Author: Legal Parivar

Vodafone Idea (Vi) announced on Wednesday the successful deployment of network infrastructure along the East-West Metro corridor route of Kolkata’s newly inaugurated Underwater Metro Rail Service. Vi has installed network infrastructure at all 17 stations along the Green Line route, ensuring seamless connectivity for Vi customers traveling on the underwater metro rail service spanning 16.6 kilometers.

Entities engaging in reversal trades, characterized by reversing trades with the same counterparties on the same day at a significant price difference without valid reasons, have been granted permission to settle with the market regulator. These trades, deemed artificial and non-genuine by the market regulator, are often employed by fraudulent entities to manipulate securities’ prices and volumes, typically involving illiquid stock options (ISOs). The Illiquid Stock Options (ISO) Scheme, 2024, initiated by the Securities and Exchange Board of India (Sebi), targets entities involved in the ISO segment of the Bombay Stock Exchange (BSE) facing proceedings. Effective from March 11, 2024,…

Shree Karni Fabcom IPO: The SME’s initial public offering opened for subscription on March 6 and will close on March 11. Shree Karni Fabcom Limited specializes in producing customized knitted and woven fabrics for various industries, including luggage, medical arch support, chairs, shoes, and apparel. Their expertise lies in Woven Fabrics, Knitted Fabrics, Coated Fabrics, and polyester, sourcing yarn, resin, acrylic, and coating chemicals to create specialized technical textiles. In FY23, Shree Karni Fabcom Limited witnessed a 51.87% increase in revenue and a 7.85% rise in profit after tax (PAT). Subscription Status:The IPO garnered over 14.93 times subscription on the…

NSE Indices, a subsidiary of NSE specializing in index services, introduced two new indices, the Nifty500 Multicap India Manufacturing 50:30:20 index and the Nifty500 Multicap Infrastructure 50:30:20 index, on March 6. The Nifty500 Multicap India Manufacturing 50:30:20 index is designed to monitor the performance of chosen large cap, mid cap, and small cap stocks from the Nifty 500 index, representing the manufacturing sector. Similarly, the Nifty500 Multicap Infrastructure 50:30:20 Index is created to track the performance of selected large cap, mid cap, and small cap stocks from the Nifty 500 index, focusing on the infrastructure theme. According to NSE’s press…

The initial public offering (IPO) of Koura Fine Diamond Jewelry Limited, a small- and medium-sized enterprise (SME), witnessed a robust response from investors on its opening day. Subscriptions from both retail investors and non-institutional investors (NII) were fully subscribed on the first day itself. The IPO, which opened on March 6, 2024, is set to close on March 11, 2024. Subscription Status:On the first day, the SME IPO was oversubscribed by 26.92 times. Retail investors subscribed 46.66 times, while the portion reserved for non-institutional investors (NIIs) was subscribed 7.09 times. Bids were received for 2,50,32,000 shares against the 9,30,000 shares…

Vedanta Ltd, a mining conglomerate, announced its intention to explore legal avenues, including the filing of a review petition, following the dismissal of its plea to reopen its Sterlite copper smelter plant in Tamil Nadu by the Supreme Court last week. According to a stock exchange filing by Vedanta, the Supreme Court concluded on February 29, 2024, that the Special Leave Petition did not warrant interference under Article 136 of the Constitution of India and subsequently dismissed the petition. Vedanta received the judgment on March 5, 2024, and is now considering legal options based on advice from its legal experts.…

Mukka Proteins, a manufacturer of fish protein products, is anticipated to make its debut with a substantial 125 percent premium over the issue price on March 7, drawing significant interest from investors. Experts attribute this high anticipation to several factors, including the robust subscription to the company’s IPO, its strong customer base, solid positioning in the industry, and impressive financial performance over the past years. During the subscription period from February 29 to March 4, Mukka Proteins’ IPO, valued at Rs 224 crore, saw overwhelming demand, with non-institutional investors subscribing 250.38 times, qualified institutional buyers 189.28 times, and retail investors…

Antfin Singapore Holdings Pte, a subsidiary of the Chinese Ant Group, divested a 2.1% stake in the Indian food delivery platform Zomato through bulk deals on Wednesday, March 6, as per BSE data. The divestment saw Antfin selling a total of 176.4 million shares of Zomato within the price range of ₹160.11 to ₹160.40 per share. As of December 2023, the Chinese company held a 6.32% stake in Zomato. In contrast, Morgan Stanley acquired 56.8 million shares of Zomato at ₹160.10 per share, according to the data. Additionally, SVF Growth (Singapore) PTE Ltd, a venture capital fund of SoftBank, divested…

A former MP, Dhananjay Singh, was sentenced to seven years in prison and fined ₹50,000 by a local court in Jaunpur. This ruling came in response to a four-year-old case involving the kidnapping of a project manager from UP Jal Nigam. The court found Dhananjay Singh and his associate, Santosh Vikram, guilty of kidnapping Abhinav Singhal, a project manager for the ‘Namami Gange’ initiative, as well as extortion. Additional Sessions Judge Sharad Kumar Tripathi delivered the verdict, resulting in both defendants being sent to judicial custody. Abhinav Singhal, a resident of Muzaffarnagar, filed the case against Dhananjay Singh and Santosh…

RBI Governor Shaktikanta Das assured that 80-85% of Paytm wallet users won’t experience any disruptions due to regulatory actions, advising the remaining users to link their apps to other banks. The RBI’s directive on January 31 prohibited Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in customer accounts. Das emphasized that the deadline for linking wallets attached to PPBL with other banks is March 15, with no further extensions planned. He clarified that the RBI’s action was directed at a regulated entity, PPBL, and not against Fintech companies. The RBI supports innovation in the fintech sector…