Regulatory & Compliance

Background and Facts A disclosure obligation that attaches to a landing page is a different compliance problem from one that attaches to a document. SEBI has directed stock brokers to display investor awareness messages on their websites and on their trading applications, by a circular dated October 1, 2026 issued as part of an initiative the regulator calls Project Jagrook. Display is voluntary from October 5 to October 31, 2026 and mandatory from November 1, 2026. The circu

Background and Facts An order admitting a company into insolvency is difficult to undo, and the Code contains no express power to undo it. The Supreme Court has held that an insolvency admission obtained by fraud or collusion may be recalled by the National Company Law Tribunal at any point of time, and that a person who invokes the Code is under a public law duty not to deceive or mislead the tribunal. The judgment in Greenopolis Welfare Confederation v. Rakesh Kumar Gupta w

Background and Facts The Securities and Exchange Board of India has settled proceedings against four listed Adani group companies arising from alleged non-compliance with the minimum public shareholding requirement. The settlement was reported on September 28, 2026. The four companies are Adani Enterprises Limited, Adani Power Limited, Adani Ports and Special Economic Zone Limited and Adani Energy Solutions Limited, formerly Adani Transmission Limited. Each of the four paid a

Background and Facts A resolution professional holds office at the pleasure of the committee of creditors, within the limits the statute sets. The National Company Law Appellate Tribunal has upheld an order allowing a committee of creditors to replace a resolution professional, holding that the decision to seek replacement falls within the committee's commercial wisdom provided the statutory route is followed. The judgment in S. Viswanathan v. Canara Bank [Company Appeal (AT)

Background and Facts A scheme of amalgamation that folds ten subsidiaries into their listed parent has been sanctioned at the second motion stage, and one of the transferor companies came into the group through insolvency only last year. The Mumbai bench of the National Company Law Tribunal has sanctioned the composite scheme merging ten group companies into Adani Power Limited. The order, made in the petition concerning Vidarbha Industries Power Limited, was reported on Sept

Background and Facts A shareholder who cannot get the board to convene an extraordinary general meeting has two routes, and the question of how they relate to each other is now before the Supreme Court. On September 22, 2026 a Bench of Justice K.V. Viswanathan and Justice Arun Palli issued notice on a challenge to an order of the National Company Law Appellate Tribunal in the Pearl City Marine Products Private Limited matter, and listed the case for November 6, 2026. The appe

Background and Facts A shareholder who believes a false statement has been filed with the Registrar cannot prosecute it himself. A private complaint will not support cognizance of an offence under Section 448 of the Companies Act, 2013, because the second proviso to Section 212(6) reserves that step to the Director of the Serious Fraud Investigation Office or an authorised officer of the Central Government. The Supreme Court settled that in January 2026 and, on September 21,

Background and Facts The Supreme Court has held that the release of a buyback escrow under the SEBI buyback framework creates no immunity from a separate inquiry into fraud, and has sent the Vedanta buyback matter back to the Securities Appellate Tribunal for fresh adjudication. The judgment in Securities and Exchange Board of India v. Vedanta Limited and Others is reported as 2026 INSC 978. Vedanta Limited's board resolved on November 26, 2013 to buy back equity shares. The

Background and Facts The National Company Law Appellate Tribunal, New Delhi has held that a practising chartered accountant is not disqualified from submitting a resolution plan merely because of his professional status. The ruling in Vinay Gupta v. Oswal Minerals Limited and Satellite Cables Private Limited [Company Appeal (AT) (Insolvency) No. 1038 of 2026 with No. 1032 of 2024] is reported as 2026 LLBiz NCLAT 345. Satellite Cables Private Limited was admitted into the Corp

Background and Facts The Supreme Court on September 6, 2026 held that time extension charges levied by a development authority for a developer's delay are penal in character and cannot be loaded into the insolvency resolution process costs of the corporate debtor. The judgment in The Authorised Representative for Granite Gate Properties Private Limited v. M/s New Okhla Industrial Development Authority and Others is reported as 2026 INSC 952. Granite Gate Properties Private Li

Background and Facts The National Company Law Appellate Tribunal (NCLAT), New Delhi, on September 3, 2026, partly allowed an appeal by Ravikumar Gaurishankar Patel, the successful auction purchaser of Talwalkars Better Value Fitness Ltd., and granted several reliefs to give effect to the Rs. 15 crore going-concern sale of the company during liquidation. Talwalkars Better Value Fitness Ltd., a well-known fitness chain, was admitted into the Corporate Insolvency Resolution Proc

Background and Facts The National Company Law Appellate Tribunal (NCLAT), New Delhi, in Somani Worsted Limited v. Amit Aggarwal, RP of Celebration City Projects Private Limited [Company Appeal (AT) (Ins.) No. 150 of 2026, decided on September 1, 2026] addressed a key question: can a Resolution Professional (RP) revisit and reject a claim that was previously admitted during the Corporate Insolvency Resolution Process (CIRP)? The case arose from the CIRP of Celebration City Pro

The National Company Law Appellate Tribunal (NCLAT) at Delhi has delivered one of the first significant rulings interpreting the substituted Section 12A of the Insolvency and Bankruptcy Code (IBC) as amended by the IBC Amendment Act 2026. The tribunal has confirmed that withdrawal from a Corporate Insolvency Resolution Process (CIRP) is now barred during two distinct phases: before the Committee of Creditors (CoC) is constituted and after the Resolution Professional issues th

The Reserve Bank of India on April 27, 2026 issued the final RBI (Expected Credit Loss Framework for Scheduled Commercial Banks) Directions, 2026, mandating all Scheduled Commercial Banks (excluding Regional Rural Banks, Small Finance Banks, and Payments Banks) to transition from the current incurred-loss provisioning model to a forward-looking Expected Credit Loss (ECL) approach with effect from April 1, 2027. The Directions represent the most significant change to Indian ba

The Securities and Exchange Board of India (SEBI) has released a consultation paper dated August 21, 2026, proposing a new category of market intermediaries called Fixed Income Channel Partners (FICPs). The proposal aims to expand retail participation in the corporate bond market by creating a distribution network that extends beyond major urban centres into Tier II, Tier III, and rural locations. Background: The Distribution Gap in Corporate Bonds India's corporate bond mark