Author: Legal Parivar

The National Company Law Appellate Tribunal (NCLAT) has rejected the petition of Adesh Kumar Gupta, former CEO and Executive Director of Liberty Shoes, seeking an exemption from the minimum shareholding requirement to file a case alleging oppression and mismanagement against the company. Gupta holds a 5.83% stake in Liberty Shoes and was removed from his position as executive director on September 30, 2023. The company officially notified the stock exchange of his removal on November 21, following the Chandigarh bench of the National Company Law Tribunal (NCLT) dismissing his previous plea on November 20, 2022. Gupta appealed to the NCLAT…

The National Consumer Helpline (NCH) has successfully facilitated a refund of ₹1 crore in enrolment fees for students and aspirants of various competitive exams, including UPSC Civil Services and IIT entrance, as announced by the government on Sunday. These refunds were processed at a pre-litigation stage after the Consumer Affairs Ministry intervened in response to widespread grievances against coaching centres. Consumer Affairs Secretary Nidhi Khare emphasized that this action underscores the commitment to ensuring coaching institutions practice fairness and respect consumer rights. Following numerous complaints about unfair practices, particularly refusals to refund enrolment fees, the NCH launched a mission-mode initiative…

The Delhi High Court has put a hold on the enforcement of a ₹300-crore arbitral award won by a consortium led by ONGC against the Italian energy giant ENI Group in 2021. Justice Prateek Jalan issued the stay after ENI deposited over ₹296 crore in the court. The ruling also allows ONGC to initiate proceedings regarding the funds held in an international bank account belonging to the ENI group. Additionally, the court permitted the Italian company to submit objections to ONGC’s execution petition. According to ONGC, the foreign energy firm is required to pay USD 31,577,805 as per the award.…

Foreign investors have poured nearly ₹33,700 crore into domestic equities this month, driven primarily by the recent interest rate cut in the U.S. and the robustness of the Indian market. This marks the second-highest monthly inflow this year, trailing only March, when Foreign Portfolio Investors (FPIs) invested ₹35,100 crore, according to depository data. As of September 20, FPIs had net investments of ₹33,691 crore in equities this month, bringing their total investment in equities to ₹76,572 crore for the year. After withdrawing ₹34,252 crore in April and May, FPIs have been consistently buying since June. In September, FPIs remained optimistic…

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…