Author: Legal Parivar

Gold prices fell over 2 percent in volatile trading on Monday, as investors sold off positions amid a broader equities selloff. Spot gold dropped 2 percent to $2,393.66 per ounce by 1139 GMT (0400 IST), while U.S. gold futures fell 1.4 percent, closing at $2,434.10. The broader market turmoil saw Japanese stocks tumble, surpassing losses from the 1987 Black Monday. This decline was driven by increasing fears of a U.S. recession, which led investors to offload riskier assets. Recent data showing a rise in the U.S. unemployment rate to 4.3 percent in July has raised expectations that the Federal Reserve…

The administrator of Reliance Capital (RCAP), facing financial difficulties, has accused IndusInd International Holdings Ltd (IIHL) of failing to comply with the National Company Law Tribunal (NCLT) order dated July 23. In an affidavit filed with the NCLT, the administrator claimed that instead of depositing Rs 2,750 crore into the designated escrow accounts as required, IIHL deposited the funds into its own accounts and those of its promoters. IIHL, however, stated in a separate affidavit that it had funds ready for transfer but was awaiting the establishment of escrow accounts as per agreed conditions. According to the NCLT’s July 23…

JSW Steel has filed a notice to relinquish its mining lease for the Jajang iron ore block in Odisha, citing “uneconomic operation.” The Jajang block, located in Keonjhar, was one of four iron ore mining leases acquired through an auction in 2020. JSW Steel announced in a regulatory filing on Saturday that it submitted the notice on August 3. The surrender of the mining lease will be finalized pending the necessary approvals, the company added.

Spending on outbound tourism is projected to surge from USD 18.82 billion in 2024 to USD 55.39 billion by 2034, according to a recent report. The “Navigating Horizons” report, prepared by Nangia NXT and Ficci, highlights that packaged tours continue to dominate India’s outbound tourism market, accounting for 39.20% in 2024. This preference for pre-planned packages stems from their convenience and customization options. The report notes that the availability of Indian or vegetarian food options and increased awareness of niche tourism are expected to boost the frequency and number of Indians traveling abroad in the coming years. The sector has…

Real estate firm House of Abhinandan Lodha plans to invest ₹1,800 crore in the financial year 2024-25 to expand its residential business, acquire land, and construct new projects. Chairperson Abhinandan Lodha shared this information with PTI on Sunday, August 4. According to Lodha, the total capital expenditure for this fiscal year will be around ₹1,800 crore, with ₹550 crore allocated for construction and the remainder for land acquisition. Founded in 2021, the Mumbai-based company has launched nearly 10 plotted projects across 650 acres in Maharashtra, Goa, and Ayodhya, Uttar Pradesh. Post-pandemic, demand for residential plots has surged, prompting the company…

The Enforcement Directorate (ED) announced on Sunday that Rs 1 crore in cash and “incriminating” documents were seized following raids on operators of a “fake” cryptocurrency investment scheme that defrauded people in Ladakh and other regions. The raids, conducted on August 2 in Leh, Jammu, and Sonipat in Haryana, were the first such operations by the ED in Ladakh. The investigation is focused on a fraudulent scheme that promised to double investments within 10 months through a fake cryptocurrency called Emollient Coin. According to the ED, the fake cryptocurrency was promoted by Naresh Gulia from Sonipat through a company named…

The Supreme Court is set to deliver its verdict on August 5 regarding the Aam Aadmi Party-led Delhi government’s challenge to the Lieutenant Governor’s decision to nominate aldermen to the Municipal Corporation of Delhi (MCD) without consulting the council of ministers. A bench led by Chief Justice DY Chandrachud and including Justices PS Narasimha and JB Pardiwala had reserved its decision on May 17 last year. According to the Supreme Court’s website, Justice PS Narasimha will be delivering the verdict. On May 17, the court had remarked that granting the Lieutenant Governor the power to nominate aldermen could potentially destabilize…

India Inc’s Q1 earnings have shown a mixed performance, with IT firms exceeding expectations while banks have reported somewhat disappointing results. As the earnings season approaches its end, key companies including Airtel, ONGC, LIC, Vedanta, and Tata Power are set to announce their June quarter results this week. Last week saw the release of Q1 results from several major companies, including Zomato, State Bank of India (SBI), Adani Power, Axis Bank, ICICI Bank, Tata Motors, Titan, and Britannia. Here is a schedule of the expected Q1 results for the week of August 5 to August 10: August 5: August 6:…

Last week, eight of the top-10 most valuable companies collectively lost Rs 1,28,913.5 crore in market value, with IT giants Tata Consultancy Services (TCS) and Infosys leading the decline amid a weak equities market. TCS experienced the largest drop, with its market capitalization falling by Rs 37,971.83 crore to Rs 15,49,626.88 crore. Infosys saw its valuation decrease by Rs 23,811.88 crore, bringing its market cap to Rs 7,56,250.47 crore. ITC’s market cap dropped by Rs 16,619.51 crore to Rs 6,11,423.11 crore, while State Bank of India’s valuation fell by Rs 13,431.54 crore to Rs 7,56,717.85 crore. Reliance Industries Limited’s valuation…

Byju Raveendran has petitioned the Supreme Court to be heard before it addresses a likely plea by US lenders challenging the National Company Law Appellate Tribunal (NCLAT) decision to dismiss insolvency proceedings against Byju’s. The petition was submitted on August 3, just one day after the NCLAT approved a settlement between Raveendran and the Board of Control for Cricket in India (BCCI). The US lenders objected to this settlement, claiming it was compromised and alleging that Raveendran was using funds ‘misappropriated’ from them to settle with BCCI. The NCLAT noted that the settlement was reached before the Committee of Creditors…