Law

A U.S. bankruptcy court has issued a sweeping default judgment exceeding US$1 billion against Byju Raveendran, founder of India’s once-celebrated edtech giant Byju’s. The ruling stems from a protracted legal dispute involving the company’s U.S. financing arm and allegations of diverted loan proceeds. The court found that Raveendran repeatedly failed to comply with discovery obligations and earlier contempt orders, prompting the unusually severe default ruling.

A Delhi court has issued an injunction restraining the use of the brand name ‘Karim’s Food’, following a trademark infringement suit filed by the iconic Mughlai restaurant chain Karim Hotel Pvt. Ltd., known for its historic eatery near Jama Masjid. The court held that the defendants’ use of a deceptively similar name amounted to misrepresentation and dilution of the original brand’s reputation. The ruling reinforces the protection of legacy trademarks and signals a strong stance against unfair competition in India’s hospitality sector.

The Enforcement Directorate (ED) has carried out extensive raids at Reliance Infrastructure Ltd as part of an ongoing investigation into alleged violations of the Foreign Exchange Management Act (FEMA). The actions, targeting multiple company offices, aim to scrutinize cross-border financial transactions and assess compliance with India’s foreign exchange regulations. Officials indicate that the probe focuses on potential irregularities in overseas remittances, capital inflows, and investment reporting.

A controversy has surfaced involving a former director of Lodha Group, one of India’s largest real estate developers, who has been accused of fraudulent conduct in a land transaction with his son. Allegations suggest that the ex-director deliberately undervalued prime land assets in the sale, potentially causing financial loss to stakeholders. The case raises questions about corporate governance, ethical responsibility, and regulatory oversight within India’s real estate sector, which has often been marred by opacity and contentious land deals.

Vedanta Ltd. has successfully outbid the Adani Group to acquire Jaiprakash Associates Ltd. (JAL) in a transaction valued at Rs. 17,000 crore. The deal, one of the largest in recent memory within India’s infrastructure and natural resources sectors, marks a pivotal victory for Vedanta in a competitive landscape dominated by conglomerates vying for scale and diversification. The acquisition is expected to strengthen Vedanta’s foothold in the cement and construction materials market, while also reflecting the growing intensity of corporate rivalries shaping India’s industrial ecosystem.

In a significant development that underscores the cautious recalibration of banking practices, Canara Bank has withdrawn its earlier classification of industrialist Anil Ambani’s loan account as ‘fraudulent.’ The move, formally communicated to the Bombay High Court, comes as the lender seeks to reverse a decision that could have had profound legal and reputational implications.