Author: Legal Parivar

The Supreme Court, on March 7, rejected a petition from the Jalan Kalrock Consortium (JKC), the successful bidder tasked with revitalizing Jet Airways, challenging the National Company Law Appellate Tribunal (NCLAT) ruling allowing the sale of aircraft belonging to the defunct airline. A bench led by Justice Abhay Sriniwas Oka observed no fault in the NCLAT’s decision, noting it would ultimately benefit JKC by injecting more funds into the revival process. During the proceedings, JKC requested the court to defer the case until the NCLAT delivers a verdict on Jet Airways’ ownership issue, as the NCLAT has reserved judgment on…

Prime Minister Narendra Modi arrives in Srinagar for his inaugural visit to Kashmir since the abrogation of Article 370. During this trip, he will unveil development projects exceeding ₹6,400 crore and deliver a speech at a public gathering. The Prime Minister will also take part in the ‘Viksit Bharat Viksit Jammu Kashmir’ initiative and inaugurate a programme valued at ₹5,000 crore aimed at enhancing the agricultural economy in the region. Stringent security measures have been implemented in preparation for the event at Bakshi Stadium, where the rally will take place.

Mahanagar Gas (MGL) shares witnessed a significant decline of 15% in the previous trading session, dropping to ₹1,329 apiece, and marking a 16% decrease from their record high of ₹1,580 apiece. This sudden downturn came after the company lowered CNG prices to pass on benefits to consumers, leading investors to anticipate potential future impacts on the company’s margins. Additionally, global brokerage firm Citi downgraded its rating on the stock from ‘Buy’ to ‘Sell’ and adjusted its target price to ₹1,405 from ₹1,480 apiece, further affecting investor sentiment towards the stock. However, domestic brokerage firm Nuvama Institutional Equities sees the recent…

On March 7, approximately 2.97 crore shares of SBFC Finance, representing 2.79 percent equity in the company, were traded at Rs 87.25 each. It couldn’t be independently verified who the buyers and sellers were. As of 10:40 am, the stock was trading at Rs 85.20. SBFC Finance, which was listed in August 2023, specializes in offering secured MSME loans and loans against gold, primarily catering to entrepreneurs and small business owners. Since its listing, the stock has experienced a nearly 5 percent decline. As of December 31, 2023, the company’s Assets Under Management (AUM) stood at Rs 6,266 crore, marking…

SpiceJet, the beleaguered airline operator, witnessed a 4 percent surge in its shares following the announcement of the resolution of a Rs 413-crore dispute. The airline successfully resolved a dispute with Echelon Ireland Madison One, resulting in significant savings of $48 million or Rs 398 crore for SpiceJet. As part of the settlement, SpiceJet will acquire two airframes, thereby enhancing its fleet and operational capabilities. This settlement marks the third major resolution for the carrier, following recent fundraising efforts. These successful settlements have collectively resulted in total savings of Rs 685 crore for the airline. At 11:10 am, SpiceJet shares…

Elon Musk has reignited speculation about a potential “fight” between himself and Meta founder Mark Zuckerberg. In response to a suggestion from a user on X (formerly Twitter), the billionaire tweeted, “I’m ready to fight Zuck anywhere, anytime with any rules. LFG!!!” The Saga Continues: Musk vs. ZuckerbergBack in August 2023, amid widespread rumors and speculation about a potential cage fight between Elon Musk and Mark Zuckerberg, the Meta Platforms CEO stated that Musk wasn’t serious about the competition and urged everyone to move on from the speculation, as reported by Bloomberg. In a post on Meta’s Threads, Zuckerberg expressed…

The Association for Democratic Reforms (ADR), the main petitioner in the electoral bonds case, took action on March 7 by filing a plea in the Supreme Court (SC), seeking contempt proceedings against the State Bank of India (SBI). This development came after SBI recently requested the apex court for an extension to provide data on electoral bonds. On March 4, SBI, the largest lender in the country, submitted a petition to the apex court, requesting an extension until June 30, 2024, to furnish the electoral bond data. The bank cited the complexity of decoding the data, attributed to the stringent…

Competition and Consumer Commission of Singapore (CCCS) has conditionally approved the merger between Vistara and Air India, allowing the Singapore Airlines (SIA) group to hold a 25.1% stake in the merged entity, which will be Air India. This approval follows the clearance by the Competition Commission of India (CCI) six months ago. The approval enables the airlines to collaborate closely on routes, codeshare agreements, and reciprocal benefits. It also allows the merged entity to proceed with integrating its international and domestic networks. Both the Indian and Singaporean approvals are contingent upon the merged entity maintaining services on routes between India…

The INDIA bloc of the opposition is reported to have offered eight Lok Sabha seats to Chirag Paswan, the Chief of the Lok Janshakti Party (Ram Vilas), in Bihar, amidst ongoing seat-sharing disputes within the National Democratic Alliance (NDA) partners in the state. According to sources cited in an NDTV report, Chirag Paswan’s party has also been offered two seats in Uttar Pradesh. This proposal of ten seats across two states holds significance as the NDA has purportedly offered only six seats to Chirag Paswan, with the condition that two of those six seats be shared with his uncle and…

Tata Chemicals witnessed a significant surge of around 8 percent in morning trading on March 7, reaching a 52-week high of Rs 1,271.15, marking its sixth consecutive session of gains. The stock has been on an upward trajectory since March 1, following the announcement that Fitch Ratings affirmed its Long Term Foreign Currency Issuer Default Rating (IDR) at BB+ and revised the outlook to “stable” from “positive”. As of 9:49 am, Tata Chemicals was trading 7.6 percent higher at Rs 1,269 on the National Stock Exchange (NSE). Over the past five sessions, the stock has rallied by 33 percent. In…