Supreme Court of India Judgements

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Category: Corporate

Consumer Corporate

Standard Fire & Special Perils policy – Once it is proved that there is a deficiency in service and that insurance company knowingly entered into a contract, notwithstanding the exclusion clause, the consequence would flow out of it HELD per the common law principle of acquiescence and estoppel, insurance cannot be allowed to take advantage of its own wrong, if any. It is a conscious waiver of the exclusion clause by insurance company.

Nov 13, 2022 sclaw

SUPREME COURT OF INDIA DIVISION BENCH M/S TEXCO MARKETING PVT. LTD. — Appellant Vs. TATA AIG GENERAL INSURANCE COMPANY LTD. AND OTHERS — Respondent ( Before : Surya Kant and…

Banking Corporate

Sale Contract – Letter of credit – A letter of credit is independent of and unqualified by the contract of sale or underlying transactions – Autonomy of an irrevocable LOC is entitled to protection and as a rule, courts refrain from interfering with that autonomy – If courts interfere in such transactions, it would be prone to misuse by the applicant party

Nov 13, 2022 sclaw

SUPREME COURT OF INDIA DIVISION BENCH M/S BAWA PAULINS PVT. LTD. — Appellant Vs. UPS FREIGHT SERVICES (INDIA) PVT. LTD. AND ANOTHER — Respondent ( Before : B.R. Gavai and…

Corporate

Gift Tax Act, 1958, Wealth Tax Act, 1957 – Part C of Schedule III – Method of valuation of shares and debentures of a company – that the equity shares under the lock-in period were not “quoted shares”, for the simple reason that the shares in the lock-in period were not quoted in any recognised stock exchange with regularity from time to time.

Oct 16, 2022 sclaw

SUPREME COURT OF INDIA DIVISION BENCH DEPUTY COMMISSIONER OF GIFT TAX, CENTRAL CIRCLE-II — Appellant Vs. M/S BPL LIMITED — Respondent ( Before : Sanjiv Khanna and J.K. Maheshwari, JJ.…

Corporate SEBI

Whether a stock broker has to obtain a certificate of registration from SEBI for each of the stock exchanges where he operates or whether a single certificate of registration from SEBI is sufficient – contention repelled – HELD the applicant was to be admitted as member of different stock exchanges as per their own bye-laws, rules and regulations

Oct 15, 2022 sclaw

SUPREME COURT OF INDIA DIVISION BENCH SECURITIES AND EXCHANGE BOARD OF INDIA — Appellant Vs. NATIONAL STOCK EXCHANGE MEMBERS ASSOCIATION AND ANOTHER — Respondent ( Before : Ajay Rastogi and…

Corporate

Companies Act, 1956 – Sections 3 and 560(5) – Striking off name of company – Defunct company – As per the last balance sheet filed for the year 2002­2003, the paid up share capital of the Company in question was Rs.7,000/­ – such acompany defunct company caanot be restored after 16 years stiking of name.

Oct 8, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH NIRENDRA NATH KAR — Appellant Vs. GOPAL NAVIN BHAI DAVE AND OTHERS — Respondent ( Before : Ajay Rastogi and B.V. Nagarathna, JJ. )…

Corporate

SEBI Act, 1992 Sections 2 (ha), 15 Z – HELD would be that the sale by the respondent, of the shares held by him in company would not fall within the mischief of insider trading, as it was somewhat similar to a distress sale, made before the information could have a positive impact on the price of the shares, the appeal is dismissed.

Sep 24, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH SECURITIES AND EXCHANGE BOARD OF INDIA — Appellant Vs. ABHIJIT RAJAN — Respondent ( Before : Indira Banerjee and V. Ramasubramanian, JJ. ) Civil…

Corporate

Major Port Trusts Act, 1963 – Section 50-B – Port-due on vessels not discharging or taking in cargo – When a Vessel enters a port but does not discharge or take in any cargo or passengers, she is charged with port dues at a rate to be determined by the Authority, which, in any event, should not exceed half the rate with which she otherwise would be chargeable.

Sep 22, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH M/S NKD MARITIME LIMITED — Appellant Vs. THE BOARD OF TRUSTEES OF THE PORT OF MUMBAI AND OTHERS — Respondent ( Before : Indira…

Corporate

Companies Act, 1956 – Section 430 – Civil Court’s jurisdiction – Nothing in the Companies Act 2013 or any other law for the time being in force vests either the National Company Law Tribunal or the National Company Law Appellate Tribunal with the jurisdiction to adjudicate upon a challenge to the RBI Circular – Hence, the bar in Section 430 is not attracted.

Sep 4, 2022 sclaw

SUPREME COURT OF INDIA FULL BENCH SECURITIES AND EXCHANGE BOARD OF INDIA — Appellant Vs. RAJKUMAR NAGPAL AND OTHERS — Respondent ( Before : Dr. Dhananjaya Y. Chandrachud, Surya Kant…

Corporate

Transparency in expenses – Intent behind specifying total expense ratio and the performance disclosure for mutual funds is to bring greater transparency in expenses and to not confer any right on the mutual fund distributors to claim expenses under clause (b) to Regulation 41(2), which pertains to the procedure and manner of winding up.

Aug 16, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH FRANKLIN TEMPLETON TRUSTEE SERVICES PRIVATE LIMITED AND ANOTHER — Appellant Vs. AMRUTA GARG AND OTHERS ETC. — Respondent ( Before : S. Abdul Nazeer…

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Arbitration Constitution

Arbitration and Conciliation Act 1996 – Sections 34 and 37 – Curative petition – The Court found that the arbitral tribunal’s decision was not perverse or irrational and that the CMRS certificate did not conclusively prove that defects were cured within the cure period – The Court emphasized the tribunal’s domain to interpret the contract and the limited scope of judicial interference in arbitral awards – The Supreme Court concluded that the curative petition was maintainable and that there was no miscarriage of justice in restoring the arbitral award.

Apr 14, 2024 sclaw
Acquittal

Penal Code, 1860 (IPC) – Section 302, read with 34 – Murder – The Supreme Court found that the High Court did not properly address whether the Trial Court’s acquittal was a plausible conclusion from the evidence – The Supreme Court emphasized that the burden of proof lies with the prosecution and that the accused do not have to prove their innocence unless there is a statutory reverse onus – The Supreme Court concluded that the evidence did not warrant overturning the acquittal, as the Trial Court’s view was possible and not perverse.

Apr 14, 2024 sclaw
I P C

Penal Code, 1860 (IPC) – Section 302 – Murder – Dispute over a blocked pathway – The Court found no evidence of provocation by the deceased that would justify the appellants’ brutal attack, nor any exercise of the right to private defence – The Court applied principles from previous judgments to determine the lack of private defence and the presence of intention to cause harm – The Supreme Court concluded that the appellants’ actions were not in self-defence and that their intention was to inflict harm, affirming the lower courts’ decisions.

Apr 14, 2024 sclaw
Consumer

Consumer Law – Insurance Act, 1938 – Section 45 – Policy not to be called in question on ground of mis-statement after two years – The Court found no suppression of material facts and criticized the NCDRC for not requiring proper evidence from the respondent – The judgment discusses the principles of ‘uberrimae fidei’ (utmost good faith) and the burden of proof in insurance contracts – The Court concluded that the insurance company failed to prove the alleged suppression of facts, thus the repudiation was unjustified.

Apr 14, 2024 sclaw