Author: Legal Parivar

Mumbai-based non-banking financial company (NBFC) Manba Finance is set to launch its ₹151 crore initial public offering (IPO) for public subscription from September 23 to September 25. Ahead of the offering, the grey market premium (GMP) for Manba Finance is approximately ₹55-60, indicating a 46% premium over the issue price. The price band for the IPO has been established at ₹114-120 per share. This IPO consists entirely of a fresh issue of up to 1,25,70,000 shares, with no offer-for-sale component. The total size of the issue is based on the upper price band. The company plans to utilize the proceeds…

Luxury carmaker Mercedes-Benz has been issued a notice by the Maharashtra Pollution Control Board (MPCB) for allegedly violating environmental regulations at its Chakan manufacturing plant near Pune, as reported by NDTV. Jagannath Salunkhe, the regional officer of MPCB, stated that a team from the board, including sub-divisional officers, had inspected the Chakan facility, where multiple breaches of pollution norms were discovered. As a result, Mercedes-Benz has been given 15 days to respond to the notice. The notice was issued after a surprise inspection in August, led by Chairman Siddesh Kadam and other officials. The report highlights that the sewage treatment…

Romal Shetty, CEO of Deloitte South Asia, highlighted that India remains a bright spot amid a challenging global economic landscape and could achieve a 7% growth rate in the current fiscal year despite various headwinds. Shetty, the youngest CEO of a Big Four accounting firm in India, pointed out that inflation is under control, rural demand is picking up, and vehicle sales are improving, which will help sustain growth. “We anticipate growth in the 7-7.1% range this fiscal. Although global challenges, like the geopolitical crises in the Middle East and Ukraine, as well as a slowdown in Western economies, may…

At the 79th United Nations General Assembly (UNGA) in New York, Google CEO Sundar Pichai unveiled a $120 million initiative aimed at expanding AI education and training globally. The initiative, in collaboration with nonprofits and NGOs, will provide resources in local languages, making AI education accessible to diverse communities worldwide. Speaking at the first-ever “Summit of the Future” during UNGA, Pichai reflected on his childhood in Chennai, India, highlighting how the advent of technology transformed his life. “The technology that impacted me the most was the computer,” Pichai shared, adding that his experience with computing in the U.S. during graduate…

Philanthropist Rohini Nilekani, wife of Infosys co-founder Nandan Nilekani, purchased shares worth ₹8.55 crore in logistics firm Allcargo Gati through open market transactions on Thursday. According to NSE block deal data, Nilekani’s small-cap portfolio acquired 8,13,375 shares, representing a 0.62% stake, at ₹105.21 per share. Earlier in July, Allcargo Gati raised ₹169.28 crore via a qualified institutional placement (QIP), which was approved by its board’s fund-raising committee. The funds are earmarked for investments in technology, infrastructure, and reducing the company’s debt, strengthening its financial position and growth initiatives. In the June quarter, Allcargo Gati reported a year-on-year revenue decline of…

India is investigating U.S. streaming giant Netflix over its local operations, including potential visa violations and allegations of racial discrimination, according to a government email sent to a former Netflix executive. The details of the investigation were revealed in a July 20 email reviewed by Reuters, written by Deepak Yadav, an official from the Foreigners Regional Registration Office (FRRO) under the home ministry. The email was addressed to Nandini Mehta, Netflix’s former director of business and legal affairs in India, who left the company in 2020. “This is regarding visa and tax violation concerns with respect to Netflix’s business practices…

The Lokpal has directed two complainants, including Lok Sabha MP Mahua Moitra, to clearly articulate the allegations of corruption against SEBI Chairperson Madhabi Puri Buch under the Prevention of Corruption Act, 1988. The complainants were also asked to explain why the findings of the Supreme Court’s January 3 decision should not obstruct Lokpal’s investigation into the matter. On January 3, the Supreme Court dismissed pleas seeking the transfer of the investigation into allegations of securities law violations by Adani group companies to a special investigation team. The court found no reason to question the Securities and Exchange Board of India’s…

Vodafone Idea (VIL) has finalized a massive $3.6 billion deal with Nokia, Ericsson, and Samsung to supply network equipment over the next three years. This marks the first phase of the company’s three-year capital expenditure plan of $6.6 billion, aimed at expanding 4G coverage from 1.03 billion to 1.2 billion people, launching 5G in key markets, and increasing network capacity to accommodate growing data demand. Akshaya Moondra, CEO of Vodafone Idea, emphasized the company’s commitment to investing in emerging network technologies, stating, “We are kicking off our investment cycle to offer a best-in-class experience to our customers. This marks the…

The upcoming week, starting September 23, will be highly active for the primary market, with 11 initial public offerings (IPOs) opening for subscription, including two from the mainboard segment. Cumulatively, these IPOs aim to raise ₹900 crore. Additionally, 14 new companies are set to debut on the stock exchanges. Key IPOs Opening Next Week: Upcoming Listings: Note: Investors are advised to consult certified experts before making investment decisions.

Harindarpal Singh Banga, one of Nykaa’s pre-IPO investors, is set to divest up to 1.4% of his stake in the beauty and personal care platform, CNBC-TV18 reported. The shares will be sold at a floor price of ₹198 each, representing a 5.7% discount to Nykaa’s last traded price as of Thursday. Banga, who held a 6.4% stake in FSN E-commerce Ventures (Nykaa) at the end of the June quarter, owns approximately 18.28 crore shares. Following the sale, there will be a 45-day lock-in period before any additional shares can be sold. Commodities billionaire Banga, chairman of Caravel Group, is listed…