Author: Legal Parivar

The combined market valuation of six of the top ten most valued firms surged by ₹1,97,734.77 crore last week, driven by positive trends in the equity market, with ICICI Bank and HDFC Bank leading the gains. The BSE benchmark index climbed 1,653.37 points, or 1.99%, over the week, closing at a record high of 84,544.31 on Friday, after reaching an intraday peak of 84,694.46, an increase of 1,509.66 points or 1.81% during the day. ICICI Bank saw its market valuation rise by ₹63,359.79 crore, reaching ₹9,44,226.88 crore, the largest increase among the top ten firms. HDFC Bank’s valuation grew by…

On Sunday, Congress President Mallikarjun Kharge appointed Uday Bhanu Chib as the new leader of the Indian Youth Congress (IYC). “Hon’ble Congress President has appointed Shri Uday Bhanu Chib, currently General Secretary of the Indian Youth Congress and former President of the Jammu & Kashmir Pradesh Youth Congress, as the President of the Indian Youth Congress, effective immediately,” announced Congress General Secretary KC Venugopal. He also expressed gratitude for the contributions made by the outgoing President, Shri Srinivas BV. Uday Bhanu Chib, who has previously served as the general secretary of the IYC, has a background in leading the Jammu…

Gold prices are experiencing a robust rebound in both international and domestic markets, driven by increased jewellery purchases and investment activity, as highlighted in the latest report from the World Gold Council. There are encouraging signs of recovery in rural demand, bolstered by a better monsoon and increased crop sowing this year, which are expected to enhance economic conditions in rural areas and stimulate gold buying, especially during the festive season. The report notes that gold prices strengthened in September, with international prices rising by 2.8% and domestic prices increasing by 1.6%. Despite these gains, Indian gold prices remain 2%…

A previously fringe Marxist politician, Anura Kumara Dissanayaka, is poised to become Sri Lanka’s next leader following a presidential vote marked by widespread dissatisfaction over the government’s handling of an unprecedented financial crisis. Early results from Saturday’s election indicate that Dissanayaka, the 55-year-old head of the People’s Liberation Front, garnered over 42% of the vote, leading by nearly 1.3 million votes against opposition leader Sajith Premadasa, who received about 33%. Incumbent President Ranil Wickremesinghe trailed in third place with around 17%. The election operates under a preferential voting system, and further counts of second-choice votes will take place before a…

The ministerial panel on GST rate rationalization is set to convene on September 25 in Goa to discuss potential adjustments to tax slabs and rates. An official informed PTI that the Group of Ministers (GoM), led by Bihar Deputy Chief Minister Samrat Chaudhary, last met on August 22 and submitted a status report to the GST Council on September 9. During the previous meeting, the panel tasked the fitment committee, consisting of tax officers from both the Centre and the states, with analyzing the implications of any proposed tax rate changes on various items. Currently, the Goods and Services Tax…

Amid ongoing concerns over the “poor maintenance” of the Taj Mahal, recent reports indicate multiple cracks and damage to the monument’s walls and floors due to heavy rainfall in Agra over the past week, according to the Times of India. Shakeel Chauhan, national general secretary of the Tourist Guide Federation of India, noted that the doors surrounding the main dome, which feature inscriptions from the Quran, show signs of wear. He also mentioned that semi-precious stones inlaid using the intricate pietra dura technique are suffering from the effects of time. “In the western direction, stones from the floor in front…

Hezbollah launched over 100 rockets into northern Israel early Sunday, targeting areas near Haifa in a significant escalation of hostilities. In response, Israel conducted hundreds of airstrikes across Lebanon, raising fears of an all-out war. The attack prompted air raid sirens throughout northern Israel, forcing thousands of residents to seek shelter. The Israeli military reported that many rockets targeted civilian areas, marking a dangerous shift from previous strikes aimed at military positions. One rocket hit close to a residential building in Kiryat Bialik, injuring at least three people and causing fires. Lebanon’s Health Ministry reported one death and another injury…

The Central Board of Direct Taxes (CBDT) has officially introduced the Direct Tax Vivad Se Vishwas Scheme (DTVSV) 2024, which will come into effect on October 1, 2024. This initiative, announced during the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman, aims to resolve pending income tax disputes, as stated by the Ministry of Finance in a press release. A key feature of the scheme is the reduced settlement amount for “new appellants” compared to “old appellants.” Taxpayers who file their declarations before December 31, 2024, will also be eligible for lower settlement amounts, the ministry added. To implement the…

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…