Author: Legal Parivar

The Centre filed an affidavit with the Supreme Court on Friday, opposing the cancellation of the entire NEET UG 2024 examination held on May 5, citing lack of substantial evidence of widespread confidentiality breaches. The affidavit argues that annulling the exam would unfairly impact the efforts of lakhs of sincere candidates who participated in the test. Highlighting its commitment to conducting all competitive exams fairly and transparently, the Centre acknowledged the criticality of maintaining question paper confidentiality. It emphasized the need to prosecute individuals involved in any criminal breach of confidentiality with severe legal consequences. The affidavit also noted that…

JSW Group subsidiary JSW Energy Ltd announced a capital expenditure plan of ₹15,000 crore for the current financial year (FY25) at its annual general meeting. Chairman and managing director Sajjan Jindal emphasized the company’s intentions to pursue acquisitions in the power sector alongside its investment plans. JSW Energy aims to achieve a total investment of ₹1.15 trillion to expand its renewable energy capacity to 20 GW and establish 40 GWh of battery storage under its ‘Strategy 2.0’. Jindal highlighted the company’s progress in commissioning projects for power generation, battery storage, and green hydrogen production. He noted that the recently completed…

New demat accounts openings surged to a four-month high in June, driven by continued foreign investor activity in India’s bullish market. According to data from the Central Depository Service and National Securities Depository, over 42.4 lakh demat accounts were opened, marking a significant increase from the previous month’s 36 lakh and a substantial rise from 23.6 lakh a year ago. This surge represents the fourth instance of monthly demat additions surpassing 40 lakh, following milestones in December 2023, January 2024, and February 2024. The total number of demat accounts now exceeds 16.2 crore, reflecting a 4.24 percent month-on-month increase and…

Effwa Infra and Research IPO has been highly oversubscribed on its first day of bidding, driven by strong demand. The IPO, which opened on July 5 and closes on July 9, is a book-built issue. The company offers engineering, consulting, procurement, construction, and project management services. As of July 5, the IPO has been subscribed 9.33 times overall, with the retail category oversubscribed by 16.35 times and the Non-Institutional Investors (NII) category by 5.20 times. The grey market premium (GMP) for Effwa Infra IPO is ₹90 per share, implying a trading price of ₹172 per share, a significant premium over…

Yes Bank share price surged over 8% on Friday, driven by heavy trading volumes. The shares hit an intraday high of ₹25.90 apiece on the BSE, marking an 8.09% increase from the previous close. Trading volume for Yes Bank shares on July 5 also saw a significant rise, with around 51 crore shares traded compared to the average one-week volume of 15 crore shares. At 2:10 pm, Yes Bank shares were trading 9.02% higher at ₹26.12 apiece on the BSE.

On Friday, July 5, shares of small-cap stock BGR Energy surged to their 5 percent upper circuit at ₹44.13 per share following the announcement of the company’s plans to raise up to ₹1,000 crore through a rights issue of equity shares. This decision was approved by the company’s Board of Directors in a meeting held on July 4. In an official filing with the stock exchanges, BGR Energy Systems Ltd stated, “We wish to inform you that the Board of Directors of the Company has considered and approved the offer and issuance of equity shares of face value of ₹10…

On July 5, members of Godrej Agrovet’s (GAVL’s) promoter group announced their intention to acquire a 2.16 percent stake in the company through a block deal, according to a stock exchange filing. Promoters Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Smita Godrej Crishna, Nyrika Holkar, and Freyan Crishna Bieri submitted their proposal to buy 2.16 percent of the paid-up equity share capital of GAVL in aggregate from RKN Enterprises, a partnership firm, via a block deal. The promoters plan to acquire 4,146,156 equity shares, with the transaction expected to be completed within the next four days. As of 13:12 pm on…

Shares of Raymond soared 18.5 percent to reach a record high on July 5 after the board approved the demerger of its real estate business, Raymond Realty. At 01:35 pm, Raymond’s shares were trading at Rs 3,299.90 on the NSE, down from the record high of Rs 3,484. The demerger aims to consolidate the conglomerate’s real estate business into a single entity, facilitating growth opportunities and attracting new investors and strategic partners, according to Raymond. Under the demerger plan, Raymond will issue 6.65 crore shares of Raymond Realty with a face value of Rs 10 per share. Shareholders of Raymond…

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…