Author: Legal Parivar

In early trading on Tuesday, Zomato’s share price witnessed a 6% decline following the company’s announcement of its Q4 results. Zomato shares fell by as much as 5.98% to ₹182.10 each on the BSE. Zomato reported a consolidated net profit of ₹175 crore in the fourth quarter of FY24, marking a significant improvement compared to the ₹188 crore loss incurred in the same period last year. The net profit grew by 27% from ₹138 crore posted in the previous quarter ending in December. Revenue from operations in Q4FY24 surged by 73% to ₹3,562 crore from ₹2,056 crore year-on-year (YoY). The…

Air India’s Chief Executive Officer and Managing Director, Campbell Wilson, announced plans to begin integrating around 7,000 Vistara employees into Air India in the coming months, aiming to complete the merger by the end of the year. This signifies an expedited process of merging the two full-service carriers under the Tata group. Vinod Kannan, CEO of Vistara, had previously indicated an operational merger with Air India by mid-2025, but the recent developments suggest a faster timeline. At a town hall meeting attended by employees from both airlines, Wilson and Kannan revealed that 120 pilots have already transitioned between the two…

The United States has issued a cautionary message to nations contemplating business ventures with Iran that could potentially expose them to sanctions. This warning came shortly after India finalized an agreement to manage Iran’s Chabahar Port for a decade. During a daily news briefing on May 13, US State Department Deputy Spokesperson Vedant Patel emphasized the potential risks of engaging in business dealings with Iran, specifically mentioning the Iran-India deal concerning the Chabahar port. While acknowledging the Chabahar port deal, Patel refrained from commenting on India’s foreign policy objectives, stating that it’s best left to the Indian government to articulate…

India’s securities regulator has uncovered a series of accounting frauds this month, posing a risk to the surging rally in shares of small businesses. Varanium Cloud Ltd. and Add-Shop E-Retail Ltd., both listed on the small and medium enterprises platform, were found to have manipulated their financial statements to boost gains in their shares, according to initial orders from the Securities and Exchange Board of India (SEBI). As a result, both companies and their founders have been banned from dealing in the country’s capital market. This crackdown follows earlier warnings issued by the regulator this year regarding price manipulation in…

According to sources familiar with the matter, Walmart is reducing its corporate workforce by cutting hundreds of jobs and urging most remote employees to transition back to office locations. The Wall Street Journal reported on Monday that employees at smaller offices in Dallas, Atlanta, and Toronto are being encouraged to relocate to central hubs like Walmart’s corporate headquarters in Bentonville, as well as locations such as Hoboken or Southern California. While Walmart will still allow some remote work, employees will be expected to spend the majority of their time in the office. As of January 31, 2024, the company employed…

The Supreme Court has issued a notice to the Union government regarding a petition challenging a verdict by the Telangana High Court, which imposed the goods and services tax (GST) on rights under the joint development agreement (JDA) in the real estate sector. The Telangana High Court had determined that a JDA is distinct from a land sale agreement, thus justifying the taxation of rights under it. Meanwhile, GST will continue to be applicable on these rights until further notice. Abhishek A. Rastogi, the founder of Rastogi Chamber and the petitioner’s representative, argues that the key issue revolves around whether…

The National Company Law Tribunal has postponed its hearing on Go First’s insolvency case to July 11, leaving engine lessors in a difficult situation. This decision comes after the tribunal expressed the need for more time to review the Delhi High Court’s directive to deregister all 54 aircraft owned by Go First by May 3, 2024. Engine lessors have urged the tribunal to deregister their engines connected to the deregistered aircraft, especially if these aircraft are required to leave the country after deregistration. They have also pointed out that with the Directorate General of Civil Aviation deregistering all 54 aircraft…

Macron’s Push for EU Financial Integration French President Emmanuel Macron is advocating for deeper financial integration within the European Union by endorsing the idea of major French banks being acquired by EU rivals. Macron sees this consolidation as crucial for the future prosperity of the bloc, emphasizing the need for European entities to deal and consolidate together. Microsoft’s Investment in France Microsoft has announced a significant investment of €4 billion in France for the expansion of its cloud and AI infrastructure. Alongside this financial commitment, Microsoft plans to bring advanced graphics processing units (GPUs) to France and undertake initiatives to…

The declining trend in voter turnout persists in the Lok Sabha elections, with the fourth phase polling across 10 states and a Union Territory on May 13 registering a turnout of 67.25%, as per the latest estimates from the Election Commission. Compared to the 2019 general election turnout of 68.8% in these seats, this marks a decrease of 1.55%. However, the final turnout figures expected in a few days may see some adjustment upwards. West Bengal saw the highest turnout at 78%, followed by Andhra Pradesh at 76.5%, Madhya Pradesh at 70.98%, Jharkhand at 65.2%, Uttar Pradesh at 58.05%, and…

Novelis Inc., an aluminum products manufacturer owned by Hindalco Industries Ltd., controlled by billionaire Kumar Mangalam Birla, is aiming to finalize its planned initial public offering (IPO) in the United States by early June, as per individuals familiar with the matter. Sources indicate that the company, a subsidiary of India’s Hindalco, could initiate the formal marketing of the IPO in approximately two weeks, although this information is not public. On Monday, Novelis filed publicly with the US Securities and Exchange Commission for the listing. Hindalco intends to raise around $1.2 billion through the IPO for Novelis, headquartered in Atlanta, and…