Author: Legal Parivar

State-owned Bharat Heavy Electricals Ltd (BHEL) announced on Tuesday that it has secured an order from power giant NTPC to establish a 1,600 MW Singrauli thermal power project (Stage-II). Valued at over Rs 9,500 crore, excluding GST (goods and services tax), the order was disclosed in a regulatory filing by BHEL. According to the filing, BHEL has been awarded the contract by NTPC to develop the Singrauli Super Thermal Power Project, Stage-III (2×800 MW) in Sonebhadra District, Uttar Pradesh. The company anticipates completing Unit 1 within 50 months and Unit 2 within 54 months. The scope of work includes equipment…

Users have reported that YouTube, a widely used video streaming platform, is currently experiencing issues, with complaints about its functionality surfacing on Downdetector around 9 PM. Furthermore, less than an hour ago, Meta’s Facebook and Instagram platforms were also reported to be down in India and various other regions across the globe. According to the website, which aggregates outage reports from various sources including users, Facebook received over 300,000 reports of outages, while Instagram received more than 20,000 reports. Meanwhile, Meta’s status dashboard indicated that the application programming interface for WhatsApp Business was also experiencing issues. Downdetector registered approximately 200…

Social media giants Facebook and Instagram experienced widespread outages on Tuesday evening, affecting users in India and various other regions. Users reported encountering issues with logging in to both platforms, with many being unexpectedly logged out of their accounts. Additionally, some users faced difficulties in refreshing Instagram pages and were prompted to change their passwords. According to reports from outage tracking website Downdetector.com, Meta Platforms’ Facebook and Instagram services were down for tens of thousands of users. Facebook saw over 300,000 outage reports, while Instagram received more than 20,000 reports. Downdetector collects data from multiple sources, including user submissions, to…

Following severe restrictions imposed by regulators on Paytm Payments Bank Limited (PPBL), Paytm founder and former chief Vijay Shekhar Sharma expressed confidence on March 5 that his digital payments pioneer would overcome regulatory challenges in India this year, as reported by Bloomberg on Tuesday. Making his first public appearance at a financial technology conference in Tokyo since the Reserve Bank of India (RBI) directed his banking affiliate to halt certain operations, Sharma emphasized the importance of personal responsibility in handling setbacks. He stated, as quoted by Bloomberg, “The biggest thing that I’ve learned is that many times your teammate and…

Bitcoin surged to a fresh all-time high on Tuesday, driven by an influx of investment into U.S. spot exchange-traded crypto products and expectations of a global decrease in interest rates. The cryptocurrency reached a peak of $69,202, surpassing its previous record of $68,999.99 set in November 2021. Investor interest has grown significantly since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. Bitcoin’s remarkable ascent of nearly 160% since October, including a 44% surge in February alone, contrasts sharply with the challenging market conditions of 2022. That period was marked by an 18-month-long crypto winter, characterized…

Gold prices surged significantly on Tuesday, climbing by ₹800 to hit a new all-time high of ₹65,000 per 10 grams in the national capital, driven by strong global trends. In the previous session, gold concluded at ₹64,200 per 10 grams. Spot gold prices (24 carats) in Delhi markets are now trading at ₹65,000 per 10 grams, up by ₹800, influenced by bullish cues from overseas markets. According to analysts, spot gold reached a new all-time high of ₹65,000 on Tuesday. Similarly, silver saw a robust rally, rising by ₹900 to ₹74,900 per kilogram. In the preceding trading session, it settled…

Krystal Integrated Services, a facilities management services company, is set to launch its inaugural public issue on March 14, with the price range anticipated to be disclosed in the next couple of days. This marks the second public offering to hit Dalal Street next week, following Popular Vehicles & Services. The IPO consists of a fresh issuance of equity shares valued at Rs 175 crore, along with an offer-for-sale (OFS) of 17.5 lakh equity shares by promoter Krystal Family Holdings. The subscription window will close on March 14. The anchor book, designated for up to 60 percent of qualified institutional…

In Aavas Financiers, foreign promoters Lake District Holdings, Partners Group ESCL, and Partners Group Private Equity collectively divested shares worth Rs 1,369.61 crore in the company. Lake District Holdings sold 58,39,578 shares or a 7.37 percent stake at Rs 1,370.01 per share. Partners Group ESCL sold 28,89,373 shares or a 3.65 percent stake at Rs 1,370 per share, while Partners Group Private Equity offloaded 12,67,999 shares or a 1.60 percent stake at an average price of Rs 1,370.2. As of December 2023, Lake District held a 22.98 percent stake in the company, while Partners Group ESCL held 11.21 percent and…

RBI’s recent decision to prohibit JM Financial Products Ltd (JMFPL) from extending loans against shares and debentures, including those related to Initial Public Offerings (IPOs), comes amidst serious deficiencies and governance concerns in the financial services firm’s loan processes. This action, effective immediately, follows a limited review by RBI, prompted by information shared by the Securities and Exchange Board of India (SEBI). During the review, it was discovered that JMFPL facilitated a group of customers to bid for various IPOs and Non-Convertible Debenture (NCD) offerings using loaned funds, with credit underwriting procedures found to be inadequate. Additionally, the company operated…

Kerala-based automotive dealer Popular Vehicles and Services has announced plans to launch its inaugural public issue for subscription on March 12. The price range will be disclosed on March 6. The public issue will remain open for subscription until March 14, while the anchor book will be available for one day on March 11. The IPO consists of a fresh issuance of shares worth Rs 250 crore by the company, along with an offer-for-sale (OFS) of 1,19,17,075 equity shares by private equity fund BanyanTree Growth Capital II LLC. Currently, promoters hold a 69.45 percent stake in the company, with the…