Author: Legal Parivar

The deadline for filing the Income Tax Return (ITR) for the Financial Year 2023-24 was July 31. Since the Income Tax Department did not extend this deadline, those who missed it must pay additional penalties when filing a belated return by December 31, 2024. Penalties for Missing the ITR Deadline: Consequences of Missing the ITR Deadline: In addition to facing penalties, taxpayers who file their ITRs late will lose certain benefits and privileges: Exemption from Penalties: Individuals whose taxable income is below the basic exemption limit can still file their ITR to claim a refund without facing penalties for late…

Mukund Jha, co-founder and former CTO of Dunzo, is negotiating to raise Rs 50-80 crore (approximately $6-10 million) from Together Fund for his new startup, according to news rport by Moneycontrol. This funding effort follows Jha’s departure from Dunzo in October 2023, as reported earlier. Jha is in the process of launching a generative artificial intelligence (Gen AI) company that aims to automate quality assurance (QA) processes. This venture will blend AI with SaaS to enhance the QA phase, which involves testing, error detection, and feedback to ensure product quality. The move comes amid a trend where many top executives…

The Carlyle Group has increased the size of its block deal in PNB Housing Finance, now looking to divest a 12.8% stake instead of the previously planned 6.4%. This move aims to raise Rs 2,511 crore, double the earlier target of Rs 1,256 crore. The deal’s floor price is set at Rs 755 per share, which reflects a 5% discount from the stock’s last closing price. Earlier reports indicated that Carlyle was considering selling up to a 6.4% stake to raise around Rs 1,255.6 crore. Motilal Oswal Investment Advisors Ltd and IIFL Securities are managing the transaction as book-running brokers.…

Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the need for strategic upskilling and reskilling in India’s financial sector as digitalization reshapes the industry. In the RBI’s Report on Currency and Finance for FY24, Das highlighted the challenges and risks associated with this transformation, including cybersecurity threats, data privacy issues, and emerging complex products. Das noted that digitalization introduces risks such as cybersecurity vulnerabilities, data breaches, and the proliferation of fraudulent apps and misleading practices. He stressed that these developments necessitate significant investments in human resources to address the sector’s evolving needs. The increased interconnectedness of financial systems could…

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%…