Author: Legal Parivar

Go Digit secures Rs 1,176 Cr from top investors before IPO, including Fidelity & ADIA. Excitement builds for May 15 launch!

Prime Minister Narendra Modi disclosed personal assets valued at Rs 3.02 crore in the affidavit submitted while filing his nomination for the Varanasi Lok Sabha seat on May 14. According to the mandatory affidavit required under Indian election rules, PM Modi reported no investments in bonds, debentures, shares, or mutual funds. He declared holding a total of Rs 52,920 in cash as of March 31, 2024. Additionally, the Prime Minister’s assets include Rs 2.86 crore in fixed deposit receipts (FDRs) at the State Bank of India (SBI), along with Rs 80,304 held in SBI savings accounts. Modi also declared Rs…

Patanjali Foods, led by Baba Ramdev, revealed its fiscal 2023-24 fourth-quarter (Q4FY24) results on Tuesday, May 14. The company reported a 22% decline in standalone net profit to ₹206.32 crore, down from ₹263.71 crore in the same period last year.

Cipla may witness a block of shares worth Rs 2,637 crore being traded on May 15, as sources inform CNBC-Awaaz that the promoter family and Okasa Pharma are set to sell up to a 2.53 percent stake. The anticipated price range for the Cipla block deal is between Rs 1,289.50 and Rs 1,357.35, representing a maximum discount of 5 percent. Sources further reveal that Kotak Securities is the exclusive broker for the block deal. Additionally, sellers are subjected to a 90-day lock-in period following the scheduled block trade.

The Central Bureau of Investigation (CBI) arrested former DHFL director Dheeraj Wadhawan on May 14 in connection with a Rs 34,000-crore bank fraud case. Wadhawan was apprehended in Mumbai on the evening of May 13, according to officials who spoke to news agency PTI. He was subsequently presented before a special court in Delhi on Tuesday and was remanded to judicial custody. It’s noteworthy that Wadhawan had previously been charge-sheeted by the CBI in relation to this case back in 2022. Prior to this arrest, Wadhawan had faced detention by the agency in connection with the Yes Bank corruption case…

Allied Blenders and Distillers Ltd, the producer of Officer’s Choice Whisky, has secured approval from Sebi to raise Rs 1,500 crore through an Initial Public Offering (IPO), as per an update from the markets regulator on Tuesday. The IPO plan includes a fresh issuance of equity shares valued at Rs 1,000 crore and an Offer-for-Sale (OFS) of shares worth Rs 500 crore by promoters, as detailed in the Draft Red Herring Prospectus (DRHP). Under the OFS, shares will be sold by Bina Kishore Chhabria, Resham Chhabria Jeetendra Hemdev, and Neesha Kishore Chhabria. Allied Blenders and Distillers Ltd, which submitted preliminary…

Colgate-Palmolive India disclosed a consolidated net profit of Rs 379.82 crore for the March quarter, marking a growth of 20.11 percent compared to the same period last year. The company reported total sales of Rs 1,480.66 crore, reflecting a 10.35 percent increase over the year-ago quarter, according to a regulatory filing on May 13. In recognition of the company’s exceptional performance in the Financial Year 2023-24, the Board has declared a Second Interim Dividend of Rs 26/- per share, along with a special one-time interim dividend of Rs 10/- per share. The total dividend payout to shareholders is set at…

Zerodha, led by Nithin Kamath, has unveiled a new interactive feature called ‘notes’ for traders on the Kite web platform. This enhancement aims to streamline the trading process and improve user experience. With the ‘notes’ feature, users can now provide specific reasons for adding an instrument to their marketwatch, as highlighted by the prominent online stock brokerage. The addition of the ‘notes’ feature serves to offer users context for the instruments they are monitoring. This enables them to recall the rationale behind adding a particular instrument to their marketwatch at a later time. The feature is personalized for traders, ensuring…

The Reserve Bank of India (RBI) announced on May 14 that it has fined The Vaijapur Merchants Co-operative Bank Rs 2.50 lakh for breaching regulations. The penalty was imposed due to the bank’s failure to comply with specific directives issued by the RBI under the Supervisory Action Framework (SAF), according to a press release from the central bank. The RBI stated that it conducted a statutory inspection of the bank based on its financial position as of March 31, 2022. Following supervisory findings of non-compliance with RBI directives and related correspondence, the bank was issued a notice to justify why…

Some companies, including fintech firm Mobikwik, are experiencing delays in obtaining approval from the Securities and Exchange Board of India (SEBI) for their initial public offerings (IPOs). Sources informed Moneycontrol that previous share sales by investors/shareholders of these companies were found to be non-compliant with the Companies Act. According to section 42(2) of the Companies Act, 2013, an unlisted company cannot sell shares to more than 200 people in a financial year without conducting a public offering. Such share sales are considered deemed public issues (DPIs) under the regulations and may lead to penalties or necessitate the provision of an…