The Union Cabinet on Wednesday approved the setting up of the National Land Monetisation Corporation (NLMC) as a wholly-owned Government of India company. The new entity has an initial authorised share capital of Rs 5,000 crore and a paid-up share capital of Rs 150 crore. In view of Central Public Sector Enterprises ( CPSEs) and…
RBI today clarified that the Central Bank does not have arrangements with third parties to redress grievances against RBI-regulated entities. The above clarification was given in view of instances of misinformation being spread through certain sections of the social media about the Reserve Bank – Integrated Ombudsman Scheme 2021 (RB-IOS) has come to the notice…
Supreme Court of India: Civil AppeaI NO. 3975 OF 2010: H.P.Puttaswamy Vs Thimmamma & Ors This suit was originally instituted on 31st March 1989 and was registered as Suit No.132 of 1989 in the Court of Civil Judge (Junior Division) Malavalli, Karnataka. The property in question comprises approximately 4500 square ft. of land in a…
This post provides you the key legal checklist for buying and selling a house property; method of title deed verification, database available with CERSAI and RERA, EMI calculation, associated costs of home loans, teaser rates, risks involved in transferring of loan to other banks, rules regarding funds transfer abroad after disposal of properties in India;…
Supreme Court while delivering judgment [NKGSB Cooperative Bank Limited vs Subir Chakravarty | SLP (C) 30240 OF 2019 | 25 February 2022 Coram: Justices AM Khanwilkar and Justice CT Ravikumar] said that the District Magistrate or the Chief Metropolitan Magistrate can appoint an advocate commissioner to assist him/her in the execution of the order passed…
The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the last three business days of the week preceding the subscription period, is Rs.5109 (Rupees Five Thousand One Hundred and Nine only). The investors who apply…
Provisions of the SARFAESI act have an overriding effect on the provisions of the Central Excise Act of 1944. The dues of secured creditors will have top priority over the Central excise department. Judgment details : PUNJAB NATIONAL BANK …..APPELLANT VERSUS UNION OF INDIA & ORS. …RESPONDENTS CIVIL APPEAL NO.2196 OF 2012 Coram: Justice L.…
In terms of section 234F, certain individuals can file their ITR without paying a penalty if the gross total income does not exceed the basic exemption limit of Rs.2.50 lakhs even after the expiry of the deadline. The basic exemption limit of Rs.3 lakh for Senior Citizens of above 60 years and Rs.5 lakh for…
Earlier to initiation of KRA by SEBI, investors were required to complete the KYC process as and when they interact with each type of SEBI Intermediaries by submitting the relevant documents, requirements of which may vary from intermediary to intermediary. In view of bringing uniformity in KYC requirements for the securities markets, SEBI has initiated…
The right of subrogation is an equitable and natural right of the guarantor against the principal borrower on whose behalf he has paid the money. Section 128 of the Indian Contract Act 1872 provides that the liability of the guarantor is co-extensive with the principal debtor. It means the guarantor of a loan is liable…