Author: Legal Parivar

Several employees of Paytm are reportedly facing imminent job cuts, with some revealing to The Times of India that they were compelled to “voluntarily resign” after unsuccessful negotiations for pay reductions. Allegations include not receiving severance pay and being asked to return retention and joining bonuses. According to the employees interviewed by the paper, these actions were initiated without formal communication of restructuring or job losses from Paytm. Employees claimed HR meetings were labeled as ‘connect’ or ‘discussion’, lacking formal documentation. Furthermore, employees stated that Paytm demanded the return of bonuses, citing clauses from offer letters not previously disclosed. They…

The Vadodara Municipal Corporation (VMC), which is governed by the BJP, has sent a formal notice to Yusuf Pathan, a former Indian cricketer recently elected as a Trinamool Congress (TMC) Lok Sabha MP, accusing him of encroaching on a piece of land claimed by the civic body. The notice was delivered to Pathan on June 6, and the matter was highlighted during a media briefing on Thursday by VMC’s standing committee chairman, Shital Mistry, following concerns raised by former BJP corporator Vijay Pawar, as reported by PTI. Pathan, a former all-rounder, emerged victorious in the Lok Sabha elections from the…

The government has extended the deadline for updating Aadhaar details without any fees from June 14, 2024, to September 14, 2024, according to the Unique Identification Authority of India (UIDAI) website. Aadhaar, a 12-digit unique identification number based on biometric and demographic data, is crucial for services requiring Aadhaar OTP authentication. It helps prevent duplicate and fraudulent identities by ensuring each resident has a unique number linked to their biometrics. UIDAI advises residents whose Aadhaar was issued over 10 years ago and hasn’t been updated to submit proof of identity and address documents to validate and enhance their demographic information,…

Hyundai Motor India Ltd. (HMIL) is expected to file draft papers for its initial public offering with the market regulator by Friday evening, marking the beginning of what could be the largest share sale in the country’s history, according to a banker familiar with the plan. It is reported in April that the Indian subsidiary of South Korean carmaker Hyundai Motor Company would submit a draft red herring prospectus for its $3-3.5 billion IPO in June, aiming to complete its market listing before Diwali. However, initial feedback from bankers suggests the IPO could be closer to $2.5-3 billion. The draft…

Shares of auto component maker Endurance Tech are surging, driven by ambitious turnover targets outlined in an investor presentation on June 13. As India’s largest aluminum die-cast manufacturer, Endurance Tech aims to increase the four-wheeler segment’s contribution to consolidated turnover from 26 percent to 45 percent by FY30. The company also plans to enter new product categories in the four-wheeler space through alliances or acquisitions in India and Europe. In the EV sector, Endurance plans to expand its order book in both Europe and India. The company intends to enhance its offerings in aluminum die casting, forging, embedded electronics, and…

State-owned BHEL announced on Friday that it has secured orders for two power plants from Adani Power, totaling Rs 7,000 crore. The first order, for a 2×800 MW supercritical thermal power plant in Raipur district, Chhattisgarh, has been received from Adani Power Limited, according to a statement from BHEL. The second order, for another 2×800 MW supercritical thermal power plant in Mirzapur district, Uttar Pradesh, has been received from MTEUPPL, a subsidiary of Adani Power Limited. BHEL’s responsibilities for both projects encompass the manufacture and supply of main plant equipment and associated auxiliaries, as well as supervision of erection and…

Bajaj Housing Finance has submitted the Draft Red Herring Prospectus (DRHP) to the capital markets regulator, SEBI, for its planned IPO, aiming to raise up to Rs 7,000 crore. The public offering consists of a fresh issue of shares valued at Rs 4,000 crore. Additionally, the parent company, Bajaj Finance Ltd, will sell shares worth Rs 3,000 crore through an offer for sale, as detailed in the prospectus.

The Industrial Disputes Act, 1947, is a cornerstone of labor law in India, established to address and resolve conflicts between employers and employees. The Act provides a structured framework for the prevention and resolution of industrial disputes to maintain industrial peace and harmony. Here’s an in-depth look at its key provisions and mechanisms: Objectives of the Act Key Provisions Conclusion The Industrial Disputes Act, 1947, remains a foundational piece of labor legislation in India. It balances the interests of employers and employees, providing mechanisms for resolving disputes, promoting fair labor practices, and maintaining industrial peace. Its continued evolution ensures it…

For salaried individuals and those not subject to audit, the deadline for submitting income tax returns for the fiscal year 2023-24 (Assessment Year 2024-25) is July 31, 2024. In recent years, the government has undertaken initiatives to streamline the tax filing process, aiming to: By following straightforward tips, taxpayers can ensure accurate filing, minimizing queries from the income tax department and other related issues. Selecting the Right ITR Form Choosing the appropriate ITR form is crucial for accurate tax filing and to avoid delays or penalties. Several factors influence the selection, including income sources, residential status, and other considerations. Commonly…

Shares of Heritage Foods fell another 5% today to ₹627.30 apiece, extending their downward trend for the third consecutive session as investors engaged in profit booking. The company’s shares had recently gained attention for their remarkable performance, soaring 70% in just seven sessions between June 4 and June 10. This dramatic rise was closely tied to the political landscape, as optimism surged following the Telugu Desam Party (TDP) securing a significant majority in the 2024 Andhra Pradesh assembly elections. The stock’s rally began immediately after exit polls projected the return of N. Chandrababu Naidu, the founder of Heritage Foods, as…