Author: Legal Parivar

Last week, eight of the top-10 most valuable companies collectively lost Rs 1,28,913.5 crore in market value, with IT giants Tata Consultancy Services (TCS) and Infosys leading the decline amid a weak equities market. TCS experienced the largest drop, with its market capitalization falling by Rs 37,971.83 crore to Rs 15,49,626.88 crore. Infosys saw its valuation decrease by Rs 23,811.88 crore, bringing its market cap to Rs 7,56,250.47 crore. ITC’s market cap dropped by Rs 16,619.51 crore to Rs 6,11,423.11 crore, while State Bank of India’s valuation fell by Rs 13,431.54 crore to Rs 7,56,717.85 crore. Reliance Industries Limited’s valuation…

Byju Raveendran has petitioned the Supreme Court to be heard before it addresses a likely plea by US lenders challenging the National Company Law Appellate Tribunal (NCLAT) decision to dismiss insolvency proceedings against Byju’s. The petition was submitted on August 3, just one day after the NCLAT approved a settlement between Raveendran and the Board of Control for Cricket in India (BCCI). The US lenders objected to this settlement, claiming it was compromised and alleging that Raveendran was using funds ‘misappropriated’ from them to settle with BCCI. The NCLAT noted that the settlement was reached before the Committee of Creditors…

A recent stock exchange filing revealed that Qatar Investment Authority, SBI Mutual Fund, and foreign investment funds Nomura and Citigroup were the largest investors in Adani Group’s power transmission unit’s USD 1 billion Qualified Institutional Placement (QIP). The QIP, totaling Rs 8,373.10 crore (USD 1 billion), concluded last week and attracted interest from over 120 investors in Adani Energy Solutions Ltd (AESL), a company specializing in power transmission, distribution, and smart metering. The filing noted that the board approved the allocation of over 8.57 crore shares to eligible institutional buyers at an issue price of Rs 976 per share, representing…

Amara Raja’s energy and mobility division has announced a partnership with Ather Energy to manufacture Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP) lithium-ion cells for electric two-wheeler batteries. The batteries will be produced at Amara Raja’s new Gigafactory in Divitipally, Telangana. This collaboration aims to support the growth of India’s electric vehicle market and promote the localization of EV technologies. Recently, Amara Raja also signed an agreement with Gotion-InoBat-Batteries (GIB) to adapt global LFP technology for Indian conditions.

The registration for the Common Admission Test (CAT) 2024 starts today, August 1, at 10 am. Aspiring MBA candidates can apply online at iim.cat.ac.in. The Indian Institute of Management Calcutta (IIM Calcutta) has announced that the CAT 2024 will be held in November 2024. The exam will be conducted across 170 cities in India. During registration, applicants can choose up to five cities for their preferred exam centres, though the list may be updated based on the discretion of the CAT authorities. For more details on the exam schedule and eligibility, visit the official CAT 2024 notification.

Akums Drugs IPO: On its second day of bidding, the Akums Drugs and Pharmaceuticals IPO has garnered significant interest, with the subscription status reaching 4.43 times. The retail investor portion was oversubscribed 8.98 times, while non-institutional investors’ quota was subscribed 8.48 times. The qualified institutional buyers (QIBs) section saw a 96% subscription rate, and the employee portion was subscribed 2.23 times. The IPO, which opened on July 30 and closes on August 1, has set its price band between ₹646 and ₹679. It was fully subscribed on its first day, reflecting strong investor interest. The company had previously raised ₹829…

Top 10 Updates on Wayanad Landslides:

The Income Tax Department reported on Wednesday that over 7 crore income tax returns (ITRs) have been filed as of 7 p.m. on July 31, with more than 50 lakh returns submitted on the final day alone. Taxpayers who have not yet filed their returns for the financial year 2024 are urged to do so promptly. The department’s 24/7 helpdesk is available for assistance with ITR filing. In a social media update, the department stated: “More than 7 crore ITRs have been filed as of July 31, including over 50 lakh filed today by 7 p.m. Our helpdesk is operational…

India has granted a two-year exemption from public shareholding norms to all state-run companies, extending until August 2026, as per a document reviewed by Reuters. Currently, all listed Indian companies, including public sector enterprises, are mandated to maintain a minimum public shareholding of 25% according to market regulator Securities and Exchange Board of India (SEBI) rules. SEBI will need to formalize this exemption for it to take effect.

A severe cloudburst in the Samej Khad area of Rampur, Shimla district, has led to 19 people being reported missing. Shimla Deputy Commissioner Anupam Kashyap has confirmed that the SDRF team has been dispatched to the affected area. Earlier today, a building in Kullu was swept away by the rapidly rising Parvati River. The regional meteorological office has issued an ‘orange’ alert for heavy to very heavy rainfall, thunderstorms, and lightning across all districts in Himachal Pradesh, except Kinnaur and Lahaul & Spiti. The alert includes warnings about potential landslides and flash floods in vulnerable areas, including Kullu, Solan, Sirmaur,…