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TOP STORY OF THE WEEK
PM Modi, Macron, Sundar Pichai, Top Tech Bosses At India AI Impact Summit
Prime Minister Narendra Modi, French President Emmanuel Macron, and top tech CEOs, including Google's Sundar Pichai, attended the India AI Impact Summit 2026 in New Delhi on Thursday. The theme of the six-day summit, which began on Monday, is "Sarvajan Hitaya, Sarvajan Sukhaya", which means "welfare for all, happiness of all". It is the fourth annual international gathering focused on AI, following previous meetings in the UK in 2023, South Korea in 2024, and France in 2025. The India AI Impact Summit is also the biggest one yet and has brought together heads of more than 20 states and over 500 global AI leaders, including around 100 CEOs and founders.
LEGAL & TECH
Byju's parent moves SC against NCLAT nod to Aakash's Rs 240 cr rights issue
Think & Learn Private Limited has moved the Supreme Court challenging a February 3, 2026 order of the National Company Law Appellate Tribunal that allowed Aakash Educational Services to proceed with the second Rs 140-crore tranche of its Rs 240-crore rights issue. Think & Learn, which holds 25.75% in Aakash and is undergoing insolvency proceedings before the National Company Law Tribunal, had subscribed to the first tranche but was not allotted shares due to concerns over foreign exchange compliance. It has now appealed as Aakash moves ahead with the second tranche.
Supreme Court says spectrum of bankrupt telecom operators can't be sold to repay lenders
The High Court of Chhattisgarh quashed criminal proceedings against a hotel owner who was arrested under preventive provisions of the BNSS without registration of any cognizable offence. The Court held that the arrest was illegal as mandatory safeguards including issuance of notice and communication of written grounds of arrest were not followed. It found that the Magistrate had mechanically remanded the petitioner to judicial custody without proper application of mind.
Supreme Court Upholds CIRP Against Hiranmaye Energy; Rejects Promoter’s Section 10A and Settlement Pleas
The Supreme Court of India upheld the initiation of CIRP against Hiranmaye Energy Ltd., ruling that the default dated 31 March 2018 was not protected under Section 10A of the IBC. The Court held that the restructuring proposals never became binding due to non-fulfilment of conditions and reaffirmed that at the Section 7 stage, only debt and default need to be established, as laid down in Innoventive Industries Ltd. v. ICICI Bank. It also declined to interfere with the Committee of Creditors’ commercial decision approving the resolution plan of Damodar Valley Corporation, and dismissed the promoter’s appeal.
CORPORATE COMPLIANCE
Indian Institute of Corporate Affairs sets up advisory panel to streamline corporate compliance requirements.
(IICA) has constituted a high-level advisory group to streamline corporate compliance and rationalise electronic filings under the Companies Act, 2013, the government said on Wednesday. The panel, chaired by IICA director-general and CEO Gyaneshwar Kumar Singh, will recommend measures to simplify compliance requirements, reduce regulatory burdens and strengthen digital governance frameworks as part of India's broader ease-of-doing-business reforms.
The Labour Ministry issues a compliance handbook for employers under the four Labour Codes.
The Ministry of Labour and Employment has released a Compliance Handbook to help employers navigate the four Labour Codes. These reforms consolidate 29 Central Labour Acts into four simplified codes, reducing sections, filings, and compliance burdens. The new framework promotes ease of doing business through measures like single registration, e-filings, and time-bound approvals. It also introduces compounding of offences and improvement notices for a more facilitative approach. The handbook outlines key obligations under the Codes on Wages, Industrial Relations, Occupational Safety and Health, and Social Security. It also expands social security coverage to gig, platform, and unorganised workers.
RISK INTELLIGENCE
India accelerates passkey adoption as Visa and Mastercard move beyond OTPs, ushering in a new phase of digital payment security
Mastercard and Visa are introducing passkeys in India, enabling biometric authentication for card transactions and phasing out traditional One-Time Passwords (OTPs). This move aligns with Reserve Bank of India (RBI) directives mandating advanced, dynamic authentication factors. Initial consumer uptake shows 30% opting for passkeys, signaling a shift towards faster, more secure payments and an expected 2-3% increase in transaction success rates. The initiative aims to combat rising card fraud, estimated at over Rs 1,800 crore between FY22 and September 2025, particularly social engineering scams exploiting OTP vulnerabilities.
The Income Tax Department issues notices to several senior executives earning over Rs 50 lakh over suspected improper claims of tax exemptions
Dozens of senior executives earning over Rs 50 lakh annually are under scrutiny for allegedly underreporting income and claiming improper exemptions. The Income Tax Department has issued notices to CEOs, MDs, and other leaders across sectors, asking them to correct discrepancies before penalties are imposed. Alleged violations include non-disclosure of foreign assets and overseas income, underreporting stock incentives, inflating allowances, and claiming fraudulent donations to reduce taxable income.