Author: Legal Parivar

The Delhi High Court directed low-cost airline SpiceJet to file a response to a petition seeking the enforcement of an order requiring the grounding of three aircraft engines and their return to the lessors. The court also instructed the airline to submit an affidavit detailing its assets and scheduled the next hearing for November 13. Justice Manmeet Pritam Singh Arora issued a notice to the Directorate General of Civil Aviation (DGCA), ordering a representative to appear in court on November 13 with a status report confirming compliance with the court’s August 14 order. This report must outline the current status…

Ashish Hemrajani, CEO of BookMyShow’s parent company Big Tree Entertainment, did not attend the second summons issued by the Mumbai Police’s Economic Offences Wing (EOW) regarding the alleged black market sales of Coldplay concert tickets. Instead, the company’s COO, Anil Makhija, represented the firm at the EOW office, according to ANI. The EOW had summoned Hemrajani for the first time on September 27, but he failed to appear, leading to the issuance of a second summons on September 30. The complaint against BookMyShow was filed by advocate Amit Vyas, who accused the company of black marketing tickets for the highly…

Tata Consultancy Services Ltd (TCS) announced on September 30 that its board will convene on October 10 to release the financial results for the second quarter. In an exchange filing, TCS stated that the board will also “consider the declaration of a second interim dividend for equity shareholders.” If approved, this interim dividend will be paid to shareholders listed on the Company’s Register of Members or recognized as beneficial owners in the Depository records as of Friday, October 18, 2024, which is designated as the Record Date. The board meeting is scheduled for Thursday, October 10, 2024, to approve and…

The initial public offering (IPO) of NeoPolitan Pizza and Foods opened for subscription on Monday, September 30. Here’s a look at the subscription status, grey market premium (GMP), and important dates. Subscription Status As of 4:30 PM on the first day of bidding, the NeoPolitan Pizza and Foods IPO was subscribed 0.79 times overall. The retail category saw a subscription rate of 1.6 times, while the non-institutional investor (NII) portion was subscribed 0.12 times. There were no bids yet for the qualified institutional buyers (QIB) quota. Key Details of the IPO Registrar and Lead Managers Bigshare Services Pvt Ltd is…

The Karnataka High Court has temporarily halted the investigation into the Electoral Bonds case involving Finance Minister Nirmala Sitharaman. On Monday, the court issued an interim stay on the inquiry, which also involves Karnataka BJP chief B.Y. Vijayendra and others. An additional interim stay was placed on the ongoing investigation concerning the FIR against former Karnataka BJP president Nalin Kumar Kateel, who is a co-accused in the case related to alleged extortion under the guise of electoral bonds. The next hearing is set for October 22. Details of the Case Against Nirmala Sitharaman The FIR against Sitharaman and others was…

Bears dominated Dalal Street on September 30, causing the BSE Sensex to plummet by over 1,300 points and dragging the Nifty below 25,800 during intraday trading, amid escalating geopolitical tensions and in anticipation of Federal Reserve Chair Jerome Powell’s upcoming speech. By the market close, the Sensex had dropped 1,272.07 points, or 1.49%, to settle at 84,299.78, while the Nifty declined by 368.20 points, or 1.41%, finishing at 25,810.80. Weak global cues led to a lower market opening, with losses intensifying throughout the day. Most sectors witnessed a broad sell-off, except for metal and media stocks, which managed to rise…

Tata Power has signed a memorandum of understanding (MoU) with the Rajasthan government to expand its power distribution, transmission, and green energy initiatives in the state. The agreement, formalized at the ‘Rising Rajasthan Investor Meet’ in New Delhi, covers a wide range of projects, including solar module manufacturing, EV charging infrastructure, nuclear power, and rooftop solar installations. The company plans to invest ₹1.2 trillion over the next decade, with ₹75,000 crore dedicated to renewable energy projects, such as 10 GW of capacity—6 GW in solar and 4 GW in hybrid energy—across Bikaner, Jaisalmer, Barmer, and Jodhpur. Additionally, Tata Power will…

The Securities and Exchange Board of India (SEBI) has granted approval for initial public offerings (IPOs) from Swiggy, Hyundai Motor India, Acme Solar Holdings, Vishal Mega Mart, and Mamata Machinery. According to SEBI’s latest updates, the regulator issued observation letters to Swiggy and Hyundai Motor India on September 24, followed by Vishal Mega Mart on September 25, and Acme Solar Holdings and Mamata Machinery on September 27. An observation letter from SEBI signifies that a company is allowed to proceed with its IPO within one year from the date of issuance. Swiggy, backed by investors like Prosus and SoftBank, is…

The Securities and Exchange Board of India (SEBI) has raised concerns over companies using IPO proceeds to repay loans taken from promoters or promoter-related entities, according to sources. This stance has delayed several IPOs, with companies being asked to revise their plans for fund utilization or seek alternative financing routes for loan repayment, the sources added. Although SEBI’s capital market regulations do not specifically prohibit using IPO funds to repay loans from promoters or their entities, the regulator has recently declined to approve such transactions. SEBI has instead suggested that companies refinance promoter loans through financial institutions and then use…

The initial public offering (IPO) of Diffusion Engineers saw robust interest from investors, subscribing 27.19 times on its second day of bidding, September 27. A total of 17.94 crore equity shares were applied for, against the IPO size of 65.98 lakh shares. The company, which manufactures welding consumables, wear plates and parts, and heavy engineering machinery, launched its public issue on September 26 to raise ₹158 crore, with a price band set between ₹159 and ₹168 per share. Non-institutional and retail investors led the bidding, subscribing 47.08 times and 36.64 times the portions allocated to them, respectively. In contrast, qualified…