March 19, 2026 7:23 am

Non Payment Of Debt After Issuance Of Recovery Certificate Not A ‘Continuing Wrong’ : SC

Bysclaw

Sep 12, 2019

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Securities and Exchange Board of India Act, 1992 — Section 15Z — Appeal to Supreme Court against SAT order setting aside Adjudicating Officer’s order imposing penalties for violation of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 and Securities Contracts (Regulation) Act, 1956 — Held, diversion of funds from preferential issue was in violation of Regulations and detrimental to investors — SAT’s reversal of AO’s order based on shareholder ratification was erroneous — Appeals allowed — Order of Adjudicating Officer restored.

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Contract Act, 1872 — Section 126 — Guarantee — Corporate Guarantee — Defendant No.1 executed a written undertaking (Corporate Guarantee) to pay a sum of USD 100,000 — This constituted a valid guarantee, not just a freight payment arrangement — Liability of surety is co-extensive with principal debtor.

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Companies Act, 2013 — Section 66 — Reduction of Share Capital — Procedural Fairness — Minority Shareholders — Valuation of Shares — Non-disclosure of valuation report and fairness report in notice for general meeting — Held, not a “tricky notice” as statutory requirement for valuation report not mandated under Section 66 — Valuation by a related agency — Held, not a conflict of interest where internal auditor is independent and valuation agency follows accepted norms — Discount for Lack of Marketability (DLOM) — Held, applicable to illiquid shares, especially in absence of oppression — Share price fixation — Held reasonable based on market value of subsidiary, past offers, and rights issue.

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Securities and Exchange Board of India Act, 1992 — Section 15Z — Appeal to Supreme Court against SAT order setting aside Adjudicating Officer’s order imposing penalties for violation of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 and Securities Contracts (Regulation) Act, 1956 — Held, diversion of funds from preferential issue was in violation of Regulations and detrimental to investors — SAT’s reversal of AO’s order based on shareholder ratification was erroneous — Appeals allowed — Order of Adjudicating Officer restored.

Mar 18, 2026 sclaw

Constitution of India, 1950 — Article 21 — Right to dignified life — Includes reproductive autonomy and the right to foster a family through adoption — Restricting maternity benefit based on the age of an adopted child infringes upon this right by denying adoptive mothers the opportunity to bond and integrate with their child, compromising both maternal and child welfare.

Mar 18, 2026 sclaw

Contract Act Corporate

Contract Act, 1872 — Section 126 — Guarantee — Corporate Guarantee — Defendant No.1 executed a written undertaking (Corporate Guarantee) to pay a sum of USD 100,000 — This constituted a valid guarantee, not just a freight payment arrangement — Liability of surety is co-extensive with principal debtor.

Mar 18, 2026 sclaw

Penal Code, 1860 (IPC) — Sections 302 and 498A — Appeal against conviction for murder and cruelty — Court considered evidence of eyewitness daughter, post-mortem report, and dying declaration of the deceased — High Court reversed acquittal by Trial Court and convicted the appellant — Trial Court acquitted on grounds of inconsistent witness testimonies, unreliable dying declaration due to victim’s serious injuries and sedation, and improbability of incident occurring in a small bathroom — Supreme Court found eyewitness testimony credible, post-mortem report confirmed cause of death, and dying declaration reliable despite victim’s severe burns, supported by medical opinion that she was conscious and fit to make a statement — Recovery of kerosene tin, matchbox, and burnt cloth pieces from the scene further corroborated the prosecution’s case — Supreme Court held that the evidence unequivocally proved the appellant’s responsibility for the offences.

Mar 18, 2026 sclaw