Author: Legal Parivar

Union Minister Rajeev Chandrasekhar announced on March 2 that artificial intelligence platforms must obtain government permission before launching AI products in India. Chandrasekhar emphasized the need for rigorous scrutiny before AI products are released to the public, likening it to safety standards for cars or microprocessors. The government’s advisory, issued on March 1, mandates intermediaries to ensure compliance immediately and submit a status report within 15 days. Additionally, AI-generated content must be labeled with a unique identifier to trace the originator of misinformation or deepfakes. Chandrasekhar cited recent controversies, such as Google’s Gemini model’s response about Prime Minister Narendra Modi,…

Byju Raveendran, founder of Byju’s, disclosed on March 2 that the company was unable to pay employee salaries due to funds raised from a recent rights issue being locked in a separate account amid an ongoing dispute with investors. In a letter addressed to Byju’s employees, Raveendran expressed regret over the situation, stating that efforts would be made to ensure salaries are paid by March 10. He criticized a minority of investors for obstructing the utilization of funds raised through the rights issue, despite some investors having profited substantially from their investment in Byju’s. The National Company Law Tribunal (NCLT)…

The year 2024 has commenced with notable achievements in the SME IPO sector, reflecting significant growth and investor interest. Within the initial two months of the year (until February 29th), a total of 30 SME IPOs have collectively raised a remarkable sum of Rs. 1024 crore. This surge in activity signifies a substantial advancement for SMEs, highlighting their increasing capability to tap into capital markets for expansion. Breaking down the IPOs, 21 companies have chosen to list on the NSE SME platform, while 9 have opted for the BSE SME platform. This diverse listing venue selection indicates widespread confidence and…

Suven Pharmaceuticals witnessed a 5% surge in its shares on Saturday, marking a two-day gain of 15% following the announcement of its merger with Cohance Lifesciences. This strategic move aims to establish the combined entity as a prominent integrated CDMO (Contract Development and Manufacturing Organization) player in both the Indian and global markets. Upon completion of the merger, existing shareholders of Cohance will receive shares of Suven at a ratio of 11 shares of Suven for every 295 shares of Cohance, as per the agreed swap ratio. The newly issued Suven shares will be available for trading on both the…

Today, Tata Steel, Tata Motors, Adani Enterprises, Reliance Industries, and Grasim Industries all reached new 52-week highs. The Nifty 50 rose by 56.25 points (0.25%), and the Sensex increased by 114.91 points (0.16%) as of 02 Mar 2024 at 10:59:57 IST. Bank Nifty saw a gain of 22.0 points (0.05%) as of 02 Mar 2024 at 10:00 IST. Within the BSE Sensex index, some stocks were the top gainers, while others were the top losers. In the Bank Nifty index, Punjab National Bank, State Bank Of India, IDFC First Bank, Bandhan Bank, and Bank Of Baroda were the top gainers,…

Former Indian cricketer and BJP MP from Delhi, Gautam Gambhir, has expressed his request to party president JP Nadda to relieve him from his political responsibilities. In a post on X (formerly Twitter), Gambhir shared this decision, stating his intention to concentrate on upcoming cricket engagements. “I have requested Hon’ble Party President JP Nadda ji to relieve me of my political duties so that I can focus on my upcoming cricket commitments. I sincerely thank Hon’ble PM Narendra Modi ji and Hon’ble HM Amit Shah ji for giving me the opportunity to serve the people. Jai Hind!” he wrote. Since…

Exicom Tele-Systems IPO: Subscription for Exicom Tele-Systems Limited’s initial public offering (IPO) concluded on February 29, 2024, Thursday. Now, investors await the announcement of share allocation, expected imminently. Following the T+3 listing rule, the Exicom IPO allotment date is likely to be today or March 4, 2024, Monday. Investors who participated in the public issue are advised to check the Exicom IPO allotment status online through the BSE website or the official registrar’s website, Link Intime Private Limited. The grey market has shown strong bullish sentiment towards the Exicom IPO, with the grey market premium (GMP) today standing at ₹157,…

Commerce and Industry Minister Piyush Goyal expressed satisfaction with the outcome of the 13th Ministerial Conference of the World Trade Organization (WTO), stating that India retains its full policy space to safeguard the interests of farmers and fishermen. Goyal highlighted that India’s procurement of food grains for distribution to the needy remains unaffected. Despite the inability of members to reach a consensus on crucial issues like agriculture and fisheries subsidies, the conference was extended by a day. While no decision was made on permanent solutions for public food stockpiling or fisheries subsidies, the moratorium on e-commerce trade import duties was…

Sanjeev Bikchandani, co-founder of Info Edge, has urged the Competition Commission of India (CCI) to intervene against what he calls Google’s anti-competitive actions. On March 1, Google delisted several apps from the Play Store, including Info Edge’s flagship Naukri app, citing non-compliance with its app billing policy. Info Edge, a prominent internet company in India, expressed surprise at the delisting, stating that Google provided inadequate notice. The company is currently working with Google to reinstate its apps promptly. According to sources, Info Edge received notice of non-compliance for Naukri and 99acres only hours before the delisting. This move is part…

Hero MotoCorp’s stock saw a 1.56 percent increase to Rs 4,577.45 on March 2 following the company’s report of a 19 percent surge in February sales compared to the same period last year. The leading manufacturer of motorcycles and scooters in the country sold 468,410 units in February, marking a significant growth from the 394,460 units sold in February 2023. Hero MotoCorp is focusing on ramping up the volumes of its Harley-Davidson X440 and Mavrick 440 models, with the first phase expected to be completed by the middle of this year. January 2024 saw the company selling 433,598 units. Additionally,…