Author: Legal Parivar

DB Realty is poised to raise up to Rs 1,500 crore through a qualified institutional placement (QIP) at Rs 258 per share, as per sources informed CNBC-TV18 on March 8. Reportedly, the company intends to utilize the proceeds from the QIP for business expansion and loan repayment. Rekha Jhunjhunwala, the spouse of the late investor Rakesh Jhunjhunwala, holds a stake in the real estate firm. The QIP’s base size is anticipated to be Rs 1,000 crore, with a greenshoe option to raise an additional Rs 500 crore. The total equity dilution is projected to be 10.4%. The indicative price of…

Tata Sons, the holding company of the Tata Group, is reportedly undergoing a restructuring initiative to comply with regulations outlined by the Reserve Bank of India (RBI). According to The Economic Times, the RBI has declined to provide any exemptions following an informal request to waive the requirement for non-banking finance companies (NBFCs) classified in the ‘upper layer’ to be listed. NBFCs in the ‘upper layer’ are deemed systemically important and have substantial interconnectedness with the financial system. An official familiar with the matter told ET that Tata Sons is exploring various options to adhere to the regulations. One potential…

Flipkart, India’s leading e-commerce giant, is poised to venture into the quick commerce sector, as per Entrackr’s report citing insider sources. The company aims to strategically establish dark stores in key cities like Bengaluru, Delhi (NCR), and Hyderabad, with plans to introduce 10-15 minute deliveries in around a dozen cities within the next six to eight weeks. This move into quick commerce underscores Flipkart’s strategic initiatives, evidenced by recent launches such as same-day delivery in 20 cities and the introduction of flower and cake deliveries during the Valentine’s season in February 2024. Flipkart is anticipated to offer a wide-ranging product…

The Congress party is set to unveil its initial roster of candidates from approximately ten states and union territories for the 2024 Lok Sabha elections. Expected to feature prominently in the list is Rahul Gandhi, whose candidacy from Wayanad in Kerala has been endorsed by the party’s Central Election Committee (CEC) following its inaugural meeting in the national capital. Jairam Ramesh, Congress General Secretary in-charge of Communications, informed the press agency ANI, “I anticipate that the announcement of candidates from the states discussed during yesterday’s meeting will be made either today or tomorrow.” Chaired by party chief Mallikarjun Kharge and…

As part of its vision to establish Gujarat as India’s semiconductor hub, the state government has assigned 188 acres of land to Tata Group and CG Power. Around 160 acres in Dholera have been earmarked for Tata Group’s ambitious plan to construct the nation’s first mega semiconductor fabrication plant, requiring an estimated investment of Rs 91,000 crore. CG Power, venturing into a Rs 7,600-crore ATMP plant, has been granted 28 acres in Sanand, according to a Business Standard report. The groundbreaking ceremony for both projects is slated for March 13 and is expected to witness the participation of senior politicians…

“On the occasion of International Women’s Day, Prime Minister Narendra Modi announced on March 8 that the Centre will slash LPG cylinder prices by Rs 100. Taking to his official X account, PM Modi stated, ‘This move will substantially alleviate the economic strain on numerous households nationwide, particularly benefiting our Nari Shakti. By enhancing the affordability of cooking gas, we also strive to promote the welfare of families and foster a healthier environment. This initiative aligns with our dedication to empowering women and ensuring ‘Ease of Living’ for all.'”

Top food companies, including ITC, PepsiCo India, Balaji Wafers, and Prataap Snacks, are embroiled in a dispute with the Directorate General of GST Intelligence over the application of an 18% goods and services tax (GST) on snack foods. This disagreement stems from a recent government clarification that classifies snacks into extruded and non-extruded categories, as per sources in the food industry. Extrusion involves shaping ingredients by pushing them through a machine, a process commonly used in producing ready-to-eat snacks like Kurkure, Yellow Diamond puffs, and Bingo Mad Angles. Biscuits and potato chips, on the other hand, are considered non-extruded snacks.…

A Delhi court on Thursday extended the judicial custody of Aam Aadmi Party (AAP) leaders Manish Sisodia and Sanjay Singh regarding a money laundering case linked to an alleged excise scam. According to PTI, Special Judge M K Nagpal prolonged their custody following the expiration of their earlier judicial remand. The Enforcement Directorate (ED) sought an extension of their judicial custody, citing the critical stage of the case and expressing concerns that the accused might interfere with the ongoing investigation if released. As per the Central Bureau of Investigation (CBI), irregularities arose during the modification of the Delhi excise policy.…

Delhi Traffic Police has issued a traffic advisory for commuters today, March 8, due to Mahashivratri festivities at Guruji ka Ashram, Bhatti Mines, and Shree Adya Katyayani Shaktipeeth Mandir. Restrictions will be enforced from 6 am to 11.30 am, with an expected influx of 1,50,000 devotees. Roads and junctions to avoid include Bhatti Mines Road, Bandh Road, Sant Shri Nagpal (SSN) Marg, CDR Chowk, Anuvrat Marg, Abdul Gaffar Khan Marg (Vasant Kunj Road), Mehrauli – Gurgaon Road, Mehrauli- Badarpur Road, Dera Road, Y-point Chhatarpur, Main Chhatarpur Road, 100 Feet Road Junction, Andheria More, Mandir Road, and Aurobindo Marg. Heavy and…

The Karnataka Motor Vehicle Taxation (Amendment) Act, 2024, has been approved by Governor Thaawarchand Gehlot on March 6, signaling an impending increase in vehicle registration costs in Karnataka. The recent legislation, gazetted on March 7, mandates an additional 3% cess on transport vehicles for the Karnataka Motor Transport and Other Allied Workers Social Security and Welfare Fund. Furthermore, the amendment grants the state government authority to impose a lifetime tax on electric vehicles (EVs). Electric motor cars, jeeps, omnibuses, and private service vehicles exceeding a cost of Rs 25 lakh will now incur a lifetime tax of 10% of the…