including Walmart, Google and Zomato from buying into Future Group’s retail assets.
Unilever expects income tax dept questions on Horlicks deal tax math from GlaxoSmithKline Plc
Experts said HUL has an opportunity to claim tax depreciation on the goodwill and other intangibles in the books, but this interpretation can be questioned.
IL&FS: Experts cheer HC ruling, say banning auditors no solution
NCLT had earlier ruled that it has the jurisdiction to “remove and ban” auditors.
Mumbai ITAT initiates Skype, WhatsApp hearing for urgent matters amid the pandemic outbreak
On Friday, the appellate tribunal issued a directive that said that till further orders, the ITAT, Mumbai benches will hear only extremely urgent matters, such as stay petitions in deserving cases, through web-based video conferencing calls.
3-year lock-in on YES Bank investors may face scrutiny
According to analysts, move violates right to own or sell stocks, which is a property.
ED probing if companies used forex operator to route cash after demonetisation
The agency suspects forex violations to the tune of Rs 700 cr through Capstone Forex.
Edelweiss Financial Services asked to appear before ED on Wednesday
The development follows the statement by the company's Chairman Rashesh Shah stating the firm has no relationship with Capstone Forex, which is being investigated by the ED for foreign exchange rules violation. The ED had recently summoned Shah in connection with the company's dealings with Capstone Forex Pvt Ltd.
Edelweiss’ Rashesh Shah asked to join probe into Rs 2,000 cr forex violations
Edelweiss is part of a probe involving Capstone Forex for illegally remitting foreign exchange overseas.
Tatas determined to fight Mistry’s reinstatement in SC
Legal experts close to the matter said TCS might have decided to postpone the board meeting because it wasn’t expecting to get any hearing before January 9, when it is scheduled to consider thirdquarter results.
Kishore Chhabria moves Delhi High Court against Dena Bank
Dena Bank advanced credit facilities in 1971 to Vinedale Distilleries, a Chhabria-owned liquor company that sat on 64-acres of land.
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