Top Supreme Court Corporate Law Judgments – April 2025 | LegalWiki

Author: Mansi Jayant, 4th year, Trinity Institute of Professional studies

Key Supreme Court and High Court Rulings

In April 2025, Indian courts and regulators delivered several pivotal decisions that influenced the corporate and financial regulatory landscape. Below is a summary of the most significant corporate law developments:

1. Arbitral Award Not Enforceable If Claim Excluded from IBC Resolution Plan

The Supreme Court ruled that an arbitral award is unenforceable if the claim was not part of an approved insolvency resolution plan. Once the NCLT approves a plan under the IBC, all excluded claims stand extinguished and cannot be revived. Read Here

2. SEBI Cannot Pass Multiple Final Orders on the Same Issue.

Case Name: SEBI v. Ram Kishori Gupta & Anr.

In this case, the SC held that SEBI cannot issue more than one final order on the same subject. SEBI passed an order against Vital Communications Ltd for regulatory violations. This order became final as it was not appealed. However, in 2018, SEBI issued a fresh order directing the company to repay unlawful gains.The company challenged it, citing the principle of res judicata. Read Here

3. Non-Executive Directors Not Liable for Cheque Bounce

In K.S. Mehta v. Morgan Securities, the SC quashed proceedings under the NI Act against independent directors, holding that non-executive directors are not vicariously liable unless specific allegations exist. Read More

4. Delhi Court Orders FIR Over Forged Signature of Deceased Shareholder

In Tript Singh v. Genesis Finance Co., the court directed police to register an FIR for forging the signature of a deceased shareholder to fabricate 69 fake shareholders. This was done to maintain SEBI's minimum shareholder requirement and maintain its NBFC license with the Reserve Bank of India. Read More

5. SEBI Fines Basant Maheshwari Wealth Advisors ₹4 Lakh

The Securities and Exchange Board of India (SEBI) has fined Basant Maheshwari Wealth Advisers LLP ₹4 lakh for violating fee regulations and posting misleading YouTube video titles.  The firm wrongly charged 32 clients under both fixed fee and asset-based models, violating SEBI (Investment Advisers) Regulations, 2013, which required investment advisers to charge fees under only one mode per client annually. Read More

6. SEBI Bans Ex-CNBC Anchor Hemant Ghai & Family

SEBI banned former CNBC TV anchor Hemant Ghai, his wife, & mother from trading for five years for unfair trading practices. SEBI found 81% of their trades matched his advice, violating Sections 3 & 4 of PFUTP Regulations, 2003. Read More

7. SEBI Cracks Down on Gensol, BluSmart Founders for Fund Misuse and Governance Lapses

SEBI issued an interim order restraining Anmol Singh Jaggi and Puneet Singh Jaggi, promoters of Gensol Engineering Ltd. and co-founders of BluSmart, from accessing the securities market and from acting as directors or key managerial personnel in any listed company. SEBI flagged serious financial irregularities and directed a forensic audit to examine the alleged misappropriation of corporate funds. Read Details

8. CCI Approves Google ₹20.24 Cr Settlement in Android TV Antitrust Case

The Competition Commission of India has approved Google’s ₹20.24 crore settlement in an antitrust case related to the Android TV ecosystem. Read Details

9. NCLT Orders Status Quo on Aakash Institute Shareholding

The National Company Law Tribunal (NCLT) has ordered status quo on the shareholding of Aakash Education Services Limited after a plea by Byju’s Resolution Professional. The dispute arose over Aakash’s attempt to amend its Articles of Association (AoA), which was opposed by Singapore Topco (a shareholder in Aakash) and Glas Trust (Bjyu's lender) due to concerns over the potential dilution of their stakes. Read More

10. NCLAT Upholds Go First Airways Liquidation, Appeals Dismissed

The National Company Law Appellate Tribunal (NCLAT) has upheld the NCLT January 20, 2025, decision to liquidate Go First Airways, dismissing appeals from Busy Bee Airways and others. Read Details

11. NSE Introduces Electronic Settlement for Unlisted Shares

The National Stock Exchange of India (NSE) has introduced electronic settlement for trades of its unlisted shares, replacing the previous manual process. This transition is expected to significantly reduce settlement time and improve efficiency. The new system operates through Central Depository Services India Ltd (CDSL), enabling faster and more secure transfers. Investors can now use a Delivery Instruction Slip (DIS) for seamless transactions, ensuring compliance with market regulations. Read More

12. SEBI Mandates Official Contact Details for Ads on Google, Meta to Curb Investment Frauds

The Securities and Exchange Board of India (SEBI) has mandated that SEBI-registered intermediaries advertising on Google, Meta, and other social media platforms must register using their official contact details provided to the regulator. Read Details

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