The Securities and Exchange Board of India (SEBI) has fined Mediaone Global Entertainment Ltd ₹99 lakh for diverting funds, manipulating accounts, and misleading investors.

SEBI found that the company diverted ₹99.48 crore it received from Eros International Media Ltd. for film production and content, but did not use it for legitimate business purposes.

SEBI ordered the company to recover the diverted amount with 12% interest, transfer unpaid dividends to the Investor Education and Protection Fund, and restrict access to the securities market for key individuals involved.

The action aims to protect investors and enforce compliance with securities laws.

The Ministry of Corporate Affairs (MCA) has introduced the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026), offering defaulting companies a one-time opportunity to regularise delayed annual returns and financial statements. The Scheme will operate from April 15 to July 15, 2026.

Under the Scheme, companies can complete pending filings by paying only 10% of the additional fees otherwise payable.

Inactive companies may apply for dormant status on payment of 50% of normal filing fees, while companies seeking strike-off can do so by paying 25% of the applicable fee.

The initiative aims to ease compliance burdens and ensure updated corporate records.

The Supreme Court directed a telecom operator to pay spectrum usage charges (SUC) from the date its 2G licence was quashed, not from the date of re-auction or grant of a fresh licence.

The Court observed that once a licence is declared invalid, the operator continues to use the spectrum and must compensate the exchequer accordingly.

It noted that allowing payment only from re-auction would unjustly benefit the operator at the cost of public revenue.

The Bench issued the direction while hearing an appeal arising from disputes over the consequences of quashing 2G licences issued in the controversial 2008 spectrum allocation exercise.

[UOI v. Sistema Shyam Teleservices Ltd.]

Legal AI platform Harvey has formalised a brand association with actor Gabriel Macht, widely recognised for his role as Harvey Specter in the television series Suits.

The announcement accompanied the debut of Harvey’s official Instagram account, @askharvey, as part of its wider international branding strategy.

Harvey Co-Founder and CEO Winston Weinberg said Macht’s portrayal of a corporate lawyer continues to motivate aspiring lawyers, making him an apt choice to support the company’s global outreach. 

The National Company Law Tribunal admitted a class action petition filed by minority shareholders of Jindal Poly Films, holding that allegations of prejudicial conduct by the management warrant detailed adjudication.

The tribunal rejected objections on maintainability and ruled that the petition under Section 245 of the Companies Act, 2013 meets the statutory threshold, as the petitioners collectively hold around five per cent shareholding.

The shareholders alleged undervalued related-party transactions involving preference shares in group entities, causing substantial losses.

The NCLT observed that Section 245 permits claims for compensation even for past transactions and listed the matter for further hearing on April 2, 2026.

The Supreme Court has dismissed JioStar’s plea seeking to stall a Competition Commission of India investigation into alleged abuse of dominant position in the Kerala cable television market.

The Court noted that the probe is still at a preliminary stage and declined to interfere at this juncture.

The case originates from a complaint by Asianet Digital Network alleging discriminatory pricing and denial of market access by JioStar through excessive discounts and sham marketing agreements.

The Court reaffirmed that allegations of abuse of dominance fall squarely within the CCI’s jurisdiction despite sectoral regulation by TRAI.

The Competition Commission of India is investigating Tata Steel, JSW Steel, SAIL and RINL for alleged price fixing and coordinated production cuts between 2018 and 2023.

The probe reviewed WhatsApp chats, pricing data, sales, and production patterns, including messages from groups such as “Friends of Steel” and “TMT Tycoons”.

The Commission found that the companies shared sensitive price information in advance and acted together to reduce supply and influence market prices. The four firms account for 44.4 per cent of India’s steel market. Tata Steel denied any wrongdoing and said it sets prices independently, while JSW, SAIL and RINL did not respond.

Senior officials are reviewing the findings and may impose penalties.

The Securities and Exchange Board of India issued a show cause notice accusing executives at EY, PwC, Carlyle and Advent of sharing unpublished price sensitive information linked to a 2022 Yes Bank share sale.

The notice alleged that confidential deal details were passed to family members and friends who traded in Yes Bank shares ahead of the July 2022 capital raising, in which Carlyle and Advent bought a combined 10 per cent stake for $1.1 billion.

SEBI said weak compliance systems at EY and PwC allowed the misuse of sensitive information.

The accused individuals and firms are submitting their responses and may face penalties or restrictions under securities law.

The Supreme Court dismissed a plea filed by a US-based investment firm Tiger Global,,  challenging the capital gains tax imposed on its sale of Flipkart shares to Walmart in 2018.

The Court held that tax authorities were justified in rejecting the firm’s request for tax exemption under the India–Mauritius Double Taxation Avoidance Agreement. It observed that once a transaction is found to be prima facie structured to avoid tax, authorities are not required to examine its merits.

The Court further clarified that possession of a Tax Residency Certificate does not bar scrutiny under anti-avoidance provisions, including GAAR.

[Authority of Advanced Ruling v. Tiger Global]

The Supreme Court held that a private complaint alleging fraud under the Companies Act, 2013 is not maintainable and can be instituted only by the Serious Fraud Investigation Office (SFIO).

The Court observed that offences relating to fraud are governed by a special statutory scheme, where investigation and prosecution are entrusted exclusively to the SFIO upon authorization by the Central Government.

It held that permitting private complaints would defeat the legislative intent behind the Act.

Accordingly, the Court set aside the proceedings initiated on a private complaint, holding them to be legally unsustainable.

[Yerram Vijay Kumar v. State of Telangana & Anr.]

The Supreme Court held that tribunals and quasi-judicial bodies cannot condone delay unless the governing statute expressly grants such power.

The Court ruled that the Company Law Board lacked authority to condone a 249-day delay, as the Limitation Act applies only to courts, not tribunals by default.

It clarified that Section 433 of the Companies Act, 2013 cannot be applied retrospectively to CLB proceedings, and limitation provisions under company law are mandatory, not directory.

[The Property Company v. Rohinton Daddy Mazda]

The Competition Commission of India has approved Nippon Steel Corporation’s acquisition of the remaining 53.4% stake in Krosaki Harima Corporation, making it a wholly owned subsidiary. Nippon Steel already held a 46.6% shareholding in the company.

The CCI found that the transaction does not raise any competition concerns, as it only consolidates existing ownership and does not lead to any change in Krosaki Harima’s business operations in India.

The regulator noted that the deal does not result in market overlap or adversely affect competition in any relevant market.

A detailed order from the CCI is awaited.

The National Company Law Tribunal’s Bengaluru bench allowed the merger of Amazon Transportation Services Pvt Ltd (ATSPL) into Amazon Seller Services Pvt Ltd (ASSPL) under a scheme of amalgamation.

Under the approved arrangement, ASSPL will issue 38 equity shares for every 10 fully paid-up equity shares held in ATSPL. Upon the merger taking effect, ATSPL will stand dissolved without winding up, with all its assets, liabilities, and pending legal proceedings vesting in ASSPL.

The Tribunal made it clear that the approval does not offer exemption from payment of stamp duty, taxes or other statutory charges.

It also directed that ATSPL employees be transferred to ASSPL with continuity of service and without loss of existing benefits.

The Delhi High Court has held that SEBI cannot rely on an “intrinsic” investigation report to prosecute an accused without sharing a copy with them.

Setting aside a trial court order, the Court ruled that the report forms the very basis of SEBI’s decision to prosecute and is essential for a fair defence. 

Relying on Article 21 of the Constitution and the Supreme Court’s ruling in T Takano v SEBI, the Court held that claims of regulatory confidentiality cannot override the right to a fair trial.

It observed that withholding such material would place the accused at a clear disadvantage and violate principles of natural justice.

[Siddharth Shankar v. SEBI]