Author: Legal Parivar

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…

Reasons Behind Sensex’s Record RiseThe BSE Sensex achieved a new milestone by reaching 80,375, driven by optimistic global market sentiments amid speculation about a potential interest rate cut by the US Federal Reserve. This marks a significant surge from the 70,000 level touched in December 2023. Today’s rally saw robust buying across various sectors, with notable gains in stocks like ICICI Bank, Infosys, TCS, HCL Technologies, Tata Motors, and NTPC. Expert Insights and Market OutlookSiddhartha Khemka, Head of Retail Research at Motilal Oswal, attributed the continued market highs to favorable global trends and supportive comments from US Fed Chair Powell.…

Shares of Cello World surged nearly 7% to reach an all-time high of Rs 1,025 on July 4, following the company’s launch of a qualified institutional placement (QIP) aimed at raising Rs 730 crore. As of 10:44 am, Cello World shares were trading at Rs 992.05 on the NSE, slightly off their peak reached earlier in the session. The news of the QIP also led to a significant increase in trading volumes, with 10 lakh shares changing hands, well above the one-month daily average of four lakh shares. In the QIP, Cello World is offering equity shares at a floor…

Inox Wind witnessed a significant surge of over 13% in its share price on July 4, following the announcement of a substantial Rs 900 crore capital infusion from its promoter, Inox Wind Energy Limited (IWEL). This capital injection was achieved through the sale of equity shares in block deals on stock exchanges, attracting participation from several prominent investors. According to a regulatory filing, Inox Wind finalized this capital infusion on July 4, marking a crucial step towards achieving a debt-free status for the company. The funds raised will primarily be used to reduce external term debt, thereby bolstering Inox Wind’s…

North India-focused healthcare services company Paras Hospitals is preparing to file its draft papers for an initial public offering (IPO) with the markets regulator (SEBI). The hospital chain aims to raise fresh capital for expansion while facilitating an exit for its private equity investor, Creador, which has held its investment for eight years, according to a report by moneycontrol. Sources indicate that Paras Hospitals is finalizing its draft red herring prospectus (DRHP) and expects to file it with SEBI within the next two to three weeks. The IPO aims to raise approximately Rs 300 crore to Rs 400 crore in…

Lupin, a prominent pharmaceutical player, experienced a notable surge in its share price, climbing over 5% during morning trading on BSE on July 4. This rise came on the heels of a double upgrade from Kotak Securities, a leading brokerage firm. Kotak Institutional Equities upgraded Lupin’s stock rating from ‘sell’ to ‘add’ and revised its fair value target from ₹1,400 to ₹1,805, indicating a potential upside of nearly 11% from the previous day’s closing price. The brokerage highlighted Lupin’s robust US portfolio, projecting that it is well-positioned to exceed market expectations in fiscal years 2025 and 2026. Specifically, Kotak expects…

Vedanta shares saw a modest increase of over 1% in early trading on July 4, following the company’s business update for the June quarter. Led by Anil Agarwal, the conglomerate reported higher production levels of aluminium, zinc, iron ore, and steel during Q1FY25. Specifically, Vedanta noted a 3% growth in aluminium output to 596,000 tonnes and stable zinc production at 262,000 tonnes in India. However, Zinc International experienced a decline in mined metal output from 68,000 tonnes to 38,000 tonnes year-over-year. In contrast, the company’s oil and gas production decreased by 17%, averaging 112,400 barrels of oil equivalent per day…

UltraTech, under the leadership of Kumar Mangalam Birla, is currently engaged in advanced negotiations to acquire Orient Cement Ltd (OCL) from CK Birla, according to a report from Economic Times. This move marks a renewed effort amidst significant consolidation activities in the cement sector. UltraTech aims to outbid Adani Cement and enhance its presence in southern and western markets, particularly Maharashtra and Telangana. Recently, UltraTech acquired a 23% stake in India Cements, signaling its robust expansion strategy. Sources familiar with the matter revealed to ET that UltraTech has proposed a price range of Rs 350-375 per share for Orient Cement,…

Filing your Income Tax Return (ITR) in India is not only a legal requirement but also offers numerous benefits for taxpayers. Here’s a look at some major advantages: Benefits of Filing ITR Steps for Online Registration on the e-Filing Portal The deadline for filing ITRs for the financial year 2023-24 (AY 2024-25) is approaching. Taxpayers must submit their returns by July 31, 2024. With the emphasis on digital filing, registering on the e-filing portal is essential. You will need your Aadhaar card, PAN card, a valid mobile number, and a valid email ID. Online Registration Guide Once the procedure is…