Mistry Moves NCLAT Against Removal from Tata Sons
The former chairman of Tata Sons, Cyrus Mistry, on August 03, 2018 approached the National Company Law Appellate Tribunal (“NCLAT”), against the order of the National Company Law Tribunal (“NCLT”), which dismissed his plea challenging his removal as chairman of the company. This petition has been filed against the July 9, 2018 order of the Mumbai bench of the NCLT.
NCLT Allahabad on Homebuyer as Financial Creditor
The Allahabad bench of the National Company Law Tribunal (“NCLT”), on July 30, 2018 in the case of Ajay Walia v. M/s. Sunworld Residency Private Limited held that in the event where homebuyers subrogate their right to a third party, such homebuyers will not be deemed to be financial creditors under the Insolvency and Bankruptcy Code, 2016.
TRAI on Foreign Telecom Equipment
The Telecom Regulatory Authority of India (“TRAI”), on August 03, 2018 came out with recommendations to reduce India’s dependency on foreign telecom equipment. It sought to completely remove India’s dependency on foreign telecom equipment by 2022. TRAI recommended incentivising local design through a INR 1,000 crore fund.