Author: Legal Parivar

The government has mandated that stainless steel and aluminium kitchen utensils must conform to national quality standards, as announced by the Bureau of Indian Standards (BIS) on Friday. This initiative, led by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry, involves a Quality Control Order issued on March 14, requiring these kitchen utensils to carry the ISI mark. The ISI mark, developed by BIS, guarantees product quality and safety. According to BIS, the order bans the manufacture, import, sale, distribution, storage, or display of any stainless steel or aluminium utensils without…

To facilitate ease of business for credit rating agencies (CRAs), the market regulator SEBI has issued specific timelines for periodic surveillance actions. Previously, timelines were only provided for initial rating reporting. In a circular dated July 4, SEBI outlined new timelines for handling appeals filed by issuers following CRAs’ periodic rating surveillance. According to the circular, this move aims to standardize the handling of appeals and was developed in consultation with various stakeholders, including CRAs. The new provisions will take effect from August 1, 2024. Under the new guidelines, the following steps must be followed: Previously, the guideline only specified…

Multiplier Brand Solutions has appealed to the National Company Law Appellate Tribunal (NCLAT) against a National Company Law Tribunal (NCLT) order that dismissed its insolvency plea against Amazon Wholesale (India). A three-member NCLAT bench, including Chairperson Justice Ashok Bhushan, has scheduled the next hearing for July 15. The Delhi-based NCLT bench rejected Multiplier Brand Solutions’ insolvency plea on March 5, 2024. As an operational creditor, Multiplier Brand Solutions filed the plea under Section 9 of the Insolvency & Bankruptcy Code, alleging a default of ₹3.7 crore for eight invoices issued between March and May 2023. The dispute involves a novation…

Over 50 successful NEET-UG candidates from Gujarat, including several top rankers, have approached the Supreme Court requesting intervention to prevent the cancellation of the controversial exam. They are seeking a directive for the Union Education Ministry to investigate and take strict action against those involved in unfair practices such as paper leaks and impersonation during the NEET-UG exam held on May 5 this year. The petition, filed by 56 students just before a Supreme Court bench led by Chief Justice DY Chandrachud is set to hear 26 petitions related to the exam’s conduct and demands for remedies like re-tests and…

Investor enthusiasm for Emcure Pharmaceuticals IPO on its second bidding day was notably strong, reflecting robust market conditions. The offering has garnered substantial interest from non-institutional investors, individual investors, and qualified institutional buyers alike. Emcure Pharmaceuticals, headquartered in Pune, is engaged in extensive research, development, production, and global marketing of a diverse range of pharmaceutical products across crucial therapeutic areas. The IPO’s public subscription, priced between ₹960 and ₹1,008 per share, commenced on July 3 and will conclude on July 5. The IPO includes new equity shares worth ₹800 crore, alongside the issuance of 1.14 crore equity shares at the…

LIC has increased its stake in IDFC First Bank by acquiring an additional 0.2 percent through private placement, disclosing this move in an exchange filing on July 4. The purchase was made at Rs 80.63 per share, purely for investment purposes, bringing LIC’s total stake in IDFC First Bank to 2.68 percent. So far this year, IDFC First Bank shares have declined by 7.6 percent, though they have seen a slight increase of 3 percent over the past twelve months. On May 30, IDFC First Bank approved the issuance of shares worth Rs 3,200 crore on a preferential basis at…

Following in the footsteps of Zomato, Swiggy, the online food and grocery delivery platform, has launched its own UPI (Unified Payments Interface) service. This move aims to reduce dependency on external apps, minimize payment failures, and streamline the checkout experience. Swiggy’s new in-app payment service is being launched through the UPI-Plugin in partnership with Yes Bank and Juspay, unlike Zomato, which applied for a Third Party Application Provider (TPAP) license last year to offer a similar service. “Swiggy has currently launched this in a closed user group (CUG) to its employees and will soon start opening this in phases to…

The Delhi High Court on Thursday referred a trademark infringement case between Tesla Inc and Tesla Power to mediation, after both companies agreed to try and settle the dispute this way. Starting July 18, a senior mediator from the Delhi High Court Mediation and Conciliation Centre will handle the matter. If mediation fails, a court bench will hear the case on September 18. Chander Lall, a senior lawyer representing Tesla Inc, expressed skepticism about mediation’s effectiveness, stating that Tesla Power was unlikely to give up its brand. “Mediation will not work when it comes to their brand—they are not going…

The National Company Law Tribunal (NCLT) has ordered Byju’s to pay employee salaries regardless of its access to funds raised through its rights issue, warning of an audit if payments are not made. During a hearing on July 4, the Bengaluru bench of NCLT stated, “You are a company that is functioning. Surely you should be having revenues,” in response to employees seeking their unpaid salaries. The tribunal cautioned that if the company failed to pay staff, it would initiate an audit by the Institute of Chartered Accountants of India (ICAI). Byju’s has been instructed to respond to the employees’…

Starting August 1, 2024, qualified stock brokerages (QSBs) will be required to implement specific measures to prevent and detect fraud or market abuse. Other brokerages will have staggered deadlines to comply: those with more than 50,000 active unique client codes (UCCs) must implement the measures by January 1, 2025; brokerages with 2,001 to 50,000 UCCs by April 1, 2025; and those with up to 2,000 UCCs by April 1, 2026. In a circular issued on July 4, the Securities and Exchange Board of India (SEBI) outlined several obligations for stock brokers: The circular noted that the operational standards and implementation…