Author: Legal Parivar

Noida Authority is poised to enable the registration of more than 13,000 flats across various stalled projects, as 35 real estate developers have stepped forward to settle their dues under the Uttar Pradesh government’s rehabilitation package for stalled projects. According to officials, out of the 57 developers involved, 35 have agreed to pay the initial 25 percent of their total dues, which have been recalculated following the implementation of the rehabilitation package benefits. “The well-being of homebuyers is our utmost concern at the Authority. Consequently, we have been engaging in discussions with developers of stalled projects to encourage them to…

Kotak Mahindra Bank has recently increased its fixed deposit interest rates across various durations. The adjustments now offer rates ranging from 2.75% to 7.40% for regular customers on deposits maturing in periods ranging from seven days to ten years. Previously, the bank provided rates of 2.75% to 7.25% on fixed deposits maturing within the same time frame. Fixed Deposits (FDs) or Term Deposits are essential investment tools provided by Kotak Mahindra Bank, offering a variety of tenures with attractive rates of return. Notably, the bank now offers the highest FD interest rate of 7.4% on deposits maturing in 390 days…

The Congress-led government in Himachal Pradesh is currently embroiled in significant political turmoil following the victory of the opposition BJP party in the state’s lone seat during the Rajya Sabha elections held on Tuesday. The Congress administration faces a critical juncture as six MLAs have reportedly switched sides and are believed to be in contact with the BJP. Compounding the challenges for the Congress, former Chief Minister Vikramaditya Singh has also tendered his resignation from the Sukhvinder Singh Sukhu cabinet. In response, senior Congress leaders including former Chief Minister Bhupinder Singh Hooda and Karnataka Deputy CM DK Shivakumar have hurried…

The resignation of Vikramaditya Singh from the council of ministers in Himachal Pradesh has exacerbated the turmoil within Chief Minister Sukhvinder Singh Sukhu-led Congress government in the hill state. This development follows a significant event where at least six Congress MLAs engaged in cross-voting during the Rajya Sabha elections, resulting in the unexpected defeat of Congress leader Abhishek Manu Singhvi to Bharatiya Janata Party’s Harsh Mahajan. These consecutive incidents have once again highlighted the rift between the factions within the Himachal Pradesh Congress, one led by Chief Minister Sukhwinder Singh Sukhu and the other by Pratibha Singh, a Lok Sabha…

The Central Bureau of Investigation (CBI) has issued a summons for Samajwadi Party President Akhilesh Yadav to appear as a witness tomorrow, February 29, in the illegal mining case in Uttar Pradesh. Akhilesh Yadav, the Chief of the Samajwadi Party, strongly criticized the BJP on Wednesday, alleging that the party is feeling threatened by the INDIA bloc and is actively destabilizing other political parties. Yadav has pledged to take action against rebel MLAs who engaged in cross-voting for the BJP during the recent Rajya Sabha elections.

Zee Entertainment Enterprises witnessed a more than 5% decline in its shares on February 28, following the company’s announcement of establishing a committee to investigate allegations leveled against the company, its promoters, and key managerial personnel by regulatory bodies. The newly formed “Independent Investigation Committee,” led by retired Justice Satish Chandra, aims to thoroughly examine the allegations with the primary objective of safeguarding the interests of the company’s shareholders and stakeholders, as per Zee’s statement. However, investors appeared unconvinced by the decision, as evidenced by the stock trading at Rs 164.15 on the NSE at 1:51 pm, marking a 5%…

SpiceJet has resolved a Rs 250-crore dispute with Celestial Aviation, a major aircraft lessor group subsidiary, through negotiations, thus averting litigation. Both parties have communicated to the stock exchanges that the matter will be formally withdrawn on March 1, and the National Company Law Tribunal (NCLT) has been duly informed of the settlement. Just two days prior, SpiceJet had informed the NCLT that the disagreement with Celestial Aviation was nearly resolved, awaiting only formal procedures. Ajay Singh, the chairman and managing director of the budget airline, expressed gratitude for stakeholder support during this process, emphasizing a renewed focus on fleet…

Indiabulls Housing Finance (IBHF) has reignited its personal insolvency petition against Subhash Chandra, the chairman emeritus of Zee Entertainment Enterprises Limited (ZEEL), concerning guarantees provided to Vivek Infracon. During a session at the National Company Law Tribunal (NCLT) on February 28, IBHF’s counsel, Sumesh Dhawan, presented arguments for over an hour. The case is slated for further consideration on March 4 as the NCLT evaluates the report submitted by Chandra’s resolution professional, Raj Kamal Sarogi. IBHF contends that despite Chandra’s assertion of reaching a settlement in the dispute, no resolution has materialized even after several months, prompting them to revive…

Stocks like Indus Towers, SAIL, Aditya Birla Fashion and Retail, Canara Bank, and Zee Entertainment have been placed under the National Stock Exchange’s futures and options (F&O) ban for trading on February 28 due to exceeding 95 percent of the market-wide position limit (MWPL). This ban is lifted only if the open interest falls below 80 percent. Potential Entries: GMR Airports Infra, Vodafone Idea, PNB, Bandhan Bank, NMDC, Hindustan Copper, Nalco, BHEL, Biocon, Tata Chemicals, and Vedanta may join the ban list as they are nearing the 95 percent MWPL threshold. Potential Exits: Aditya Birla Fashion and Retail, Canara Bank,…

The attention on Vodafone Idea shares intensifies on February 28 following the decision by the telecom operator’s board of directors to pursue fundraising amounting to Rs 45,000 crore. In a bid to secure capital, the company aims to raise Rs 20,000 crore through a blend of equity or equity-linked instruments, with the remainder sourced through debt, with participation from promoters in the fundraising endeavor. Vodafone Idea has scheduled a shareholder meeting for April 2, with plans to seek their approval before proceeding with the equity fundraising, anticipated to conclude in the upcoming quarter. While Vodafone Idea shares concluded 4.45 percent…