Author: Legal Parivar

On February 29, Suven Pharmaceuticals Limited announced a proposed scheme of amalgamation to merge Cohance Lifesciences Limited with Suven. According to a press release by Suven Pharmaceuticals, the overall transaction is anticipated to be completed over the next 12-15 months, subject to obtaining all necessary shareholder and regulatory approvals. The merger process was initiated by leading global private equity fund Advent International for its portfolio companies Suven Pharmaceuticals and Cohance Lifesciences. Kotak Mahindra Capital and Citi have been appointed as advisors for various aspects of the deal, including the swap ratio, due diligence, and fairness opinion. The amalgamation aims to…

On February 29, the Supreme Court rejected Vedanta’s request for the reopening of its Sterlite copper smelter plant in Tamil Nadu, emphasizing the paramount importance of sustainable development and the well-being of local residents. After a five-day hearing, the court handed down its verdict, citing Vedanta’s failure to meet legal obligations, such as the removal of copper slabs from multiple sites, non-compliance with consent conditions for gypsum operations, and the absence of authorization for hazardous waste disposal. Chief Justice of India DY Chandrachud, leading the bench, acknowledged that shutting down industries is not the preferred course of action. However, he…

The government has raised the windfall tax on petroleum crude to ₹4,600 per metric ton from ₹3,300, effective March 1, according to a government order released on Thursday, February 29. Additionally, the windfall tax on diesel has been reduced to zero from ₹1.50 per litre, also effective March 1. However, the tax on petrol and aviation turbine fuel will remain at zero. This marks the third increase in the windfall tax on domestically produced crude oil this month alone. On February 15, the tax was raised to ₹3,300 per tonne from ₹3,200 per tonne, while the tax on diesel was…

On February 29, farm equipment manufacturer Sona Machinery announced its submission of draft papers to NSE’s small and medium enterprise platform, NSE Emerge, for an initial public offering (IPO) to raise funds. The IPO will consist entirely of a fresh issue of 36.24 lakh equity shares, as stated by the company. The funds raised from the IPO will be allocated towards establishing a new manufacturing unit to enhance operational capabilities and increase manufacturing output to meet the growing demand for its products. Sona Machinery aims to address the rising demand for grain-processing equipment both domestically in India and across the…

On a significant day marked by the Union Cabinet’s approval of three major semiconductor proposals, Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, disclosed that the government is currently evaluating an $11 billion fab proposal from Israel’s Tower Semiconductor. The Union Cabinet, on February 29, greenlit three projects under the government’s $10 billion capex-linked incentive scheme, collectively amounting to investments worth Rs 1.26 lakh crore. Speaking at a press briefing, Chandrasekhar highlighted Tower Semiconductor’s proposal as one of considerable importance due to its distinct characteristics. He explained that Tower Semiconductor’s plan entails a more extended build-out period and…

Tata Memorial Centre asserts that its Rs 100 per tablet medication has the potential to prevent cancer recurrence. The tablet, developed by the institute, aims to not only prevent cancer from returning but also reduce treatment side effects by half. Currently awaiting approval from FSSAI, once sanctioned, the tablet is anticipated to be available in the market by June.

Swan Energy announced on Thursday that it successfully raised Rs 3,000 crore through a qualified institutional placement of shares, priced at Rs 670 each. The offering garnered significant interest from qualified institutional investors, including Quant Mutual Fund, SBI Life, LIC, LIC Mutual Fund, Tata Mutual Fund, Infini Mutual Funds, SBI General Insurance, BNP Paribas Mutual Fund, Nomura, Goldman Sachs, Future Generali, Anand Rathi, and various domestic and foreign institutions and family offices. The proceeds from the placement will primarily be utilized to modernize the recently acquired Reliance Naval and Engineering’s shipyard at Pipavav. Additionally, a portion of the funds will…

On February 29, the central government announced that it had disbursed two instalments totaling Rs 1.42 lakh crore as tax devolution to states, in addition to the Rs 72,961 crore released on February 12, 2024. The cumulative amount of tax devolution, including the early-February release, now stands at Rs 2.15 lakh crore, aimed at bolstering states’ capacity to finance various social welfare programs and infrastructure initiatives, according to a statement by the Union government. Uttar Pradesh received the largest share, amounting to Rs 25,495 crore, followed by Bihar with Rs 14,295 crore. The distribution of funds among states is determined…

Paisalo Digital shares experienced robust buying interest on Thursday amidst the volatile Indian stock market. The non-banking financial company (NBFC) saw its stock open on a positive note and reach an intraday high of ₹183 per share on the NSE, marking a significant intraday rise of approximately 15 percent. Notably, this intraday high also marked a lifetime peak for Paisalo Digital shares, marking the second instance of hitting a new high this week. Earlier on Tuesday, the stock had reached a new peak of ₹175 per share on the BSE. In a recent exchange filing, Paisalo Digital Ltd disclosed receiving…

On February 29, Kuldeep Singh Pathania, the Speaker of the Himachal Pradesh Assembly, disqualified six rebel Congress MLAs who had cross-voted during the Rajya Sabha elections, resulting in their expulsion from the assembly. Following this decision, the Congress government in Himachal Pradesh managed to avert a potential crisis after the defection of six of its MLAs to the Bharatiya Janata Party (BJP) during the Rajya Sabha polls on February 27. With the disqualification, the assembly’s strength reduced to 62 members, leaving the Congress with 34 MLAs, just two above the majority mark of 32. Additionally, three independent MLAs who had…