Author: Legal Parivar

The Enforcement Directorate (ED) announced on Sunday that Rs 1 crore in cash and “incriminating” documents were seized following raids on operators of a “fake” cryptocurrency investment scheme that defrauded people in Ladakh and other regions. The raids, conducted on August 2 in Leh, Jammu, and Sonipat in Haryana, were the first such operations by the ED in Ladakh. The investigation is focused on a fraudulent scheme that promised to double investments within 10 months through a fake cryptocurrency called Emollient Coin. According to the ED, the fake cryptocurrency was promoted by Naresh Gulia from Sonipat through a company named…

The Supreme Court is set to deliver its verdict on August 5 regarding the Aam Aadmi Party-led Delhi government’s challenge to the Lieutenant Governor’s decision to nominate aldermen to the Municipal Corporation of Delhi (MCD) without consulting the council of ministers. A bench led by Chief Justice DY Chandrachud and including Justices PS Narasimha and JB Pardiwala had reserved its decision on May 17 last year. According to the Supreme Court’s website, Justice PS Narasimha will be delivering the verdict. On May 17, the court had remarked that granting the Lieutenant Governor the power to nominate aldermen could potentially destabilize…

India Inc’s Q1 earnings have shown a mixed performance, with IT firms exceeding expectations while banks have reported somewhat disappointing results. As the earnings season approaches its end, key companies including Airtel, ONGC, LIC, Vedanta, and Tata Power are set to announce their June quarter results this week. Last week saw the release of Q1 results from several major companies, including Zomato, State Bank of India (SBI), Adani Power, Axis Bank, ICICI Bank, Tata Motors, Titan, and Britannia. Here is a schedule of the expected Q1 results for the week of August 5 to August 10: August 5: August 6:…

Last week, eight of the top-10 most valuable companies collectively lost Rs 1,28,913.5 crore in market value, with IT giants Tata Consultancy Services (TCS) and Infosys leading the decline amid a weak equities market. TCS experienced the largest drop, with its market capitalization falling by Rs 37,971.83 crore to Rs 15,49,626.88 crore. Infosys saw its valuation decrease by Rs 23,811.88 crore, bringing its market cap to Rs 7,56,250.47 crore. ITC’s market cap dropped by Rs 16,619.51 crore to Rs 6,11,423.11 crore, while State Bank of India’s valuation fell by Rs 13,431.54 crore to Rs 7,56,717.85 crore. Reliance Industries Limited’s valuation…

Byju Raveendran has petitioned the Supreme Court to be heard before it addresses a likely plea by US lenders challenging the National Company Law Appellate Tribunal (NCLAT) decision to dismiss insolvency proceedings against Byju’s. The petition was submitted on August 3, just one day after the NCLAT approved a settlement between Raveendran and the Board of Control for Cricket in India (BCCI). The US lenders objected to this settlement, claiming it was compromised and alleging that Raveendran was using funds ‘misappropriated’ from them to settle with BCCI. The NCLAT noted that the settlement was reached before the Committee of Creditors…

A recent stock exchange filing revealed that Qatar Investment Authority, SBI Mutual Fund, and foreign investment funds Nomura and Citigroup were the largest investors in Adani Group’s power transmission unit’s USD 1 billion Qualified Institutional Placement (QIP). The QIP, totaling Rs 8,373.10 crore (USD 1 billion), concluded last week and attracted interest from over 120 investors in Adani Energy Solutions Ltd (AESL), a company specializing in power transmission, distribution, and smart metering. The filing noted that the board approved the allocation of over 8.57 crore shares to eligible institutional buyers at an issue price of Rs 976 per share, representing…

Amara Raja’s energy and mobility division has announced a partnership with Ather Energy to manufacture Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP) lithium-ion cells for electric two-wheeler batteries. The batteries will be produced at Amara Raja’s new Gigafactory in Divitipally, Telangana. This collaboration aims to support the growth of India’s electric vehicle market and promote the localization of EV technologies. Recently, Amara Raja also signed an agreement with Gotion-InoBat-Batteries (GIB) to adapt global LFP technology for Indian conditions.

The registration for the Common Admission Test (CAT) 2024 starts today, August 1, at 10 am. Aspiring MBA candidates can apply online at iim.cat.ac.in. The Indian Institute of Management Calcutta (IIM Calcutta) has announced that the CAT 2024 will be held in November 2024. The exam will be conducted across 170 cities in India. During registration, applicants can choose up to five cities for their preferred exam centres, though the list may be updated based on the discretion of the CAT authorities. For more details on the exam schedule and eligibility, visit the official CAT 2024 notification.

Akums Drugs IPO: On its second day of bidding, the Akums Drugs and Pharmaceuticals IPO has garnered significant interest, with the subscription status reaching 4.43 times. The retail investor portion was oversubscribed 8.98 times, while non-institutional investors’ quota was subscribed 8.48 times. The qualified institutional buyers (QIBs) section saw a 96% subscription rate, and the employee portion was subscribed 2.23 times. The IPO, which opened on July 30 and closes on August 1, has set its price band between ₹646 and ₹679. It was fully subscribed on its first day, reflecting strong investor interest. The company had previously raised ₹829…

Top 10 Updates on Wayanad Landslides: