Author: Legal Parivar

Sembcorp’s India arm has taken legal action against Siemens Gamesa Renewable Energy and its parent company, Siemens Energy AG, filing a lawsuit in a Bengaluru court. The lawsuit aims to prevent Siemens Gamesa from proceeding with the sale of its entire India business, which includes manufacturing, maintenance, and service operations in the renewable energy sector. This move by Siemens Energy AG is interpreted as a strategic exit from the Indian market through the divestment of its local assets Legal Action and Court Proceedings:In its filing before the Principal City Civil and Sessions Judge in Bengaluru, Sembcorp has requested an injunction…

Indian Stock Market: Indian benchmark indices extended their record-breaking streak for a second consecutive session on June 26, with the Nifty breaching the 23,850 mark for the first time, driven by strong performances in banking and heavyweight stocks. By the close, the Sensex surged 620.73 points or 0.80 percent to reach 78,674.25, while the Nifty rose by 147.50 points or 0.62 percent to settle at 23,868.80. Both the BSE Sensex and Nifty50 indices touched new record highs of 78,759.40 and 23,889.90, respectively. The Nifty Bank index also hit an all-time high, approaching the 53,000 mark. After a subdued start, the…

Two terrorists were killed by security forces on Wednesday in ongoing clashes in the forested area of Doda district, Jammu and Kashmir, police officials reported. The intensified search and cordon operation by police, Army, and Central Reserve Police Force (CRPF) followed twin terrorist attacks in the district on June 11 and 12. A gunfight erupted around 9:50 am in Bajaad village, Gandoh area, resulting in casualties among both security personnel and militants. Six security personnel were injured in an attack on a joint check post at Chattargalla on June 11, while another skirmish with militants at Kota top in Gandoh…

Renowned investor Ashish Kacholia has made a significant investment of Rs 40 crore in Inox Green Energy Services by subscribing to equity shares and convertible warrants in a preferential issue, according to a recent stock exchange filing. Kacholia acquired 14.49 lakh equity shares in Inox Green at Rs 138 per share, totaling Rs 20 crore. Additionally, he subscribed to 13.79 lakh convertible warrants priced at Rs 145 per unit, amounting to another Rs 20 crore. Notably, investors are required to pay 25% of the subscription amount upfront for the warrants, with the remaining 75% payable upon conversion into equity shares…

MIC Electronics, a prominent small-cap stock in the Indian market with a market capitalization of ₹1,651 crore, has demonstrated significant growth, climbing from approximately ₹23.25 to ₹74.60 per share over the past year, marking a remarkable 220% rally. The stock opened with a substantial upside gap and reached an intraday high, locking in a 5% upper circuit during Wednesday’s trading session, indicating strong potential for further gains. In a recent exchange filing, MIC Electronics announced a notable achievement: receiving a completion certificate from the Ratlam Division of Western Railways. This certification underscores the company’s successful projects and its outlook for…

Kogta Financial, specializing in vehicle finance and MSME loans, has secured a Series E investment of $148 million from Ontario Teachers’ Pension Plan, a leading Canadian pension fund. This investment grants Ontario Teachers’ a significant minority stake in the Jaipur-based NBFC. The primary capital raised will fuel expansion across Kogta’s product offerings and geographical footprint, while also facilitating partial exits for existing institutional investors such as Morgan Stanley Private Equity Asia and Creador, backed by Multiples Alternate Assets Private Ltd. Ontario Teachers’ nominee, Rahul Mukim, Director of Private Capital for India, is set to join Kogta’s board as part of…

Britannia Industries recently announced the departure of its permanent workers from the historic Taratala factory in Kolkata, fueling speculation about the company’s potential complete withdrawal from West Bengal. On June 20, Britannia informed the exchanges that all permanent workers at its Taratala facility had opted for a voluntary retirement scheme (VRS), prompting discussions about the possible shutdown of one of its oldest units in India. Despite concerns, Amit Mitra, special advisor to the Chief Minister of West Bengal on finance, assured that Britannia remains committed to the state. He stated on June 25 that Varun Berry, MD of Britannia Industries,…

Sanjiv Bhasin, previously associated with IIFL Securities as a consultant, is under investigation by the market regulator for his alleged involvement in market manipulation, according to news report by Moneycontrol. Authorities have reportedly examined Bhasin’s digital devices as part of the investigation, gathering evidence related to the allegations. Requests for comment from Bhasin and the Securities and Exchange Board of India (SEBI) are pending responses. Bhasin’s association with IIFL Securities was on a contractual basis, and his contract was terminated prematurely due to health reasons on June 17, 2024. IIFL Securities clarified that Bhasin was not a member of its…

Jammu and Kashmir police reported on Wednesday that one terrorist was killed in an ongoing encounter with security forces in the forest area of Doda district. The operation was initiated as part of a search and cordon operation following twin terrorist attacks earlier this month in the district. The gunfight broke out in Bajaad village in the Gandoh area around 9:50 am, as state police, along with the Army and Central Reserve Police Force (CRPF), intensified their search and cordon efforts following the attacks on June 11 and 12, 2024. Security forces had been conducting anti-terror operations and had announced…

Zee Media Corporation Ltd witnessed an over eight percent increase in its share price following the announcement that its Board of Directors has approved exploring various fundraising options aimed at raising up to Rs 200 crore. The decision was taken during a board meeting held on June 26. As of 2 PM, Zee Media’s shares were up seven percent at Rs 15.3. The stock has gained more than 90 percent in the past year, marking today as the fourth consecutive day of gains. Zee Media plans to utilize permitted instruments for fundraising, including equity shares, preference shares, and other eligible…