2017-TIOLCORP-NEWS-217| Friday, November 03, 2017

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CAPITAL MARKET LAWS
  2017-TIOLCORP-25-SAT

Cals Refineries Ltd Vs SEBI

Whether when company opens bank account and execute Account Charge Agreement through its directors to finance its own GDRs, it is a violation of Section 77(2) of the Companies Act and SEBI (PFUTP) Regulations - YES: SAT

Whether failure to disclose related party transaction between Cals and Asia Texx Enterprises Ltd., Hong Kong is violation of Clause 32 of the Listing Agreement - YES: SAT

Whether therefore, promoters and directors of Cals cannot escaped the responsibility contending that they are victim of a fraud being not aware of the affairs of company - YES: SAT

- Case dismissed: SAT

 
COMPETITION LAWS

 

2017-TIOLCORP-52-CCI

Vipul A Shah And All India Film Employee Confederation

Whether restriction u/s 18 of the Trade Union Act grant a blanket immunity to actions carried out by a Trade Union - NO: CCI

Whether said restriction is against suit or other legal proceeding in any Civil Court and since Commission is not a Civil Court, but only vested with certain powers of a Civil Court, the same shell not bind jurisdiction of the CCI - YES: CCI

Whether since specific clauses of the MoU restricts producers from hiring any other worker/ artist who is not a member of OP associations for any work, same violates provisions of Section 3 (3) (b) r/w Section 3 (1) of the Act and therefore, anti-competitive - YES: CCI

- Order passed u/s 27: CCI

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