Courts Financial News

Supreme Court on Monday ordered that evidence shall not be recorded in a coal scandal involving M/s Revati Cements Private Limited till further orders. Many individuals and entities allegedly involved in the coal scandal had approached the top court seeking quashing of the proceedings initiated against them by the Enforcement Directorate as they have been made witness by the Central Bureau of Investigation in the predicate offence. The company had petitioned the top court challenging the order of the special CBI court trying the coal scandal.

Karnataka Cabinet on Wednesday approved a bill mandating 100% reservation for Kannadigas in the private sector for Group C and D posts, a look at similar laws in other states that didn't pass the court test. In November last year, the Punjab and Haryana High Court struck down a similar law passed by the BJP-led government in Haryana. The Haryana government had passed a law that mandated 75% reservation for locals in private sector jobs having a gross monthly salary of less than Rs 30,000. Terming it «unconstitutional», a division bench of the Punjab and Haryana HC had struck down the law.

Sharad Pawar who heads his own faction of the Nationalist Congress Party (Sharadchandra Pawar) does not seem to be in favour of the Karnataka Congress government's move to bring in a bill that reserves jobs for locals in the private sector. Sharad Pawar on Wednesday said that the bill passed by Karnataka will not pass judicial scrutiny. This even as the Congress in Maharashtra batting for a similar such law in Maharashtra. " The Karnataka government's decision will not be upheld in the court, it will be struck down..«said Pawar when asked by journalists. Pawar also took on the freebie and sops being announced by the Maharashtra government saying that it was not fiscally prudent and would hurt the state financially. He added, » This ladki bahin yojna(where women in the state get Rs 1500 per month from the state and this ladka bhau(stipend for educated youths)… Iam worried about the (fiscal) situation of the state. There was a time when Maharashtra was in the list of first three states when it came to states having the highest per capita income. The figures by the Niti Ayog a few days back shows that we have slipped to 11 now, this is worrisome.«said Pawar.

Mint explains the domino impact this decision can have on employment and investments across sectors: The IT and ITes sector, which employs millions, has warned that investments will dry up on the back of such protectionist measures. Industry body Nasscom that represents the IT companies said it was "seriously concerned" and urged the state government to withdraw the bill. In a statement on Wednesday, the industry body said the tech sector contributes 25% to the state's GDP.

Joe Biden is only growing day by day. The president seeks to circumvent this by getting a presidential nomination when the party holds a virtual roll call in the coming weeks ahead of the national convention. However, there is one reason, according to Biden that will encourage him to drop out of the presidential election in November. In an interview to the Black Entertainment Television, Biden said that only if there are health challenges, he will step down. This interview will be aired on Wednesday and is being perceived as an effort by Biden to reach out to the minority voters whose support is critical for the party to emerge victorious.

NEW DELHI : With the taxman coming under fire for filing late appeals, experts say there is an urgent need for a strong tax dispute resolution mechanism to simplify litigation and ensure timely closure of the cases. On 10 July, Chief Justice of India D.Y. Chandrachud rejected the income tax department's appeal against a Delhi high court order in favour of Xerox India because the plea was filed 215 days late.

Madras High Court on Monday said that the firing against anti-sterile protesters in Tuticorin in 2018 was predetermined, reported TOI. “One particular industrialist wanted to teach the protesters a lesson and the authorities facilitated it,” said the court. The HC ordered Tamil Nadu’s Directorate of Vigilance and Anti-Corruption to scrutinise the assets of all officers, including IPS and IAS officers, who were serving in Tuticorin from 2016 to 2020.

Tyson Foods heir and executive John R

New Jersey’s casinos saw their sports betting revenue decline by nearly 24% in June, and sports betting revenue overall in the state declined by 9.5%

A London judge who found that an Australian computer scientist falsely claimed to be the mysterious creator of the bitcoin cryptocurrency says he will refer the case to British prosecutors for possible perjury charges

Lawyers say few people ultimately opted out of the $600 million class action settlement Norfolk Southern offered to people affected by last year's disastrous East Palestine train derailment despite the questions residents raised about the deal

Delhi High Court recently allowed the sale of 26 luxury cars of Sukesh Chandrasekar observing that the cars are subject to natural decay and depreciation. These cars were attached and in possession of the Directorate of Enforcement (ED) in a money laundering case linked to the Rs 200 crores extortion case. Justice Swarana Kanta Sharma in a recent judgement dismissed the petition moved by Leena Maria Paulose, wife of Sukesh challenging the order permitting the sale of the cars.

Rasipuram has been ordered by the Namakkal district consumer disputes redressal commission (NCDRC) to compensate a patient with Rs 12 lakh within four weeks for a botched hernia surgery. This ruling was made on Tuesday regarding a case filed by M Raja, a 52-year-old resident of Rasipuram, detailing the negligence he faced during a surgery conducted in August 2021 by Dr. Ramesh at a private hospital in Rasipuram. In August 2021, M Raja consulted Dr. Ramesh at a private hospital after being diagnosed with a hernia. Dr. Ramesh recommended immediate surgery, which was estimated to cost Rs 60,000. However, complications arose during the surgery due to a shortage of carbon dioxide gas necessary for the procedure, causing it to be halted midway. When the required gas was acquired, the surgery resumed, but complications persisted as Raja regained consciousness due to the waning effect of anesthesia during the delay. «I felt great pain during the surgery but the nurses pinned me down to complete the surgery even though I asked them to stop,» Raja recounted.

The Reserve Bank of India’s (RBI) latest revision of its Master Circular on Fraud Risk Management in banks and other regulated entities has not come a day too soon. Given the rising incidence of financial frauds, it is imperative that lenders adopt a fool-proof process that does not leave any scope for dishonest borrowers to escape on flimsy technical grounds.

Musk took the comment section of the post and reacted with laughing-out-loud emoticon.Senator JD Vance is former US President Donald Trump’s running mate and Usha Chilukuri Vance is his Indian-origin wife. The couple was trending on social media. X users have been flooding social media with posts on Chilukuri’s Indian connection.

A coalition representing life insurance and annuity issuers told a federal court in Texas that the US Department of Labor’s new fiduciary rule overreaches its authority and flouts previous court rulings.

Last week was a busy one for Prime Minister Justin Trudeau. Leaks undermining his finance minister surfaced, as did reports that he was courting former Bank of Canada governor Mark Carney. But the biggest splash was in the New York Post, which reported that Canada quietly spent US$6.63 million (C$9 million) to buy a lavish condo overlooking Central Park on Billionaires’ Row in Manhattan, which we later learned is meant to house our consul general, former broadcaster Tom Clark.

National Company Law Tribunal (NCLT) admitted an insolvency petition filed by the Board of Control for Cricket in India (BCCI) against Think & Learn Pvt Ltd, the parent company of Byju’s, for allegedly defaulting on dues worth ₹158 crore. This is the latest in a series of setbacks for the online tutoring platform. While Byju’s has previously navigated similar challenges, such as the out-of-court settlement with Surfer Technologies, this latest development could have a more severe impact.

SpiceJet on Tuesday announced that Ashish Kumar, Head of Finance and Chief Financial Officer, will be leaving the company to explore other opportunities. In place of Kumar, Joyakesh Podder will be taking over as as the Deputy Chief Financial Officer of the company with effect from July 15, 2024. «Podder is a Chartered Accountant with over 30 years of experience in large organizations like PwC, Reliance, Mahindra, Go Air, SpiceJet etc. in aviation, hospitality and telecom sectors,» said the airline through stoch exchanges.

LONDON — Craig Wright, an Australian man who claimed to be the inventor of bitcoin, was on Tuesday referred to British prosecutors for committing alleged perjury.

Invesco Ltd. demanded over $100 million more from Robertshaw on Monday as part of its ongoing court battle against the bankrupt appliance parts maker, saying the company should be forced to pay for helping strip the asset manager of its senior position in Robertshaw’s reorganization.