Important Legal News | 26 October

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Karnataka RERA Orders Developer to Transfer Corpus Fund for Senior Citizen’s Project

The Karnataka Real Estate Regulatory Authority (KRERA) has ruled in favour of the Sharadindu Senior Commune Owners Association, directing the developer, “Sree Senior Homes,” to transfer a corpus fund of Rs 62.26 lakh collected from buyers for a senior citizens’ project in Mandya District. The association had complained that the developer failed to transfer the funds as per the law.

The dispute revolved around whether the project followed the Karnataka Apartment Ownership Act and registered bylaws. The KRERA found the developer had not intended to develop the project in phases and withholding the corpus fund was unjust enrichment. They ordered the developer to complete the project and provide promised amenities within 60 days.

Supreme Court Rules Rents Assignable as Actionable Claims under Transfer of Property Act

The Supreme Court has ruled that rents receivable by a borrower can be assigned to a lender as an “actionable claim” under the Transfer of Property Act, 1882. The decision came in a dispute between Infrastructure Leasing and Financial Services Ltd and HDFC Bank Ltd.

The court observed that actionable claims, as defined by the Act, include claims to unsecured debts, which can be transferred. In this case, rents payable by IL&FS tenants were deemed debts and had been transferred to HDFC Bank. The court held that this was an assignment, not a pledge and upheld the National Company Law Appellate Tribunal’s order, dismissing the appeal.

Punjab & Haryana High Court Grants Protection to Underage Live-in Couple

The Punjab and Haryana High Court has ruled that couples in a live-in relationship are entitled to police protection from threats, even if they are not of marriageable age. The judgment came in a case involving an 18-year-old male and a 21-year-old female who wished to marry once the male partner reached marriageable age. When the couple faced threats from their families, they sought police protection, which was initially denied.

The court asserted that the fundamental right to life and personal liberty under Article 21 of the Constitution applied to the couple, irrespective of their marital status or age. It emphasised the duty of the state to protect every citizen’s life and liberty, including minors. The High Court has ordered the police to verify the couple’s claims and provide protection.

SEBI Bans ‘Baap of Chart’ for Fraudulent Trading, Impounds ₹17.2 Crore Gained from Followers

The Securities and Exchange Board of India (SEBI) has issued an interim order prohibiting Mohammad Nasiruddin Ansari and his ‘Baap of Chart’ (BoC) from securities trading and has impounded ₹17.2 crore collected from his followers. SEBI found that Ansari was enticing clients with profit guarantees and providing buying recommendations without the required SEBI registration, thus violating SEBI Regulations.

The Board observed that despite his claims of high profits and accuracy rates, Ansari incurred a net trading loss of ₹2.89 crore. The funds collected from investors were directed into various bank accounts owned by Ansari, BoC and related entities, all of which SEBI deemed to be engaged in fraudulent activity. These entities are temporarily restricted from securities trading and they are directed to deposit the impounded funds into an escrow account within 15 days.

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