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The <keyword id="6396355" type="General" weightage="100" keywordseo="NCLAT" source="Orion">NCLAT</keyword> on Wednesday upheld the order of the fair trade regulator <keyword id="47183" type="General" weightage="20" keywordseo="CCI" source="Orion">CCI</keyword> imposing a penalty of Rs 1,337.76 crore on <keyword id="6357247" type="General" weightage="20" keywordseo="internet" source="Orion">Internet</keyword> giant <keyword id="6355629" type="General" weightage="100" keywordseo="Google" source="Orion">Google</keyword>. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) directed Google to implement the direction and deposit the amount in 30 days. The NCLAT bench comprising Chairperson Justice <keyword id="247734" type="General" weightage="20" keywordseo="Ashok-Bhushan" source="Orion">Ashok Bhushan</keyword> and Member Alok Shrivastava also made some modifications to the CCI order. It also rejected Google's plea that there was a violation of natural justice by the <keyword id="97393" type="General" weightage="20" keywordseo="Competition-Commission-of-India" source="Orion">Competition Commission of India</keyword> (CCI) in the probe. On October 20 last year, the CCI slapped a penalty of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices. The regulator also ordered the Internet major to cease and desist from various unfair business practices. This ruling was challenged before the National Company Law Appellate Tribunal (NCLAT), which is an appellate authority over the orders passed by the CCI. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/google-burger-king-coca-cola-and-other-companies-pulled-off-creative-april-fools-day-pranks/slidelist/99087162.cms">Smell search, bhaang-flavour milkshakes: a look at popular April Fool’s Day pranks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/here-are-the-jobs-chatgpt-says-ai-can-take-from-humans/slidelist/99087522.cms">We asked ChatGPT about jobs that AI can take over from humans – This was its answer</a>

NCLAT upholds ₹1,337.76 cr fine imposed on Google by competition watchdog

<ul><li>The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it.</li><li>Vistra ITCL (India) Ltd, one of the members of the <keyword id="16392825" type="General" weightage="50" keywordseo="committee-of-creditors-of-reliance-capital" source="Orion">Committee of Creditors of Reliance Capital</keyword>, has moved <keyword id="6396355" type="General" weightage="80" keywordseo="nclat" source="Orion">NCLAT</keyword> against an <keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword> order.</li><li>It upheld the plea by <keyword id="14855943" type="General" weightage="100" keywordseo="torrent-investments" source="Orion">Torrent Investments</keyword> challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. </li></ul>The <keyword id="6396354" type="General" weightage="50" keywordseo="national-company-law-appellate-tribunal" source="Orion">National Company Law Appellate Tribunal</keyword> (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of <keyword id="6360090" type="DOMAIN" weightage="20" keywordseo="reliance-capital" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance capital" meta.entityname="Reliance Capital Ltd." meta.entityid="13189" meta.seoname="reliance-capital-ltd">Reliance Capital</keyword> seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. A two-member NCLAT bench headed by Chairperson Justice <keyword id="247734" type="General" weightage="50" keywordseo="ashok-bhushan" source="Orion">Ashok Bhushan</keyword> issued notices, directing respondents to file replies within 3 days. The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order. On February 2, the <keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword> bench of <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> (NCLT) had ruled against holding a fresh round of auction for the takeover of <keyword id="218661" type="General" weightage="20" keywordseo="anil-ambani-promoted" source="Orion">Anil Ambani-promoted</keyword> Reliance Capital (RCap) and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent Investments challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. NCLT in its order said the bench allows Torrent Investments' application and declared that the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of the applicant at Rs 8,640 crore being the highest. Torrent Investments had filed a plea on January 9, requesting the tribunal to quash the lenders' plan to hold a fresh auction for the takeover of RCap. Torrent Investment was the highest bidder offering Rs 8,640 crore in the last round of the 'challenge mechanism'. Reliance Capital has a consolidated debt of about Rs 40,000 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-is-officially-confirmed-to-be-working-on-a-chatgpt-competitor-called-bard/articleshow/97681673.cms">Google is officially confirmed to be working on a ChatGPT competitor called Bard</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/drinking-water-in-israel-becomes-turbid-after-turkey-syria-quake/articleshow/97675030.cms">Drinking water in Israel becomes turbid after Turkey-Syria quake</a>

RCap resolution: NCLAT issues notices to Torrent Investments and others on the lender's plea

New Delhi, The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> Friday directed the government to ensure that all steps be taken to implement its decision to forego interest on eight specified <keyword id="10342500" type="UNKNOWN" weightage="20" keywordseo="categories-of-loans">categories of loans</keyword> paid upto ₹2 crore in view of the coronavirus pandemic. A bench headed by Justice <keyword id="247734" type="PERSON" weightage="20" keywordseo="Ashok-Bhushan">Ashok Bhushan</keyword> said the COVID-19 pandemic has not only caused serious threat to the health of the people but has also cast its shadow on the <keyword id="47276" type="PERSON" weightage="20" keywordseo="Economic-growth">economic growth</keyword> of the country as well as other countries in the entire world. The eight categories of loans are MSME (Micro, Small &amp; Medium Enterprises), Education, Housing, Consumer durable, Credit card, Automobile, Personal and Consumption. "Due to lockdown imposed by <keyword id="1576501" type="COMPANY" weightage="20" keywordseo="The-Government-of-India">the Government of India</keyword> in exercise of powers under the Disaster Management Act, 2005, there can be no denial that most of the businesses including private sector as well as public sector has been adversely affected. "For several months, large number of industries were not allowed to function and exemptions were granted only to few of the industries to run and carry on its activities, which were found essential and necessary in the fact situation," the bench, also comprising Justices R S Reddy and M R Shah, said. Although, gradually, due to Unlock- 1, 2 and 3, the industries and other business activities have been restored and the economy of the country is on track, although at a slow pace, it said. The apex court noted that moratorium period as granted by the Reserve Bank of India have continued from March 3 to August 31 for the period of six months. It noted the submission of Solicitor General Tushar Mehta that measures taken by the Centre in exercise of jurisdiction under the Disaster Management Act, 2005 to mitigate the hardships and miseries of few sectors. "As noted above, senior advocate Rajiv Dutta, counsel for the petitioner has expressed its satisfaction on the measures taken by the Government of India redressing grievances of the petitioner to the extent as noted above. "We dispose of the present writ petition with directions to the respondents to ensure that all steps be taken to implement the decision... so that benefit as contemplated by the Government of India percolates to those for whom financial benefits have been envisaged and extended," it said. The RBI had on March 27 issued the circular which allowed lending institutions to grant a moratorium on payment of instalments of term loans falling due between March 1, 2020, and May 31, 2020, due to the pandemic. Later, the moratorium was extended till August 31 this year. The pleas pertained to charging of interest on interest by banks on EMIs which have not been paid by borrowers after availing the loan moratorium scheme of RBI during March 1 to August 31. The top court's judgement came on a PIL filed by Agra resident Gajendra Sharma seeking directions to declare the notification dated March 27, 2020 issued by Reserve Bank of India as ultra vires to the extent it charges interest on the loan amount during the moratorium period. SEE ALSO- <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-future-retail-astrazeneca-cadila-dhfl-mm-indraprastha-gas-gujarat-gas-mahanagar-gas-and-others/articleshow/79440358.cms" data-type="tilCustomLink">https://www.businessinsider.in/stock-market/news/top-stock-movers-future-retail-astrazeneca-cadila-dhfl-mm-indraprastha-gas-gujarat-gas-mahanagar-gas-and-others/articleshow/79440358.cms</a> <a href="https://www.businessinsider.in/business/corporates/news/two-protestors-barged-into-the-india-australia-match-ground-holding-signs-sbi-no-1b-adani-loan/articleshow/79441670.cms" data-type="tilCustomLink">https://www.businessinsider.in/business/corporates/news/two-protestors-barged-into-the-india-australia-match-ground-holding-signs-sbi-no-1b-adani-loan/articleshow/79441670.cms</a>

SC directs govt to implement its decision to forego interest on eight categories of loans

<ul><li>The <keyword id="3457213" type="PERSON" weightage="20" keywordseo="internet-freedom-foundation">Internet Freedom Foundation</keyword> (IFF) wants Twitter to explain why it removed Prashant Bushan’s controversial tweets even though no legal request was issued to that effect. </li><li>According to the internet rights body, Twitter’s ‘proactively’ removal amounts to an impediment of the right to free speech and freedom of expression.</li><li>For Twitter, removing Bhushan’s tweet led to an acquittal from the case.</li></ul>Twitter may have wrangled itself free from the clutches of India’s <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> by removing activist and lawyer <keyword id="6368850" type="DEFINITION" weightage="20" keywordseo="prashant-bhushan">Prashant Bhushan</keyword>’s tweets from the social networking platform, but there are others who believe that the social networking giant has some explaining to do. <div type="Article" hostid="261" msid="77649463" title="Prashant Bhushan rejects Supreme Court's offer to delay sentence but is given two to three days to reconsider statement" mstype="2" mssubtype="0"></div> The Internet Freedom Foundation (IFF), an internet rights body, has written to Twitter questioning its move to ‘proactively’ remove Bhushan’s tweets from the platform without any directive being issued to that effect by the courts. That too before any decision was made on whether Bhushan is ‘guilty of contempt’. "Twitter is committed to defending and protecting freedom of expression in India and around the globe. Nonetheless, Twitter endeavors at all times to comply with local law and Twitter’s action in this case is consistent with local legal standard," the social networking platform said with respect to IFF's letter. Removing the tweets led to the Supreme Court acquitting Twitter from Bhushan’s case ruling that, “The intention of <keyword id="749437" type="COMPANY" weightage="20" keywordseo="Twitter-India">Twitter India</keyword> would not be considered against the court.” <div type="Article" hostid="261" msid="77107560" title="Tweets criticising India's Supreme Court get tagged as 'hate speech' and incur the judge's wrath ⁠— Twitter caught in the crossfire" mstype="2" mssubtype="0"></div> Others see it as an abuse of power. “By proactively censoring online content in the absence of any direction from a court mandating the same, Twitter’s actions in the case against Bhushan have set a dangerous precedent for free speech,” said <a href="https://docs.google.com/forms/d/1Gow1p29T-4_ODJJBKvG47L1NZ78dAlwRMNGNzf1rHJA/viewform?edit_requested=true">IFF’s letter to Twitter.</a> Twitter jumps the gun The Twitter feud in India stems from two tweets that Bhushan put out criticising the Chief Justice of India, Ashok Bhushan, and the Indian judiciary. Twitter was called upon to explain why the tweets were not taken down. Defending Twitter India, senior advocate Sajan Poovayya, explained that necessary instructions need to be given to Twitter for them to take down the tweet. He added that the proper authority to address the issue lies with Twitter’s global office in California — not India. “The issuance of notice by the Supreme Court does not amount to a determination of illegality in any way,” explains IFF’s letter. However, before the second hearing, the tweets disappeared from the platform and was replaced with the message, “This Tweet from @pbhushan1 has been withheld in response to a legal demand.” This even as IFF asserts that no legal demand was filed. “The removal of the actual tweets from Twitter’s platform does not serve any purpose except erasure of the historical record, especially in the absence of a clear and specific judicial direction requiring the same,” says the advocacy group’s letter. <div type="Article" hostid="261" msid="77539437" title="Supreme Court wields the ‘iron hand’ in holding Prashant Bhushan guilty for tweets critical of judiciary and chief justice" mstype="2" mssubtype="0"></div> The letter is led by Bhushan’s lawyer, Dushyant Dave and has a 100 signatories so far. According to the social network's latest Transparency Report, India already ranks fifth-highest in terms of removal requests globally after Japan, Russia, Turkey, and South Korea. Updated: Earlier version did not include Twitter's comment on IFF's letter. Countries ahead of India in terms of removal requests also was not included. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-eyes-indias-sharechat-as-microsoft-goes-after-tiktok-in-the-us-heres-why-it-makes-sense/articleshow/77667345.cms">Google eyes India’s ShareChat as Microsoft goes after TikTok in the US — here’s why it makes sense</a> <a href="https://www.businessinsider.in/tech/apps/news/gmail-down-users-report-being-unable-to-send-emails-and-attach-files/articleshow/77648762.cms">Gmail is working again — Google fixes issue without explaining what went wrong</a> <a href="https://www.businessinsider.in/science/space/news/isro-chandrayaan-2-identifies-craters-that-may-have-water-after-mapping-4-million-square-kilometres-of-the-moon-in-its-first-year/slidelist/77667105.cms">ISRO’s Chandrayaan 2 identifies craters that may have water after mapping 4 million square kilometres of the Moon in its first year</a>

Twitter's decision to 'proactively' remove Prashant Bhushan's tweets opposed by internet rights body

As many as 10.52 lakh "bogus" PAN cards of individual <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">income tax</keyword> assesses, which is around 0.4 per cent of the total such documents, cannot be termed a "minuscule" number to harm the country's economy, the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> has said, according to a <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword> news report. The apex court said that it has come on record that 11.35 lakh duplicate or fraudulent permanent account numbers have been detected and out of these, 10.52 lakh cases pertain to individual assesses. It made the observations in a 157-page judgement while upholding the validity of section 139AA of the Income Tax Act making Aadhaar mandatory for allotment of PAN cards and filing of tax returns. The court, however, put a partial stay on its implementation till its Constitution Bench addressed the larger issue of right to privacy related to Aadhaar. Section 139AA of the Act provides for mandatory quoting of Aadhaar or enrolment ID of Aadhaar application form for filing of income tax returns and making application for allotment of PAN with effect from July 1 this year. "It was sought to be argued (by the petitioners) that persons found with duplicate/bogus PAN cards are hardly 0.4 per cent and, therefore, there was no need to have such a provision," a bench headed by <keyword id="391378" type="UNKNOWN" weightage="20" keywordseo="Justice-A-K-Sikri">Justice A K Sikri</keyword> said on Friday. "We cannot go by percentage figures. The absolute number of such cases is 10.52 lakh, which figure, by no means, can be termed as minuscule to harm the economy and create adverse effect on the nation," the bench, also comprising Justice <keyword id="247734" type="PERSON" weightage="20" keywordseo="Ashok-Bhushan">Ashok Bhushan</keyword>, said. Dealing with the submissions advanced by Attorney General <keyword id="195903" type="PERSON" weightage="20" keywordseo="Mukul-Rohatgi">Mukul Rohatgi</keyword> that duplicate PANs were used to divert funds to shell companies, the bench said, "The fact remains that companies are after all floated by individuals and these individuals have to produce documents to show their identity." It said if introducing Aadhaar in tax regime was one of the measures to check black money or money laundering, the scheme cannot be "denounced" only because of the reason that the purpose would not be achieved fully. "Such kind of a menace, which is deep-rooted, needs to be tackled by taking multiple actions and those actions may be initiated at the same time. "It is the combined effect of these actions which may yield results and each individual action considered in isolation may not be sufficient," it noted.

10.52 lakh bogus PAN cards will hurt economy badly

Byju's Founder <keyword id="1702989" type="General" weightage="100" keywordseo="Byju-Raveendran" source="Orion">Byju Raveendran</keyword>'s plea against the insolvency of <keyword id="19901241" type="General" weightage="20" keywordseo="Think-Learn" source="keywords">Think &amp; Learn</keyword> before the NCLAT was adjourned on Monday, as one of the members of the bench recused from the hearing. The matter will be placed before a bench headed by <keyword id="19916403" type="General" weightage="20" keywordseo="National-Company-Law-Appellate-Tribunal" source="keywords" meta.keywordsubtype="org" meta.entityname="National Company Law Appellate Tribunal" meta.hostid="345" meta.entityid="National Company Law Appellate Tribunal">National Company Law Appellate Tribunal</keyword> (NCLAT) Chairman Justice Ashok Bhushan, who will assign a different bench to hear the matter. Raveendran had filed a petition challenging the initiation of <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against Think &amp; Learn, which runs edtech company Byju's. The matter was listed on Monday before a two-member Chennai-based bench of the NCLAT comprising Justice Sharad Kumar Sharma, Member (Judicial), and Jatindranath Swain, Member (Technical). However, Justice Sharma recused himself from the hearing, saying he had appeared as the counsel for the Board of Control for Cricket in India (<keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="345" meta.entityid="BCCI">BCCI</keyword>) before his elevation. "I have appeared as a senior counsel for (the) BCCI. Since they are the main beneficiaries of this order, I cannot take this up," said Sharma. The Bengaluru bench of the National Company Law Tribunal (<keyword id="19901085" type="General" weightage="20" keywordseo="NCLT" source="keywords">NCLT</keyword>) on July 16 directed Corporate Insolvency Resolution Proceedings (CIRP), admitting the plea filed by the BCCI. The BCCI had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of Rs 158.9 crore by Think &amp; Learn -- once India's most valuable startup worth an estimated $22 billion. NCLT has suspended the board of Think &amp; Learn Pvt Ltd as per the provisions of the IBC and had appointed an interim resolution professional (IRP) to take care of the debt-ridden firm. Raveendran challenged the NCLT order before the appellate tribunal NCLAT. He has also approached the Karnataka High Court. The high court had, on July 26 deferred Raveendran's plea to July 30. At the high court, Raveendran challenged the validity of the order and suspension of the NCLT order till the NCLAT hears the appeal.

NCLAT judge recuses from hearing Raveendran's plea against insolvency proceedings of Byju

The National Company Law Appellate Tribunal will pass its order on May 22 on petitions filed by three aircraft lessors against <keyword id="11252024" type="General" weightage="20" keywordseo="Go-First" source="Orion">Go First</keyword>'s voluntary insolvency resolution proceedings. A two-member bench headed by Chairperson Justice Ashok Bhushan on Monday reserved its order after completing the hearing on the the three petitions. The bench also asked the parties to submit additional documents, if any, in the next 48 hours. The appellate tribunal was hearing a batch of petitions filed by SMBC Aviation Capital Ltd, GY Aviation and <keyword id="17413255" type="General" weightage="80" keywordseo="sfv-aircraft-holdings" source="Orion">SFV Aircraft Holdings</keyword>. All three lessors have leased out around 21 aircraft to Go First. So far this month, several lessors have approached aviation regulator DGCA for deregistration and repossession of Go First's 45 planes. Go First stopped flying from May 3. Last week the Delhi-based principal bench of the NCLT appointed an interim resolution professional to look after the affairs of Go First and also suspended its board as part of the insolvency resolution process. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/lowest-scores-in-ipl-history-rajasthan-royals-joins-the-list-with-59-runs/slidelist/100249661.cms">Lowest scores in IPL history – Rajasthan Royals joins the list with 59 runs</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a>

You Searched For "Ashok Bhushan" and got 7 results

NCLAT upholds ₹1,337.76 cr fine imposed on Google by competition watchdog

PTI

RCap resolution: NCLAT issues notices to Torrent Investments and others on the lender's plea

PTI

SC directs govt to implement its decision to forego interest on eight categories of loans

PTI

Twitter's decision to 'proactively' remove Prashant Bhushan's tweets opposed by internet rights body

Prabhjote Gill

10.52 lakh bogus PAN cards will hurt economy badly

BI India Bureau

NCLAT judge recuses from hearing Raveendran's plea against insolvency proceedings of Byju

PTI

Go First insolvency: NCLAT to pass order on aircraft lessors' petitions on May 22

PTI

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