Author: Legal Parivar

India’s electronics sector has achieved its target set ten years ago, positioning itself as the world’s second-largest producer of mobile phones, as reported by the India Cellular and Electronics Association (ICEA). Over the past decade, India has manufactured 2.45 billion mobile phone units valued at Rs 4.1 lakh crore, a significant increase from Rs 18,900 crore in 2014-15. Representing major brands such as Apple, Xiaomi, Oppo, Vivo, and Lava, ICEA highlighted the industry’s transition from 78 percent import dependency in 2014 to 97 percent self-sufficiency presently, with only 3 percent of mobile phones being imported. Although the industry aimed for…

As the Class 10 board examinations in Haryana commence, disturbing videos of widespread cheating at a school in the Nuh district have circulated widely on various social media platforms. The footage depicted individuals scaling the walls of the school to pass cheating materials to students during the exam. The incident reportedly occurred at Chandravati School in Tauru, Nuh district, on Wednesday, prompting swift action from authorities. The Haryana Board chairman has called for a detailed report on the incident to determine whether the examination needs to be invalidated, according to district education officer Paramjeet Chahal. Chahal emphasized that any officials…

Shares of various Tata Group companies, such as Tata Motors, Tata Chemicals, Rallis India, Tata Power, Nelco, and Tata Investment Corporation, experienced significant gains of up to 15 percent on March 7, fueled by increasing speculation surrounding the anticipated Tata Sons IPO. The impending listing of Tata Sons is anticipated to unlock substantial value and streamline the intricate holding structure of the conglomerate, potentially enabling certain listed holding firms to divest their stakes in the parent company. Tata Sons, the primary investment holding firm and promoter of Tata Companies, was designated as an ‘upper-layer’ non-banking financial company (NBFC) by the…

Indian real estate giant Macrotech Developers Ltd has successfully raised ₹3,281 crore through a Qualified Institutional Placement (QIP), aimed at addressing company debt, land acquisition, and other expenses. The QIP, which commenced on March 4, 2024, and concluded on March 7, 2024, saw the issuance of 2,98,89,353 Equity Shares at an issue price of ₹1,098 per share (including a premium of ₹1,088 per share), against a floor price of ₹1,129.48 per share. In a statement to Indian stock market exchanges, Macrotech Developers announced the allotment of shares to eligible qualified institutional buyers (QIBs), resulting in an increase in the company’s…

Further search operations were carried out by the Central Bureau of Investigation (CBI) across seven cities in Rajasthan and Maharashtra, encompassing a total of 67 locations. These operations are part of an ongoing investigation into suspicious Immediate Payment Service (IMPS) transactions. The transactions under scrutiny are estimated to be around Rs. 820 crore and involve multiple accounts held at UCO Bank.

The administrator of bankrupt Reliance Capital Ltd has approached the National Company Law Tribunal (NCLT) seeking its intervention to compel Hinduja Group’s IndusInd International Holdings Ltd to adhere to the approved resolution plan by making payments by 28 May. In its petition, the administrator has emphasized the potential harm to Reliance Capital if the application is not granted. The tribunal recently sanctioned IIHL’s ₹9,650-crore resolution plan to acquire Reliance Capital, concluding a two-year legal dispute by the Hinduja Group. The plan must be executed within 90 days of the order issued on 27 February. However, pending regulatory clearances, including approvals…

Trading activity on the BSE and NSE will be suspended on March 8, 2024, as the nation celebrates the Mahashivratri festival. This makes March 8, 2024, a stock market holiday. However, the commodity market will remain closed in the morning session but will resume trading activities in the evening session at 5:00 PM. On Friday, there will be no trading in the Equity Segment, Equity Derivative Segment, and SLB Segment. Currency Derivatives Segments will also remain suspended. The commodity market will be open in the evening from 5:00 PM to 11:55 PM. Mahashivratri is one of the three stock market…

With the Indian economy experiencing rapid growth, the nation’s capital market has become increasingly appealing to both domestic and international investors. Interestingly, this interest isn’t limited to adults; even minors are entering the market, seeking to benefit from its promising prospects. But how can minors participate in this financial landscape, and what is the minimum age requirement for opening a demat account? This article explores these questions and offers insights to help individuals make informed decisions when considering opening a demat account for a minor. Is it possible for a minor to open a demat account?According to the Indian Contracts…

LTI Mindtree’s Chief Financial Officer, Vinit Teredesai, has tendered his resignation from the company, effective April 24, 2024. The company officially disclosed this announcement on March 7, stating that Teredesai has decided to pursue new professional opportunities beyond the L&T Group. To fill the vacancy, the Board of Directors has appointed Vipul Chandra as the incoming CFO, effective April 25, 2024. Currently serving as the Head of Treasury at Larsen & Toubro (L&T), the parent company, Chandra brings a wealth of experience to the role. In a press release, the Board of Directors expressed gratitude for Teredesai’s contributions during his…