Author: Legal Parivar

CESC Ltd announced on Monday that it has acquired a 63.91% stake in Purvah Green Power for ₹205 crore. Following this acquisition, Purvah Green Power Private Limited will become a direct subsidiary of CESC. In a regulatory filing, CESC detailed that it purchased 20,50,00,000 equity shares of Purvah Green Power, each valued at ₹10, totaling an investment of ₹205 crore. Previously, Purvah was a wholly-owned subsidiary of Crescent Power Limited, which itself is a subsidiary of CESC. CESC operates in the generation, transmission, and distribution of electrical power.

The Supreme Court on Monday upheld a National Consumer Disputes Redressal Commission (NCDRC) order requiring a developer to refund the entire amount paid by home buyers due to delayed possession of their flats. The bench, consisting of Justices B R Gavai and Sandeep Mehta, increased the interest rate from the 9% awarded by the NCDRC to 12%. The court noted that the home buyers endured significant hardship through no fault of their own, stating, “In our view, the commission should have awarded interest at a rate of 12% per annum, in line with clause 7(b) of the Agreement.” The bench…

Tata Steel announced on Monday that it has acquired more than 557 crore equity shares in its Singapore-based subsidiary, T Steel Holdings Pte Ltd (TSHP), for USD 875 million. In May, Tata Steel’s board had approved a capital infusion into TSHP through the subscription of equity shares in multiple tranches. The company confirmed in an exchange filing that it has now completed the acquisition of 557,32,48,408 equity shares, each with a face value of USD 0.157, totaling USD 875 million (approximately Rs 7,324.41 crore). Following this transaction, TSHP will remain a wholly-owned subsidiary of Tata Steel.

McDonald’s Corp. experienced its first decline in sales since 2020 during the second quarter of this year, missing analysts’ expectations for modest growth. The fast-food giant reported a 1% drop in comparable sales, a key metric that tracks revenue from restaurants open for over a year. This decline was observed across all geographic segments, including the US, where reduced foot traffic contributed significantly to the downturn. The company’s shares remained largely unchanged in early trading in New York. Year-to-date, McDonald’s stock has fallen by 15%, contrasting with a 14% gain for the S&P 500 index over the same period. Earnings…

India’s central government debt is expected to surge to ₹185.27 trillion, or 56.8% of GDP, by FY25, up from ₹93.26 trillion, or 49.3% of GDP, in FY19, as stated by Minister of State for Finance Pankaj Chaudhary in a Lok Sabha reply on Monday. This projected increase reflects a substantial rise over the past six years, driven by fiscal challenges and strategic economic policies. The growing debt underscores the government’s need to balance economic pressures with public spending. Debt levels have risen due to increased expenditures on public services, infrastructure, and economic stimulus measures. Higher debt typically signals a fiscal…

On July 29, Domestic Institutional Investors (DIIs) were net buyers of shares worth ₹5,666 crore, while Foreign Institutional Investors (FIIs) were net sellers, offloading shares worth ₹2,474 crore, according to provisional data from the NSE. DIIs purchased shares worth ₹18,993 crore and sold shares worth ₹13,328 crore during the trading session. Conversely, FIIs bought shares worth ₹17,372 crore but sold equities totaling ₹19,846 crore. For the year to date, FIIs have net purchased shares amounting to ₹1.6 lakh crore, while DIIs have acquired shares worth ₹2.56 lakh crore. At market close, the Sensex was up by 23.12 points or 0.03%…

On Monday, the Supreme Court launched its five-day Special Lok Adalat aimed at resolving disputes through amicable settlements. Chief Justice of India DY Chandrachud encouraged public participation in the Special Lok Adalat to resolve cases swiftly and amicably. CJI Chandrachud highlighted a past success story from a Lok Adalat, where a divorce case was resolved with both parties choosing to stay together despite earlier disputes. He noted, “In one case, a man seeking divorce and his wife seeking maintenance and child custody decided to reconcile when they came to Lok Adalat.” The Special Lok Adalat, which runs from July 29…

The Securities and Exchange Board of India (SEBI) is returning draft IPO papers to merchant bankers, citing inadequate due diligence or disclosure as reasons, according to Moneycontrol’s report on July 29. This move sends a strong message to the investment banking community. Among the IPOs affected are those from Garuda Construction, Jaykay Enterprises, KRN Heat Exchange, Diffusion Engineers, Shree Tirupati Balaji Agro Trading, Gretex Broking, and Stallion Fluorochemicals. Additionally, SEBI has returned the draft documents for Vishal Mega Mart and Avanse Financial Services on technical grounds. In recent months, SEBI has returned over 10 draft red herring prospectuses (DRHPs) to…

The market regulator, Securities and Exchange Board of India (SEBI), has proposed expanding the definition of “connected persons” under the SEBI Prohibition of Insider Trading Regulations (PIT Regulations) to include additional relatives. Currently, “connected persons” are defined as individuals who are likely to have access to unpublished price-sensitive information (UPSI) due to their employment or profession, and their immediate relatives, such as parents, siblings, and children. SEBI’s new proposal seeks to broaden this definition by adding more categories of relatives. In a consultation paper dated July 29, SEBI proposed amending regulation 2(1)(d) to replace the term “immediate relative” with “relative.”…

Steel products manufacturer Goodluck India reported a 22 percent increase in consolidated net profit to Rs 34.99 crore for the June 2024 quarter, up from Rs 28.59 crore in the same period last year. The company’s total income grew to Rs 917.73 crore, compared to Rs 859.05 crore in the April-June quarter of FY2023-24. Expenses also increased to Rs 869.87 crore, up from Rs 818.92 crore a year ago. Chairman M C Garg attributed the growth to sustained demand for the company’s products both domestically and internationally. To address the rising demand, particularly for high-value items, the company has been…