Author: Legal Parivar

The Indian government has decided to extend the requirement for the nation’s power producers to import 6% of their coal needs until June, despite sufficient availability of domestic coal. This decision comes amidst transportation challenges and increased electricity demand, as mentioned in a note from the power ministry on Tuesday. Last year, India had mandated utilities to import 6% of their coal requirements until March due to a significant surge in power and coal demand. Despite Coal India, a state-run company, achieving record coal production (which contributes to about 80% of India’s domestic coal production), logistical constraints within the country’s…

Today, SpiceJet witnessed a surge in buying interest as the aviation company announced the settlement of a ₹93 crore dispute with aircraft leasing firm Cross Ocean Partners. The joint declaration was made before the Delhi High Court by both companies as part of an ongoing execution petition pursued by Cross Ocean Partners. SpiceJet’s share price opened higher at ₹62.90 apiece on the NSE and quickly reached an intraday high of ₹65 per share following the news of the dispute settlement. This surge represented a 4 percent increase from its previous close of ₹62.58 apiece on the NSE. According to SpiceJet’s…

Westlife Foodworld, the operator of McDonald’s restaurants in west and south India, announced on Tuesday that the Food Safety and Standards Authority of India (FSSAI) has verified McDonald’s India’s cheese as ‘100% Real Cheese’. This confirmation from FSSAI sparked a rally in Westlife Foodworld shares, which surged over 6%. In a regulatory filing, Westlife Foodworld stated that the confirmation from FSSAI explicitly declares that the products containing cheese do not contain any analogues in the dairy context. Additionally, McDonald’s India (West & South) received test results from a NABL-accredited lab confirming the use of 100% Real Cheese across its products.…

The Mumbai Biocluster, comprising prestigious institutions like ICT Mumbai, IIT Bombay, TIFR, ACTREC, and Khalsa College, has been awarded Rs 60 crore by the Department of Science and Technology’s (DST) SATHI initiative to expedite the development of medicines. The primary objective of the biocluster is to transform drug development processes within the country. It will act as an accelerator for startups, academia, MSMEs, and industries, offering cutting-edge infrastructure and expertise to facilitate the rapid development of biopharmaceutical products. Focusing on monoclonal antibodies, vaccines, mRNA technology, and cell & gene therapy, the facility will tackle critical challenges encountered during technology scale-up…

Tata Sons Ltd. is expected to achieve a valuation of up to 8 trillion rupees ($96 billion) in its upcoming initial public offering, likely to occur within the next 18 months, as per Mumbai-based investment banking firm Spark PWM Pvt. The Indian conglomerate, known for its stakes in major companies like Tata Consultancy Services Ltd. and Tata Motors Ltd., was categorized as an “upper-layer” non-banking financial company by the central bank in September 2022. This classification entails that such entities must seek a public listing within three years. Analyst Vidit Shah noted in a March 4 report that Tata Sons…

The Election Commission of India (ECI) has issued directives to District Magistrates and Superintendents of Police in West Bengal ahead of the upcoming Lok Sabha elections scheduled for April or May this year. Emphasizing the need for absolute impartiality, transparency, and equal accessibility to all political parties, the ECI stressed a zero-tolerance policy towards any form of violence in democracy. It also highlighted the importance of preventing intimidation or threats to voters and candidates, along with ensuring transparency in granting permissions for venues and meeting places based on the “First In First Out” principle. Chief Election Commissioner Rajiv Kumar, during…

The Union government is contemplating a request to decrease taxes on flex-fuel vehicles, a step that could expedite the transition towards cleaner transportation. The Ministry of Heavy Industries and the Ministry of Road Transport and Highways are engaging with stakeholders and might propose a rationalization of the Goods and Services Tax (GST) on flex-fuel vehicles after consultations, as per two individuals familiar with the matter. Subsequently, a final proposal by the Finance Ministry would be presented to the GST Council for approval, they added. Flex-fuel vehicles are equipped with internal combustion engines but are designed to operate on more than…

The National Payments Corporation of India (NPCI) has scheduled a meeting with smaller UPI players and select banks on March 5 to deliberate on the 30 percent market share cap for individual apps within the digital payments ecosystem. The objective is to foster a more diverse and inclusive system. NPCI oversees the UPI platform, which commands 80 percent of the digital payments market in the country. However, major players like PhonePe, Google Pay, and Paytm collectively dominate nearly 95 percent of the UPI transaction volume and value. According to an anonymous fintech participant, the meeting aims to solicit ideas and…

In the fiscal year 2025, the government plans to implement a regulation requiring payments to micro, small, and medium enterprises (MSMEs) to be settled within 45 days. Failure to comply will result in companies being liable to pay taxes on the outstanding amount, according to two senior finance ministry officials. Amendments to this rule can only be considered during the Union Budget session in July, as outlined by the officials. Despite requests from traders for a one-year deferment, the government is not inclined to postpone the rule, they stated. “As per the Finance Act 2023, companies are mandated to clear…

Four investors of embattled edtech firm Byju’s have lodged requests in the Supreme Court, seeking a chance to present their arguments before any decision is made regarding a potential plea against a recent order from the National Company Law Tribunal (NCLT). MIH Edtech Investments BV, Peak XV Partners Investments, Sofina SA, and General Atlantic Singapore TL Pte Ltd filed individual caveats in the apex court on March 4. On February 28, the NCLT granted permission to Byju’s to proceed with its $200-million rights issue but mandated that the proceeds be placed in an escrow account. It also suggested extending the…