Author: Legal Parivar

Diageo India, formerly known as United Spirits, disclosed on Wednesday that it has received a tax demand amounting to Rs 4.47 crore from the Maharashtra state tax authorities. The demand, issued through an assessment order dated March 5, 2024, pertains to the fiscal year 2018-19 and relates to Central Sales Tax (CST) and Maharashtra Value Added Tax (MVAT), as stated in a regulatory filing. The Maharashtra state tax authorities have specified Rs 1.21 crore as MVAT, which includes a penalty of Rs 1 lakh, and Rs 3.26 crore as CST. The demand has been imposed by the Deputy Commissioner, State…

Nexgen Energia, a sustainable energy solutions company, announced on Wednesday its plan to invest approximately Rs 3,000 crore in establishing a compressed biogas (CBG) plant in Gujarat. The proposal for these investments was presented during a meeting with Gujarat Chief Minister Bhupendrabhai Patel. Once operational, the CBG plant will directly supply compressed biogas to CNG pumps, stated the company. “Nexgen Energia intends to invest over Rs 3,000 crore to establish a CNG Compressed Biogas (CBG) plant in Gujarat. Additionally, the company plans to set up EV units and other related infrastructure in the state. We have presented a proposal to…

On Wednesday, the government announced its intention to divest up to a 7% stake in NLC India through an offer for sale (OFS), setting the floor price at Rs 212 per share. This floor price represents a discount of over 6% compared to the current market price of the stock, which closed at Rs 226 on the National Stock Exchange. The OFS will open for institutional investors on Friday, for non-retail investors on Thursday, and for retail investors on March 11, as per a stock exchange filing. The offer comprises 6,93,31,830 equity shares, constituting a 5% stake, each with a…

The government has formally introduced regulations governing settlement and commitment procedures under the competition law. The Competition Commission of India (CCI) has also released corresponding regulations outlining the specifics of these procedures. These provisions allow for the possibility of settlements or commitments to be proposed during investigations concerning anti-competitive vertical agreements and abuse of dominant position cases, excluding cartelization. Both the corporate affairs ministry and the CCI have issued notifications detailing the provisions and regulations. Vaibhav Choukse, Partner and Head of Competition Law at JSA Advocates and Solicitors, noted that these provisions represent a significant advancement in the CCI’s regulatory…

Adani Enterprises, led by Gautam Adani, has revealed that its Dubai-based subsidiary, Ospree International FZCO, has successfully acquired full ownership of France’s Le Marche Duty Free SAS (LMDF) for 5,000 euros. This strategic acquisition is aimed at strengthening the company’s presence and expansion in the duty-free sector. Adani Enterprises highlighted the importance of this move in a filing to the stock exchange, emphasizing its alignment with the growth objectives of Mumbai Travel Retail Private Limited. LMDF, founded on February 7, 2024, is owned by Atul Ahuja, the promoter of the Flemingo Group. However, operational activities have not yet commenced. “In…

The Bank Employees Federation of India (BEFI) demanded on Wednesday that the State Bank of India (SBI) adhere to the Supreme Court’s deadline to disclose the names of contributors to the electoral bond scheme to the Election Commission. The SBI had requested an extension until June 30 to disclose details of each electoral bond encashed by political parties, but the court had directed the bank to provide the information to the poll panel by March 6. In a statement issued in Kolkata, the BEFI alleged that public sector banks and their personnel are being exploited for the narrow political interests…

The National Company Law Appellate Tribunal (NCLAT) issued an ultimatum on Wednesday, stating that if the disputes between Yamuna Expressway Industrial Development Authority (YEIDA) and the Suraksha group regarding Jaypee Infratech are not resolved by the second week of April, it will proceed with further action. Last March, the National Company Law Tribunal (NCLT) approved Suraksha group’s resolution plan, but progress has been slow as YEIDA and Jaiprakash Associates have challenged the approval in petitions filed before the NCLAT. Jaiprakash Associates, the original promoter of Jaypee Infratech, entered insolvency resolution proceedings in 2017. During the recent hearing on February 19,…

According to a report by TimesNow Navbharat, the prices of Compressed Natural Gas (CNG) have been reduced by Rs 2.5 in Delhi and the National Capital Region (NCR), effective from 06:00 a.m. on March 7. The new rate of CNG in Delhi is now Rs 74.09 per kg, down from the previous Rs 76.59 per kg. Similarly, in Noida, Greater Noida, and Ghaziabad, the price has been revised from Rs 81.20 per kg to Rs 78.70 per kg. In Gurugram, CNG will now cost Rs 80.12 per kg, reduced from Rs 82.62 per kg. Rewari has also seen a reduction…

The State Bank of India (SBI) has not disclosed details of the electoral bonds encashed by political parties as of Wednesday, missing the deadline set by the Supreme Court. Earlier, on Monday, the SBI had appealed to the Supreme Court for an extension until June 30 to reveal the specifics of each electoral bond transaction. However, the apex court has not yet scheduled a hearing for the SBI’s plea. According to sources, no information has been provided to the Election Commission (EC) regarding the electoral bond transactions. Last month, a constitution bench led by Chief Justice D Y Chandrachud invalidated…

Mukka Proteins IPO Allotment Status: Investors who participated in the IPO can verify their Mukka Proteins IPO allotment status on the registrar’s portal, Cameo Corporate Services Limited, as well as on BSE. Mukka Proteins IPO is set to list on both BSE and NSE, with a tentative listing date scheduled for Thursday, March 7, 2024. The shares will be credited to the Demat accounts of the allottees on March 6. Additionally, the refund process will commence tomorrow following the finalization of the allotment today. The IPO, which was open for subscription from February 29 to March 4, had a price…