Author: Legal Parivar

The Supreme Court questioned six rebel Congress MLAs in Himachal Pradesh about their failure to approach the high court to challenge their disqualification. These MLAs had sided with Bharatiya Janata Party (BJP) candidates during the Rajya Sabha polls, prompting the Congress to file a plea against them for defying the party whip. Responding to the Congress’s plea, Himachal Pradesh Assembly Speaker Kuldeep Singh Pathania disqualified the six MLAs on February 29. Among those disqualified were Rajinder Rana, Sudhir Sharma, Inder Dutt Lakhanpal, Devinder Kumar Bhutoo, Ravi Thakur, and Chetanya Sharma. As a result, the effective strength of the House decreased…

During discussions with the media, BJP National General Secretary Tarun Chugh hailed the leadership of former Haryana CM Manohar Lal Khattar, referring to him as a “senior and experienced leader.” Chugh indicated that the party is preparing to entrust Khattar with a significant responsibility in the near future. Manohar Lal Khattar tendered his resignation from the chief minister’s post on Tuesday. Subsequently, Nayab Singh Saini was sworn in as the new Haryana CM in the presence of Governor Bandaru Dattatreya. The swearing-in ceremony also witnessed the induction of several leaders as Haryana cabinet ministers.

The Congress party has unveiled its second roster of candidates for the forthcoming Lok Sabha elections. According to Congress General Secretary KC Venugopal, Nakul Nath, the son of former Madhya Pradesh Chief Minister Kamal Nath, will be contesting from Chhindwara, while Vaibhav Gehlot, the son of former Rajasthan Chief Minister Ashok Gehlot, will be vying for the seat from Jalore. Additionally, Congress MP Gaurav Gogoi is slated to run from Jorhat in Assam. KC Venugopal also disclosed that Rahul Kaswa will be contesting from Churu in Rajasthan. This roster comprises 43 candidates, including 10 General candidates, 13 OBC candidates, 10…

The Popular Vehicles and Services IPO commenced with a slow uptake on Day 1, witnessing full subscription of the employee portion. Retail and non-institutional investors exhibited gradual interest, resulting in an overall subscription status of 27%, as per data from BSE. Retail investors subscribed to 47% of their portion, while non-institutional investors secured 11%. The Qualified Institutional Buyers (QIB) segment remains unbooked. The employee segment showed robust interest, with a subscription rate of 3.83 times. The IPO, which opened on Tuesday, March 12, and closes on Thursday, March 14, offers shares in the price band of ₹280 to ₹295 per…

Jet Airways sees a glimmer of hope in its revival efforts as an appellate tribunal instructs the bankrupt airline’s lenders to transfer ownership to the successful bidder, the Jalan-Karlock consortium, within a 90-day timeframe. The National Company Law Appellate Tribunal, on Tuesday, upheld the resolution plan for Jet Airways, which has been grounded since 2019 due to accumulating debt and a liquidity crisis. Earlier, in January 2023, the National Company Law Tribunal permitted the handover of Jet Airways’ ownership to the Jalan-Karlock consortium. However, the airline’s lenders contested this decision, citing alleged non-compliance by the consortium with the resolution plan.…

L&T Finance Holdings Ltd. (LTFH), a Non-Banking Financial Company, announced on March 12th that it has entered into a financing agreement with the Japan International Cooperation Agency (JICA) for $125 million. This funding aims to support lending activities in rural and peri-urban areas of India, with a specific focus on empowering women borrowers. As per L&T Finance’s press release, in November 2023, LTFH secured a $125 million loan from the Asian Development Bank (ADB). Under the co-financing arrangement, an additional $125 million loan is now being procured from JICA. Sachin Joshi, the Chief Financial Officer of LTFH, commented, “We consider…

The market regulator has directed Vedanta India, previously known as Cairn India Ltd, to compensate Cairn UK Holdings Limited (CUHL) with Rs 77.62 crore along with an 18 percent per annum simple interest for the delayed dividend payment. Additionally, the Securities and Exchange Board of India (SEBI) has instructed the company’s Chairman and Managing Director (CMD) Navin Agarwal, Whole-Time Director Tarun Jain, Whole-Time Director and Chief Executive Officer (CEO) Thomas Albanese, and Whole-Time Director and Chief Financial Officer (CFO) GR Arun Kumar to refrain from accessing the securities market for a period of two months. Non-executive director Priya Agarwal and…

The Union Finance Ministry’s Department of Financial Services (DFS) has instructed all public sector banks to ensure builders’ compliance with RERA norms regarding the withdrawal of funds from escrow accounts designated for construction purposes, according to officials familiar with the situation. This directive follows a recommendation from the Haryana Real Estate Regulatory Authority (HARERA) to the DFS secretary, urging all banks to ensure adherence to RERA norms when allowing withdrawals from RERA accounts by real estate project promoters. In accordance with RERA norms, developers are required to deposit 70 percent of the funds collected from homebuyers into an escrow account,…

Shares of the State Bank of India (SBI) experienced a significant downturn today after the Supreme Court’s constitution bench dismissed the bank’s request for an extension to disclose the details of electoral bonds. The apex court directed SBI to share the electoral bonds details by the end of business hours on Tuesday, March 12, 2024. The five-judge constitution bench, led by Chief Justice of India DY Chandrachud, deemed SBI’s plea for an extension unwarranted, citing provisions of the electoral bonds scheme that mandate disclosure upon court request. Saurabh Jain, Vice President of Research at SMC Global Securities, explained, “SBI’s shares…

Pratham EPC Projects IPO: Within hours of opening, the initial public offering (IPO) of Pratham EPC Projects has been oversubscribed due to strong investor demand. The IPO, categorized as an SME IPO, began its subscription today, March 11, and will close on March 13. Pratham EPC Projects aims to raise ₹36 crore from the public offer. Let’s delve into the Pratham EPC IPO’s subscription status, GMP (Grey Market Premium) today, and other pertinent details. Subscription Status:As of Monday, the first day of the bidding process, Pratham EPC Projects IPO has been subscribed 4.40 times. Investors have bid for 1.40 crore…