Author: Legal Parivar

National Housing Bank (NHB) is set to raise up to Rs 4,000 crore through bonds on June 18, according to sources in the money market. The bonds will have a base issue size of Rs 2,000 crore with a greenshoe option of an additional Rs 2,000 crore. A greenshoe option allows the underwriter to issue more bonds than initially planned if investor demand exceeds expectations. These bonds issued by NHB will mature in 3 years, 2 months, and 19 days, specifically on September 8, 2027. Bidding for these bonds will occur on June 18 through the National Stock Exchange of…

India’s trade deficit expanded to $23.78 billion in May 2024, up from $19.1 billion recorded in the previous month of the fiscal year 2024-25, according to the commerce ministry’s announcement on June 14. Exports increased by nearly 9 percent from April to reach $38.13 billion in May, while imports surged by 14.45 percent to $61.91 billion during the same period. “Positive signs are emerging for the trade sector,” remarked Commerce Secretary Sunil Barthwal. He highlighted that the growth in May’s exports was propelled by higher shipments of pharmaceutical products, engineering goods, and other sectors.

Delhi Water Minister Atishi expressed concerns on Friday over the declining water production in the national capital, attributing it to reduced water flow reaching the Yamuna river. The AAP government has alleged that Haryana is withholding Delhi’s share of water. “At present, less water is reaching the Yamuna river, resulting in a continuous decrease in water production in Delhi. Normally, Delhi produces 1005 MGD of water, but over the past week, this has been steadily declining,” she stated in a post on X in Hindi. The minister highlighted that the water production figures reflect the severity of the situation: on…

The Supreme Court of India has issued notices to private parties following a plea from the National Testing Agency (NTA) requesting the transfer of multiple pending cases across various high courts regarding the NEET-UG 2024 controversy. The NTA argued that consolidating these cases in the Supreme Court would prevent redundant litigation. A vacation bench comprising Justices Vikram Nath and Sandeep Mehta acknowledged the NTA’s submission, directing that the matter will be heard on July 8. According to PTI, several petitions in different high courts seek to cancel the National Eligibility cum Entrance Test–Under Graduate (NEET-UG) 2024 due to alleged question…

A massive fire has erupted at Kolkata’s Acropolis Mall, leading to concerns that several individuals may be trapped inside. Firefighters were swiftly dispatched to the scene upon receiving the report, deploying at least ten fire tenders to bring the blaze under control. The exact cause of the fire is currently under investigation, according to fire department officials. Bidisha Kalita Dasgupta, DCP of Jadavpur Division, stated that although the fire has been contained, the situation remains uncertain at this time. Authorities have evacuated offices within the mall premises, and videos circulating on social media depict people hurriedly leaving the area after…

GP Eco Solutions IPO: The initial public offering (IPO) of GP Eco Solutions India Ltd, specializing in solar energy solutions, witnessed overwhelming demand soon after its launch on June 14. The SME IPO, which will remain open until June 19, saw subscriptions soaring within hours of opening. GP Eco Solutions India offers solar inverters and panels, targeting sustainable energy solutions in India. The IPO, featuring a price band of ₹90 to ₹94 per share, aims to raise ₹30.79 crore through a fresh issue of 32.76 lakh equity shares. As of June 14, the first day of bidding, the IPO garnered…

The Delhi High Court, on June 14, directed the city police to respond to the bail application of Bibhav Kumar, an aide of Chief Minister Arvind Kejriwal, in relation to the alleged assault on Aam Aadmi Party (AAP) MP Swati Maliwal. A vacation bench led by Justice Amit Sharma issued a notice on Kumar’s bail plea and instructed the Delhi Police to provide a status report, as reported by PTI.

At the NSE’s Accelerating Social Impact event, Ashishkumar Chauhan, managing director and CEO, shared that the upcoming listing of a non-profit organisation (NPO) on the SSE is expected to raise Rs 14 crore, surpassing the total of Rs 12 crore raised by the previous eight listings combined. Currently, the SSE has registered 65 NPOs, with eight already listed. Chauhan emphasized that SEBI has addressed challenges faced by NPOs by introducing structured fundraising mechanisms such as zero coupon, zero principal bonds. SEBI has also made the platform more conducive for social enterprises by reducing the minimum issue size to Rs 50…

GMR Airports Infrastructure Limited-led Delhi International Airport Limited (DIAL) announced on June 14 the introduction of innovative biometric registration kiosks at the airport’s international arrival pier. According to GMR’s press release, these kiosks are tailored for foreign nationals arriving in India with visas where biometric information was not collected during the visa application process. This marks the first implementation of such kiosks at any airport in India and will be operated directly under the supervision of the Bureau of Immigration (BOI). The kiosks, established by DIAL, aim to streamline the immigration process significantly. Upon registration of biometric information at the…

An Indian national, Kandula Nagaraju, has been sentenced to two years and six months in jail for orchestrating a cyber attack that resulted in the deletion of 180 virtual servers belonging to his former employer, NCS. This act of revenge followed his termination from the company, costing NCS nearly SGD 918,000 (approximately Rs 5.66 crore). Nagaraju, aged 39 and a former member of NCS’s quality assurance (QA) team responsible for testing new software, was dismissed in October 2022 due to poor performance. Despite feeling he had contributed significantly during his tenure, Nagaraju was reportedly confused and upset by his dismissal,…