Author: Legal Parivar

Larsen & Toubro ( L&T ), a diversified conglomerate with interests spanning defense, infrastructure, power, construction, technology, and finance, intends to maintain its investments in the Middle East region while adopting a more comprehensive strategy. The company’s management stated that its investments in the Middle East will not be confined to hydrocarbons but will also encompass infrastructure development to transform the region into a tourist destination. Shankar Raman, CFO of L&T, mentioned during a management call on May 8 that the company will continue to focus on infrastructure development, energy generation, and downstream investments in petrochemicals and related sectors. Looking…

The Lucknow bench of the Allahabad High Court stated on Wednesday that Muslims cannot claim the right to live in a relationship when they are already married, noting that such a relationship is not permitted under Islamic principles. The observation came during the hearing of the writ petition of Sneha Devi and Mohammad Shadab Khan, residents of Bahraich district, Uttar Pradesh, before Justice AR Masoodi and Justice AK Srivastava. The couple sought protection from police action under Article 21 (protection of life and personal liberty) after the woman’s parents filed a case against Khan, alleging that he kidnapped their daughter…

According to a report from Money Control, Paytm is venturing into the ride-hailing market by introducing auto-rickshaw services in major cities like Delhi, Bengaluru, and Chennai through the Open Network for Digital Commerce (ONDC). The aim is to challenge the market dominance currently held by Ola and Uber. The new ride-hailing feature is currently in testing on the Paytm app and is accessible to a limited number of users. Paytm has been gradually expanding its presence on ONDC, launching services across various e-commerce sectors such as food delivery, grocery, fashion, and electronics. An insider with knowledge of the project mentioned…

Singapore-based private equity firm Venturi Partners Pte. Ltd has acquired a 5.12% stake in K12 Techno Services Pvt. Ltd from Navneet Education Ltd for ₹225 crore ($27 million), according to a joint statement from the companies. However, the financial details of the transaction were not disclosed. K12 Techno Services operates the Orchids International school chain. Navneet Education Ltd has invested ₹118 crore in K12 since 2013. After this transaction, it will retain a 14-15% stake in the company. K12 Techno Services has received investments from Peak XV, Sofina Ventures, and Kedaara Capital. The deal reportedly valued K12 at ₹5,000 crore.…

Dakar (Senegal), May 9 (AP) – A statement from the country’s transport minister announced that a Boeing 737 aircraft, carrying 85 people, veered off the runway at Dakar’s airport, the capital of Senegal, resulting in injuries to 10 individuals. El Malick Ndiaye, the transport minister, specified that the Air Senegal flight, operated by TransAir, was en route to Bamako late on Wednesday, with a total of 79 passengers, two pilots, and four cabin crew onboard. The injured passengers are currently receiving medical treatment in the hospital, while the remaining survivors have been accommodated in a hotel for rest. Further details…

Manappuram Finance Ltd stated on May 9 that the recent advisory from the Reserve Bank of India (RBI) regarding the limitation of cash disbursal for loans would not negatively impact the company’s operations. This clarification came after the RBI issued instructions to non-banking financial companies (NBFCs) to strictly adhere to the Income Tax Act provision on cash disbursement, specifying that no NBFC should disburse loan amounts exceeding Rs 20,000 in cash. V.P. Nandakumar, the Managing Director & CEO of the company, mentioned, “Our widely used product, the Online Gold Loan, constituting 50% of our gold loan portfolio, follows a fully…

Escorts Kubota Ltd, a farm equipment and construction equipment firm, announced a 16.37% increase in consolidated net profit for the fourth quarter ended March 31, 2024, reaching Rs 251.89 crore compared to Rs 216.46 crore in the same quarter of the previous fiscal year. Consolidated revenue from operations during the quarter was Rs 2,093.53 crore, down from Rs 2,214.48 crore in the corresponding period last year. Tractor sales in the quarter dropped to 21,253 units from 24,765 units in the previous fiscal. Total expenses decreased to Rs 1,881.11 crore from Rs 2,023.32 crore in the same period last year. Meanwhile,…

India is contemplating offering incentives to private firms to establish lithium processing facilities, aiming to develop its fledgling lithium mining industry and enhance the supply of this essential metal for electric vehicle (EV) batteries. According to three government sources, New Delhi is devising a new critical minerals policy within the mines ministry, which would include incentives for companies to set up lithium processing plants. The critical minerals policy is expected to encompass all aspects of the lithium supply chain, from exploration and mining to value addition. It will also encompass incentives for beneficiation and refining operations within the country. While…

Household savings are projected to decline for the third consecutive year in FY24 due to increasing liabilities stemming from housing and vehicle loans. However, this trend might reverse in 2024-25 due to the impact of RBI’s restrictions on personal loans. According to data released by the Ministry of Statistics and Programme Implementation (MoSPI) in the National Account Statistics 2024, net household savings decreased significantly by Rs 9 lakh crore to Rs 14.16 lakh crore over the past three years until 2022-23. ICRA Chief Economist Aditi Nayar attributes this decline to a substantial 73% year-on-year increase in liabilities during 2022-23. Although…

External Affairs Minister S Jaishankar emphasized the development of India-Maldives ties based on mutual interests and reciprocal sensitivity during his discussions with his Maldivian counterpart Moosa Zameer. This meeting marked Zameer’s first high-level visit to New Delhi following the assumption of office by the Maldives’ pro-China president Mohamed Muizzu six months ago. Jaishankar highlighted the importance of strengthening ties between close and proximate neighbors, emphasizing India’s Neighbourhood First policy and SAGAR vision. The relationship between India and the Maldives faced challenges due to Muizzu’s insistence on the withdrawal of Indian military personnel from the island nation. Despite this strain, India…