Author: Legal Parivar

Prime Minister Narendra Modi took a pointed dig at Rahul Gandhi on Tuesday, suggesting an understanding of the frustration of those who faced significant electoral setbacks despite perpetuating falsehoods continuously. “Baalak buddhi ko kaun samjhaye ki tumne fail hone ka record bana diya hai. 10 elections have happened since 1984, Congress has not been able to cross 250. They are stuck at 99 this time,” he said.  Modi highlighted this as the ‘third-largest defeat’ suffered by the Opposition party to date. “It would have been better if Congress had accepted its defeat and respected the mandate of the people but…

The Government of India is considering selling a 5-7 percent stake in the Container Corporation of India (CONCOR) following lukewarm interest in its strategic sale for privatization, according to government sources. Options such as an offer for sale or qualified institutional placement (QIP) are being considered for the stake sale. As Per a news report by Money Control, The government has decided to indefinitely put the CONCOR divestment on hold due to a lack of potential buyers. Issues such as CONCOR’s inability to reduce its land leasing fee and insufficient support from the Ministry of Railways have been deterrents, complicating…

The National Highways Authority of India (NHAI) has issued show cause notices to 11 steel companies across India for failing to meet the specified quality standards for reinforcement steel bars, or rebar, used in highway construction. The notices, issued between June 19 and June 21, cited issues related to the quality of TMT bars supplied by these companies. The companies receiving notices include Agrawal Foundries Pvt Ltd, MSP Steel and Power Ltd, Shri Bajrang Power and Ispat Ltd, Hira Steel Ltd, Shree Nakoda, Gallant TMT, Prime Gold JVC, Kamachi Industries Limited, SRMB Srijan Pvt Ltd, Shakambari Ispat and Power Ltd,…

The deadline for filing income tax return for the financial year 2023-24 (assessment year 2024-25) is approaching on July 31. If you haven’t started the process yet, it’s important to begin preparing now. One of the initial steps is identifying the correct ITR form for your situation. This year, the new ITR forms released by the income tax (I-T) department require additional details about tax deductions, such as donations to political parties, information on disabled dependents’ PAN and Aadhaar for deductions under section 80DD, and data on high-value policies. Here are the key changes across forms that you should be…

On July 2, the Karnataka High Court overturned a National Company Law Tribunal (NCLT) order that had prevented the troubled edtech company Byju’s from launching a second rights issue. Justice Krishna Kumar announced that the case would be sent back to the NCLT for reconsideration, with a detailed order to be released later. Investors, including Peak XV Partners, General Atlantic, the Chan-Zuckerberg Initiative, and Prosus, had petitioned the NCLT to stop Byju’s second rights issue, arguing that it would further dilute their shares in the company. While NCLT orders are typically appealed to the National Company Law Appellate Tribunal (NCLAT),…

On Friday, the Securities and Exchange Board of India (SEBI) revoked the registration of LFS Broking and banned its Managing Director, Saiyad Jiyajur Rahaman, from working with any registered intermediary for five years due to violations of market regulations. In addition, SEBI canceled LFS Broking’s registrations as a stockbroker, portfolio manager, depository participant, and research analyst. “I note that since Noticee No. 2 (Saiyad Jiyajur Rahaman) has not acted with integrity, honesty, and has not displayed ethical behavior and fairness, he ceases to be a fit and proper person in terms of the Intermediaries Regulations,” stated SEBI’s Whole Time Member…

If you are a taxpayer who has obtained a Tax Deduction and Collection Account Number (TAN) from the National Securities Depository Limited (NSDL), there may come a time when you need to surrender or cancel TAN. Whether you have ceased business operations, consolidated your accounts, or no longer require a TAN for any reason, knowing the correct procedure is crucial. This guide will walk you through the process of surrendering or canceling your TAN online, ensuring a smooth and hassle-free experience. Understanding TAN and the Application Process What is a TAN Application? A TAN application refers to the process of…

The Competition Act, 2002, represents a significant piece of legislation designed to foster and maintain competition in India’s markets. It aims to protect consumer interests, ensure freedom of trade, and create a level playing field for all market participants. Replacing the Monopolies and Restrictive Trade Practices Act, 1969, the Act modernizes India’s approach to competition regulation in line with global best practices. Historical BackgroundIndia’s journey towards competition law began post-independence with the Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act). The MRTP Act aimed to curb monopolistic practices, but over time, it became inadequate to address the complexities of…

Shares of IIFL Securities dropped up to 2 percent to Rs 222 apiece on June 27 following reports that market regulator SEBI is investigating market expert Sanjiv Bhasin for his alleged involvement in stock market manipulation. Year-to-date, the stock of this online trading platform has surged over 55 percent, outperforming the benchmark Nifty 50 index, which rose by 9 percent during the same period. According to reports, SEBI is conducting a probe into allegations of market manipulation and front-running against Bhasin. The investigation includes examining his digital devices as part of the evidence gathering process. Front-running is considered unethical, where…

Shares of Winny Immigration and Education Services debuted strongly on the NSE SME platform on June 27, opening at Rs 240 per share, marking a premium of over 71 percent from its issue price of Rs 140. Winny Immigration’s initial public offering (IPO) raised Rs 9.13 crores through a fresh issue of 6.52 lakh shares. The IPO subscription period ran from June 20 to June 24, with allotments finalized on June 25. The IPO was priced at Rs 140 per share, offering investors a chance to participate with a minimum lot size of 1,000 shares, requiring a retail investment of…