Author: Legal Parivar

A Groww user raised allegations of fraud after money was deducted without actual investment, prompting the platform to issue a clarification and refund the customer’s funds. Hanendra Pratap Singh, in a now-deleted social media post, accused Groww of not investing his money in a mutual fund scheme despite the deduction. He claimed Groww generated a fictitious folio number that did not exist. Singh discovered the discrepancy when attempting to redeem the investment, and screenshots of his social media post were circulated by other Twitter users. Responding to these claims, Groww acknowledged that there was an error where the customer’s dashboard…

Inox Green Energy shares experienced a decline of over five percent in early trading on June 24 following an announcement by the company’s board of directors regarding potential fundraising plans. On June 21, Inox Green Energy management disclosed through an exchange filing that they will convene a board meeting on Wednesday, June 26, to deliberate on proposals for raising funds. As of 11:15 am, Inox Green Energy shares were trading at Rs 166.3 on the BSE, marking a decrease of 2.8 percent from the previous day’s close. According to reports, the company is contemplating raising up to Rs 1,000 crore…

Between June 24 and September 30, the pre-listing shareholder lock-in period for 46 companies will be lifted, potentially releasing shares worth $11.9 billion into the secondary market. This value pertains to the lock-up shares held by pre-IPO investors, including promoters and anchor investors. However, not all these shares may be available for immediate sale, as a significant portion is held by the promoter group. These estimates, covering IPOs listed up to June 19, come from a report by Nuvama Alternative & Quantitative Research. It should be noted that lock-in periods vary for different classes of investors. Jupiter Life Line Hospitals’…

On June 24, Prime Minister Narendra Modi urged the opposition to meet the people’s expectations by prioritizing substance over slogans and upholding the dignity of democracy. In a speech during the Lok Sabha session, the Prime Minister stated, “The people of the country expect good steps from the opposition. I hope that the opposition will live up to the expectations of the common citizens of the country to maintain the dignity of democracy. People do not want drama, disturbance. People want substance, not slogans. The country needs a good opposition, a responsible opposition and I have full faith that the…

Index funds are a type of mutual fund or exchange-traded fund (ETF) that seeks to replicate the performance of a specific market index, such as the Nifty 50 or the Sensex in the context of India. Here’s a comprehensive overview of index funds: What are Index Funds? Index funds are designed to track the performance of a particular index by investing in the same stocks or securities that make up the index. The goal is to mirror the returns of the index as closely as possible, rather than trying to outperform it through active stock selection or market timing. Key…

Entities incorporated under the Companies Act, 2013 are required to submit the DIR 12 form through the Ministry of Corporate Affairs portal. This form plays a critical role in notifying the Registrar of Companies about changes such as director appointments, resignations, or alterations in key officials within the organization. The filing must be completed within 30 days from the occurrence of these events, as stipulated in Rules 8, 15, and 18 of the Companies (Appointment & Qualification of Directors) Rules, 2014, and Sections 7(1)(c), 168, and 170(2) of the Companies Act, 2013. Rule 17 of the Companies (Incorporation) Rules also…

What is Total Expense Ratio? TER in Mutual Fund: The Total Expense Ratio (TER) is the annual fee charged by mutual funds to manage investments. It encompasses various costs, including management fees, administrative expenses, marketing, and distribution costs. TER is expressed as a percentage of the fund’s average assets under management (AUM). Components of TER in Mutual Fund SEBI Regulations on TER The Securities and Exchange Board of India (SEBI) has set specific limits on TER to protect investors from excessive charges. These limits vary based on the type and size of the fund: Equity Funds: Debt Funds: Other Schemes:…

Taxpayers have the right to report any mistakes they find in their Annual Information Statement (AIS). The tax department will verify the source when notified of the issue. If discrepancies persist, a notification under the e-verification process may be issued. What is the Annual Information Statement (AIS)? The AIS provides a comprehensive view of a taxpayer’s information, displayed in Form 26AS. Taxpayers can give feedback on the information shown in AIS. It includes both the reported value and the modified value (i.e., value after considering taxpayer feedback) under each section (such as TDS, SFT, Other information). Objectives of AIS: How…

Byju’s, the embattled ed tech company, has approached the Karnataka High Court to challenge a National Company Law Tribunal (NCLT) order that prevents it from proceeding with its second rights issue. Typically, NCLT orders are appealed at the National Company Law Appellate Tribunal (NCLAT), but Byju’s has opted for a writ petition in the Karnataka High Court, often used to contest governmental actions violating fundamental rights. The High Court’s website shows the plea was briefly heard on June 18 and 21, with no effective order issued on those dates. On June 12, the NCLT in Bengaluru instructed Byju’s to maintain…

Finance Minister Nirmala Sitharaman announced several significant measures during the 53rd GST Council meeting held on Saturday, June 22, 2024. Chaired by Sitharaman and attended by state finance ministers, the session focused on tax amendments, Aadhaar biometric integration, and exemptions in railway services. Here are the key takeaways: Aadhaar-based Biometric Authentication“There will be a nationwide rollout of biometric-based Aadhaar authentication to combat fraudulent input tax credit claims made through fake invoices,” announced Finance Minister Nirmala Sitharaman. This initiative aims to enhance tax compliance by curbing fraudulent practices. GST Rate on Milk CansA uniform GST rate of 12% was announced for…