Lex Regula News Letter - March 08, 2025
INDIA
Regulatory Actions
SEBI Issues Warning to Nestlé India Over Insider Trading Breach
India's Securities and Exchange Board (SEBI) has issued a warning to Nestlé India concerning a violation of insider trading regulations by a designated person within the company. While specific details were not disclosed, Nestlé stated that the incident has not materially impacted its financials or operations.
SEBI Chairman Advocates for Enhanced Transparency
Tuhin Kanta Pandey, the newly appointed chairman of SEBI, has emphasized the need for greater transparency, particularly regarding conflicts of interest among board members. This initiative aims to bolster trust among stakeholders, especially in light of previous allegations concerning the Adani group investigations.
High Court Rulings
Karnataka High Court Quashes ED Summons
The Karnataka High Court has quashed summons issued by the Enforcement Directorate to Parvathi, wife of Chief Minister Siddaramaiah, and Minister B.S. Suresh in connection with the Mysore Urban Development Authority case. The court's decision underscores the importance of due process in investigative proceedings.
Bombay High Court Blocks Film Release Over Personality Rights
The Bombay High Court has halted the release and promotion of the film "Shaadi Ke Director Karan Aur Johar," citing infringement of filmmaker Karan Johar's personality rights. The court recognized Johar's name as having a distinctive identity, leading to this decision.
Allahabad High Court Denies Bail in Nurse Rape Case
The Allahabad High Court has denied bail to a doctor accused in a nurse rape case, while granting relief to two co-accused individuals. This decision highlights the court's stance on serious allegations of sexual misconduct within the medical profession.
Supreme Court Developments
Supreme Court to Address Writ Petition Maintainability
A Constitution Bench of the Supreme Court is set to deliberate on the maintainability of writ petitions against orders issued by Micro and Small Enterprises Facilitation Councils (MSEFC). This decision could have significant implications for the enforcement of arbitral awards under the MSME Development Act.
Split Verdict on Tahir Hussain's Interim Bail Plea
The Supreme Court has delivered a split verdict on the interim bail plea of Tahir Hussain, a former municipal councillor accused in connection with the Delhi riots. The matter has been referred to a larger bench for resolution.
Industry News
Surge in Gold-Backed Loans Amid Economic Slowdown
India has experienced a significant increase in gold-backed loans over the past year, driven by sluggish economic growth and rising gold prices. Data from the Reserve Bank of India indicates a 68% growth in these loans during the first nine months of the fiscal year, raising concerns about potential defaults and prompting calls for improved valuation and monitoring procedures.
Elon Musk's Prospective Ventures in India
Elon Musk is exploring opportunities to enter the Indian market with his ventures, including Tesla electric vehicles and Starlink satellite internet services. Recent political developments and discussions with Prime Minister Narendra Modi may facilitate these endeavours, although challenges such as high import tariffs and regulatory hurdles remain.
European Court of Human Rights (ECHR) Rules Against Switzerland on Climate Action
The ECHR ruled in favor of the KlimaSeniorinnen group, representing over 2,000 older Swiss women, stating that Switzerland's inadequate climate policies violate their human rights due to increased vulnerability to heatwaves. The Council of Europe has urged Switzerland to align its climate policies with this ruling, emphasizing the need for detailed strategies to protect vulnerable populations.
UK's Proposed AI Copyright Changes May Breach International Law
The UK government's proposal to allow AI companies to use copyrighted materials without owner consent has been criticized by intellectual property experts as potentially violating the Berne Convention. This move could lead to legal challenges and retaliatory measures, with concerns about its impact on the UK's creative industries.
Revolut and Visa Challenge UK Payment Regulator's Fee Cap
Financial entities Revolut and Visa have initiated legal proceedings against the UK's Payment Systems Regulator (PSR) over proposed caps on international digital transaction fees. They argue that the PSR has overstepped its authority, with the fee caps potentially leading to financial losses for European banks and fintech companies.
Debate Over Using Frozen Russian Assets to Aid Ukraine
Discussions are ongoing about utilizing £230 billion in frozen Russian assets to support Ukraine. While some European nations express legal and financial concerns, the UK is advocating for their use, especially in light of reduced aid from other sources. Legal experts warn of potential consequences, including compensation claims.
International Court of Justice (ICJ) Rules on Israel's Occupation
The ICJ concluded that Israel's occupation of Palestinian territories is illegal, calling for an end to settlement activities and evacuation of existing settlements. The court also highlighted violations of international law, including racial segregation and exploitation of resources. The UN General Assembly has adopted a resolution demanding Israel's withdrawal within a year.
South Africa Accuses Israel of Genocide at ICJ
South Africa has filed a case against Israel at the ICJ, accusing it of committing genocide against Palestinians in Gaza. The proceedings, initiated in December 2023, are ongoing, with the court having ordered Israel to prevent acts of genocide. A final judgment could take years.
Stay tuned with the Lex Regula News Letter for latest updates!
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