Central Information Commission vs. D.D.A. & Anr ; Supreme Court of India 2024 INSC 513

The principle of purposive interpretation supports the view that the CIC’s powers under Section 12(4) of the RTI Act include all necessary measures to manage and direct the Commission’s affairs effectively.

Facts of the Case/Background: The present appeal challenges the judgment and order, passed by the High Court of Delhi. The High Court, by the impugned order, quashed the Central Information Commission (Management) Regulations, 2007 framed by the Chief Information Commissioner and held that the CIC has no power to constitute Benches of the Commission. This appeal is confined to the issue of the validity of the Regulations and the powers of the CIC under Section 12(4) of the Right to Information Act, 2005.

Legal Issue :Whether the CIC, under the provisions of Section 12(4) of the Right to Information Act, 2005 has the authority to constitute benches of the CIC and frame Regulations for the effective management and allocation of work within the Commission, including the issuance of orders and the formation of committees?

Observations, Findings and Decision
In the present case, the RTI Act should be interpreted purposively, taking into account the broader objectives of the legislation. The purpose of the RTI Act is to promote transparency and accountability in the functioning of public authorities, ensuring citizens’ right to information. To achieve these objectives effectively, it is essential that the Central Information Commission operates efficiently and without undue procedural constraints. The principle of purposive interpretation supports the view that the CIC’s powers under Section 12(4) of the RTI Act include all necessary measures to manage and direct the Commission’s affairs effectively. This includes the ability to form benches to handle the increasing volume of cases. The formation of Benches allows for the efficient allocation of work and ensures the timely disposal of cases, which is crucial for upholding the right to information.

About VMK Professionals

VMK Professionals is a leading consultancy firm committed to providing comprehensive and expert professional services across India. With a strong focus on quality, efficiency, and client satisfaction, VMK Professionals has established itself as a trusted partner for individuals, startups, and businesses seeking legal, financial, and compliance solutions.

Our team of experienced professionals ensures that your business operations are seamless and compliant with legal requirements, empowering you to focus on growth and innovation.

Our Services

1. Trademark Registration
   • Safeguard your brand identity with hassle-free trademark registration services. Our experts guide you through the entire process, ensuring proper compliance with trademark laws.
2. Copyright Registration
   • Protect your creative works with professional copyright registration services designed to uphold your intellectual property rights.
3. Design Registration
   • Secure exclusive rights to your industrial designs with efficient and accurate design registration services.
4. Geographical Indication (GI) Registration
   • Highlight the uniqueness of your products with GI registration, protecting their origin and reputation.
5. Tax and Audit Services
   • Ensure your business remains tax-compliant with our tailored tax registration, filing, and audit services for individuals and organizations.
6. Corporate Accounting
   • Streamline your financial processes with our comprehensive corporate accounting services, ensuring accuracy and transparency.
7. BIS ISI Mark Registration
   • Achieve quality certification for your products with BIS ISI mark registration, improving customer trust and marketability.
8. Startup India Registration
   • Get recognized as a certified startup under the Startup India initiative and avail exclusive benefits with our end-to-end support.
9. FSSAI License Registration
   • Stay compliant in the food business with our FSSAI license registration services, ensuring food safety and quality.
10. GST Registration and Returns
    • Simplify tax processes with our GST registration and return filing services, tailored to meet your business needs.
11. Company Registration & Incorporation
    • Lay a strong foundation for your business with our efficient company registration and incorporation services.
12. Business Consultancy
    • Leverage our expertise to navigate challenges and explore growth opportunities with personalized business consultancy services.
13. Life and Health Insurance
    • Protect your future with our range of life and health insurance solutions tailored to your requirements.

Why Choose VMK Professionals?

• Pan India Presence: We serve clients across the country, ensuring accessibility and support wherever you are.
• Expert Team: Our team of skilled professionals is equipped with in-depth knowledge and experience in various domains.
• Seamless Service Delivery: We prioritize efficiency and accuracy, making complex processes simple for our clients.
• Customer-Centric Approach: Your success is our priority, and we work closely with you to achieve your goals.

Get in Touch

Choose VMK Professionals for reliable, professional, and efficient solutions to meet your business and personal needs. Let us help you navigate the complexities of compliance, registration, and beyond.

SEBI Case Law November 22, 2024 Jagsonpal Pharmaceuticals Limited

Facts of the Case: A detailed investigation was undertaken by SEBI to ascertain whether the suspected entity/ies traded in the scrip of M/s Jagsonpal Pharmaceuticals Limited (“JPL/Company”) when in possession of the UPSI and if there were any violations of the provisions of the SEBI Act, 1992 and the SEBI (Prohibition of Insider Trading) Regulation 2015 (“PIT Regulations”). Based on the analysis of trading pattern, one Mr. Maneesh Kumar Jain (“Noticee no.1”) was shortlisted by SEBI as a suspected entity.

It was, inter alia, observed that JPL had made an announcement to NSE of the press release dated February 21, 2022 titled ‘Intimation for Public Announcement under Regulations 3(1) and 4 read with Regulations 13(1), 14 And 15(1) of SEBI (SAST) Regulations, 2011’. Thereafter, the Open Offer was made at a price of Rs. 235/- per Offer Share making the total consideration payable by the acquirer under the Open Offer at the Offer Price of Rs.1,60,06,97,800/- payable in cash through normal banking channels. The news of substantial acquisition of shares was announced pre-market hours on February 22, 2022 (i.e. at 07:09:27 am). It was observed that the said news had impacted the price of the scrip of JPL as it registered a rise of around 20% on a close-to-close basis and rise of 5.96% on open-to-close basis. Further, it was also observed that the scrip hit a new 52 week high price of Rs. 246.45/- on February 22, 2022. Thus, the announcement dated February 22, 2022 made by JPL to NSE as regards substantial acquisition of shares under Regulations 3(1) and 4 read with Regulation 13(1), 14 and 15(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 was observed to be an UPSI under the provisions of Regulation 2(1)(n) of the PIT Regulations. On examining the trading pattern of Noticee No.1 during the relevant period on NSE and BSE, it was observed that Noticee No. 1 had traded in the scrip of JPL during the UPSI period.

SEBI Order: In exercise of the powers conferred upon SEBI under Sections 11(1), 11(4), 11(4A), 11B(1) and 11B(2) of SEBI Act, 1992 read with Section 19 of the SEBI Act, 1992 and SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995, SEBI restrained JPL and Mr. Maneesh Kumar Jain from accessing the securities market for a period of one (1) year and further Mr. Maneesh Kumar Jain is directed to disgorge a sum of Rs. 31,39,000 within 45 days from the date of receipt of this order. Also, SEBI imposed a total penalty of Rs. 25,00,000/- on JPL and Mr. Maneesh Kumar Jain for violating Regulation 4(1) and Regulation 3(1) of the PIT Regulations and Section 12A(d) and 12A(e) of the SEBI Act, 1992.

---

If you’re looking to register your trademark and protect your brand, feel free to contact us for expert assistance and seamless registration services

Here are the compliances for October 2024:

– LLP Act: E Form LLP 8 (Statement of Account & Solvency): This form should be filed annually with the Registrar of Companies (ROC) by 30th October, 2024.

– Company’s Act: E Form AOC-4 (Filing of Annual Accounts): This form should be filed with the ROC within 30 days from AGM.

– Company’s Act: E Form MGT-7 (Filing of Annual Return): This form should be filed within 60 days from the date on which the annual general meeting is held or where no annual general meeting is held in any year within sixty days from the date on which the annual general meeting should have been held together with the statement specifying the reasons for not holding the annual general meeting.

– Company’s Act: E Form PAS-6 (Reconciliation of Share Capital Audit Report): This form should be filed half-yearly within 60 days from end of half year.

– Company’s Act: E Form MSME (Outstanding Payments to MSMEs): The due date for this form is October 31, 2024, for the period of April to September 2024.

Registering a company offers numerous benefits, making it a key step for anyone starting a business. First, it establishes your company as a legal entity, providing credibility and trust with customers, suppliers, and investors. This legal recognition opens doors for funding opportunities, such as bank loans and venture capital investments.

A registered company also offers limited liability protection to its owners. This means personal assets are protected in case the business faces financial difficulties. Additionally, the company structure allows for tax benefits, including deductions on operational expenses and profits.

Company registration also facilitates brand protection, as the business name becomes legally yours, preventing others from using it. Moreover, it enhances your business’s potential for expansion, as investors prefer dealing with registered entities.

In summary, registering a company not only protects your assets and builds trust but also provides financial benefits that contribute to long-term success.

Arbitration Act Judicial Pronouncement Update

Reference in one contract to the terms and conditions of the other contract would not ipso facto make the arbitration clause applicable unless there is a specific mention/reference thereto.

Case Law: 19.03.2024 NBCC (India) Limited versus Zillion Infra Projects Pvt. Ltd. Supreme Court

Facts:

The appellant, NBCC (India) Limited is a Government of India undertaking, engaged in construction of power plants and other infrastructure projects. The respondent, M/s Zillion Infraprojects Pvt. Ltd. is engaged in the construction and infrastructure sector. The appellant issued an Invitation to tender majorly for Construction of the Weir. The Respondent submitted the bid and appellant awarded the contract for Construction of the Weir to the respondent. A dispute arose and the respondent issued a notice invoking arbitration and further seeking consent for the appointment of a former Judge of a High Court, as Sole Arbitrator. The appellant did not respond so the respondent filed an application at the High Court under Section 11(6) of the Arbitration Act. The High Court confirmed the proposed appointment of the former Judge ofthe Delhi High Court, as theSole Arbitrator. Aggrieved by the orders, the appellant filed the appeals before Supreme Court.

Issue:

Learned Senior Counsel inter alia submitted before the Supreme Court that a mere reference to the terms and conditions without there being an incorporation in the L.O.I. would not make the lis between the parties amenable to the arbitration proceedings. Relying on the judgment of Supreme Court in the case of M.R. Engineers and Contractors Private Limited vs. Som Datt Builders Limited, he submitted that unless the L.O.I. specifically provides for incorporation of the arbitration clause, a reference to the arbitration proceedings would not be permitted in view of the provisions of sub-section (5) of Section 7 of the Arbitration Act.

Decision:

The Hon’ble Supreme Court held that: “when there is a reference in the second contract to the terms and conditions of the first contract, the arbitration clause would not ipso facto be applicable to the second contract unless there is a specific mention/reference thereto.

We are of the considered view that the present case is not a case of ‘incorporation’ but a case of ‘reference’. As such, a general reference would not have the effect of incorporating the arbitration clause. In any case, Clause 7.0 of the L.O.I., which is also a part of the agreement, makes it amply clear that the redressal of the dispute between the NBCC and the respondent has to be only through civil courts having jurisdiction of Delhi alone.”

For details:

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12635&Mode=0&fbclid=IwAR1O1aLSnJQDCxrF10neRvhERQawstxjdxn92SbEP1ux1oygfambuACKQk4_aem_AWAwMOPS6A2gzndqY3Rf37tEHQDNSc4CxHFJrvdz83iqA0zlqbL4vwREHTfl-P2aEl9I7k7pHTDGcx_KgDDoyYgN

Extension of Filing Deadline for MGT-7 and AOC-4 Forms: Important Update from MCA

MCA has vide General Circular No. 10 / 2015 extended the last date of filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) upto 31/10/2015, as electronic versions of Forms AOC-4, AOC-4 XBRL and MGT-7 shall be made available for filing latest by 30th September 2015.

It also provides that AOC-4 CFS will be made available latest by October 2015, hence, a company, which is required to file its Consolidated Financial Statement, would be able to do so without any additional fees upto 30/11/2015.

Amendment to Indian Accounting Standards: Companies (Indian Accounting Standards) Amendment Rules, 2020

New Delhi, the 24th July, 2020

G.S.R. 463(E).— In exercise of the powers conferred by section 133 read with section 469 of the Companies

Act, 2013 (18 of 2013), the Central Government, in consultation with the National Financial Reporting Authority,

hereby makes the following rules further to amend the Companies (Indian Accounting Standards) Rules, 2015,

namely:—

1. Short title and commencement.-(1) These rules may be called the Companies (Indian Accounting Standards) Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Indian Accounting Standards) Rules, 2015, in the ―Annexure‖, under the heading ―B. Indian Accounting Standards (Ind AS)’’,

For more information, click on the link given below.

http://www.mca.gov.in/Ministry/pdf/Rule_24072020.pdf

MCA.GOV.IN

www.mca.gov.in

Unlock 3 Guidelines: Permitted and Restricted Activities from August 1 Onwards

Update: Unlock 3 to kick in from August 1;

Here is a list of activities permitted & prohibited:

Activities permitted under Unlock 3:

Yoga institutes and gymnasiums allowed to open from August 5

Independence Day functions allowed with social distancing

International air travel in limited capacity under Vande Bharat Mission

States and Union Territories have also been given a free hand by the MHA to decide on activities permitted outside containment zones based on their assessment of the COVID-19 situation

Activities to remain restricted under Unlock 3:

Remain Closed:

Schools, colleges and coaching institutions to remain closed Metro/Rail Cinema halls, swimming pools, entertainment parks, theatres, bars, auditoriums, assembly halls and similar places Social/political/sports/entertainment/academic/cultural/religious functions and other large congregations.

RBI Extends FLA Submission Deadline for 2019-20 Due to Technical Issues

RBI FLA Extended

The site is facing technical difficulties.

The due date for submission of FLA for the year 2019-20 is extended to August 14, 2020.

RBI EXTENDS FLA

Form PAS 6 (Reconciliation of share capital Audit)