KARNATAKA HC

Karnataka High Court breather for Xiaomi India in ED seizure case (MAY 6, 2022)

The High Court of Karnataka has given a breather to Xiaomi Technology India Private Limited by staying the April 29 order of the Enforcement Directorate (ED) by which Rs 5551.27 crore of the company was seized under the provisions of the Foreign Exchange Management Act,1999.  The vacation bench of Justice Hemant Chandangoudar stayed the ED order on Thursday, while also issuing notices to the respondents including the Ministry of Finance and various officers of the ED.

Xiaomi, which sells mobile phones in India under the brand name MI, is accused by the ED of violating Section 4 of the FEMA Act by transferring money in the name of 'Technology Royalty' to three companies outside India--two in the US and one in China.

ED had seized the sum of Rs 5551.27 crore in the bank accounts of the company and initiated action for alleged illegal remittances made by the company in February 2022.

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NCLT

Mumbai: CBI arrests NCLT interim resolution professional in bribery case (MAY 6, 2022)

The CBI has arrested an interim resolution professional (IRP) of the National Company Law Tribunal (NCLT), Mumbai, and two city-based jewellers in a bribery case.The CBI had registered the complaint against IRP Subrata Maity for demanding Rs 20 lakh for settling an NCLT case of a Mumbai company. Maity allegedly demanded the initial part payment (Rs 2 lakh) to be given in Pune.

All the three arrested accused were produced today CBI special court, Pune, and remanded to custody for further investigation.

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DELIMITATION COMMISSION NOTIFICATION

Jammu & Kashmir Reorganisation Act, 2019 (MAY 5, 2022)

In pursuance of sub-section (1) of Section 10 of the Delimitation Act, 2002 (33 of 2002) and Part-V of the Jammu & Kashmir Reorganisation Act, 2019, the following Order made by the Delimitation Commission under sub-section (2) of Section 9 read with sub-section (2) of Section 4 of the Delimitation Act, 2002 and Part – V of the Jammu & Kashmir Reorganisation Act, 2019, in respect of the delimitation of Parliamentary and Assembly Constituencies in the Union Territory of Jammu & Kashmir is hereby published.

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SECURITIES AND EXCHANGE BOARD OF INDIA 

SEBI  (INFRASTRUCTURE INVESTMENT TRUSTS) (AMENDMENT) REGULATIONS, 2022 (MAY 6, 2022)

In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, namely: – 

In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, ─

 In Schedule II, paragraph 4 shall be substituted with the following: 

 “4. With respect to privately placed InvIT, the InvIT shall pay non-refundable filing fees of:

 i. 0.1% in case of initial offer; and 

 ii. 0.05% in case of rights issue, 

 of the total issue size including green shoe option, if any, at the time of filing of draft placement memorandum or letter of offer, as applicable, with the Board;” 

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WORLD AFFAIRS

Louisiana lawmakers advance bill classifying abortion as 'crime of murder' (MAY 6, 2022)

The debate over Roe v Wade has engulfed the United States once again and with reports hinting at a possible overturn of the historic Supreme Court judgement in the coming days, Republicans lawmakers in Louisiana have come up with a bill that seeks to make abortion a ‘crime of murder’.

In the Roe v Wade judgement of 1973, the Supreme Court ruled that the access to abortion is a women’s constitutional right. Later, in 1992, the Planned Parenthood v Casey case guaranteed the right to abortion for any woman till the fetus is ‘viable outside the womb’ of the woman.

However, according to a leaked report accessed by Politico, the Supreme Court is likely to strike down the right to abortion in the United States by overturning the Roe v Wade judgement.

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WORD OF THE DAY

Ignorantia juris non excusat or ignorantia legis neminem excusat (Latin for " ignorance of the law excuses not" and "ignorance of law excuses no one" respectively) is a legal principle holding that a person who is unaware of a law may not escape liability for violating that law merely by being unaware of its content.

MARKET TODAY  ( as on 6.05.2022 )

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DOLLAR VS RUPEE

1 US Dollar = 76.94 Indian Rupee (May 6, 2:51 PM UTC)


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