Author: Legal Parivar

On March 7, the Reserve Bank of India (RBI) announced the signing of an agreement with Bank Indonesia to encourage the utilization of local currencies for cross-border transactions. RBI Governor Shaktikanta Das and Bank Indonesia counterpart Perry Warjiyo formalized the Memorandum of Understanding (MoU) aimed at establishing a framework for cooperation in cross-border transactions in local currencies. The agreement between India and Indonesia seeks to boost the bilateral use of the Indian Rupee (INR) and Indonesian Rupiah (IDR), facilitating transactions in these currencies for various economic and financial activities. According to the RBI, the MoU encompasses all current account transactions,…

Tata Motors, India’s largest commercial vehicle manufacturer, announced on September 18 its decision to raise the prices of its commercial vehicles by up to 3%, effective October 1, 2023. This adjustment is aimed at mitigating the effects of previous input cost fluctuations. The price hike will vary based on individual models and variants and will be applicable across the entire range of commercial vehicles. On March 4, Tata Motors disclosed its plan to demerge its businesses into two separate listed entities: commercial vehicles (CV) and passenger vehicles (PV). This decision was met with positive reception from brokerages. Global brokerage firm…

Bajaj Auto Ltd witnessed a 4 percent surge in its share price on March 7, marking the sixth consecutive session of gains fueled by several positive developments. These include an extension of the electric vehicles incentive scheme and encouraging monthly sales figures. The upward momentum in the stock propelled Bajaj Auto’s market capitalization above Rs 2.5 lakh crore for the first time. As of 1:50 pm, the stock was trading at Rs 8,920 on the National Stock Exchange, reflecting a 3.6 percent increase from the previous close. Over the past six trading sessions, the stock has surged by 13 percent.…

Former Calcutta High Court judge Justice Abhijit Gangopadhyay officially joins the BJP in a ceremony attended by state party chief Sukanta Majumdar, Leader of the Opposition Suvendu Adhikari, and other party members. There are discussions suggesting that he might contest from the Tamluk constituency, which has been consistently won by the Trinamool Congress in the last three elections.

On Thursday, the Supreme Court requested the Centre’s response regarding a Public Interest Litigation (PIL) seeking palliative care for terminally-ill individuals as part of the national health program. The bench, consisting of Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra, acknowledged the arguments presented by senior advocate Jayna Kothari, representing the petitioner. Kothari emphasized that palliative care should be formally recognized and integrated into the national health program. However, the court disagreed with one aspect of the PIL, which sought to declare the right to receive palliative care as a component of the right to…

The Indian rupee surged to a six-month peak on Thursday, buoyed by persistent buying of local bonds by foreign investors in anticipation of the nation’s upcoming inclusion in global debt indexes. The rupee strengthened by 0.1% to reach 82.7250 per dollar, marking its highest level since September 4. A combination of factors contributed to the rupee’s ascent, including a weakened US dollar, a rally in domestic equities, and continued inflows of foreign funds. With these supportive elements in play, the local currency has appreciated by 0.5% since the beginning of the year, positioning it as the top-performing currency in Asia.…

The Supreme Court scheduled the hearing of ADR’s contempt plea against the State Bank of India (SBI) for March 11, 2024, in the electoral bonds case. On Monday, the SBI had approached the apex court, seeking an extension to the deadline for disclosing details of electoral bonds cashed by political parties, as it had surpassed the earlier March 6 deadline set by the Supreme Court. In response, the Association for Democratic Reforms (ADR) filed a contempt plea against SBI, accusing it of deliberate disobedience of the Supreme Court’s judgment. ADR labeled the SBI application as “mala fide” and a “wilful…

The Pune E-Stock Broking IPO opened for subscription on Thursday, March 7, and will close on Tuesday, March 12. The price band for the IPO has been fixed in the range of ₹78 to ₹83 per share, with a face value of ₹10 each. The lot size comprises 1,600 shares, and investors can bid for a minimum of 1,600 shares and in multiples thereof. The IPO has reserved not more than 50% of the shares for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and a minimum of 35% for retail investors. Additionally, the market maker category…

The Supreme Court on March 7th rejected a petition filed by travel services platform MakeMyTrip (MMT) against tech giant Google concerning the alleged misuse of trademarks as “keywords” within Google’s Ads Program. MMT had alleged that its trademarks “MakeMyTrip” and ‘MMT’ were being utilized as keywords in Google’s Ads Program to display links/ads of its competitor ‘Booking.com,’ which it argued constituted a violation of its registered trademark. A bench headed by Chief Justice of India DY Chandrachud dismissed the petition, stating that individuals seeking to book through MakeMyTrip would not likely confuse it with ‘booking.com’. However, the court clarified that…

Suzlon’s stocks surged by 5 percent on March 7 after securing an order for a wind power project from Juniper Green Energy, a renewable energy solutions provider. Under the agreement, Suzlon will develop a 72.45 MW wind power project in Dwarka district, Gujarat, installing 23 wind turbine generators with a rated capacity of 3.15 MW each. The company will supply the turbines and manage the project’s execution, including erection and commissioning, along with post-commissioning operations and maintenance services. JP Chalasani, CEO of Suzlon Group, expressed satisfaction with the company’s third order from Juniper Green Energy, emphasizing the latter’s commitment to…