Author: Legal Parivar

Patanjali Foods Ltd, a separate listed entity from Patanjali Ayurved, clarified on February 27 that the Supreme Court’s observations regarding “misleading advertisements” would not impact its business operations. Earlier in the day, the Supreme Court issued a show-cause notice to Patanjali Ayurved and its managing director for allegedly violating their promise to refrain from making misleading claims in advertisements for medicines, following a writ petition filed by the Indian Medical Association. In response, Patanjali Foods stated in a regulatory filing that the Supreme Court’s observations do not pertain to their operations. As an independent entity focused on edible oil and…

On February 27, CMS Info Systems’ promoter Sion Investment Holdings PTE divested its entire stake in the company, selling 26.69 percent, or 4,17,71,975 shares, at Rs 370.38 per share. Buyers included Societe Generale, Morgan Stanley Asia Singapore PTE, and others, causing CMS Info Systems’ shares to dip 2.52 percent to Rs 387. Bharti Enterprises sold 62,50,900 shares, or a 1.26 percent stake, in ICIC Lombard General Insurance Company at Rs 1,666.35 per share. ICICI Bank acquired 69,82,852 shares, or 1.41 percent stake, at the same price. ICICI Lombard’s shares surged 4.69 percent to Rs 1,728. Promoter Sasikala Raghupathy continued to…

Harsh Mahajan, representing the Bharatiya Janata Party (BJP), has clinched victory in the Rajya Sabha seat contest in Himachal Pradesh, a result believed to be influenced by possible cross-voting from Congress legislators. “Despite the Congress holding a substantial majority, losing the Rajya Sabha seat is a setback. I extend my congratulations to Harsh Mahajan,” stated BJP leader and former chief minister Jairam Thakur. Moments before Mahajan’s win was declared, Chief Minister and Congress leader Sukhvinder Singh Sukhu alleged that five or six of his party’s MLAs were taken to neighboring BJP-ruled Haryana, accompanied by the Central Reserve Police Force. In…

Mumbai-based payments firm Mswipe Technologies has announced the closure of a $20 million primary growth equity investment from its current investors. Although the firm did not disclose the names of the investors, its existing captable comprises Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. Previously, it had raised over $107 million from these investors. According to a statement from the company, the newly raised funds will be utilized to expand the merchant payment network and enhance product development and technological infrastructure. Recently, Mswipe obtained a payment aggregator license from the Reserve Bank of…

Adani Defence & Aerospace has announced plans to invest over Rs 3,000 crore in its new ammunition and missiles complexes in Kanpur by 2027, according to Chief Executive Officer Ashish Rajvanshi. The inauguration of the complex, set to be South Asia’s largest ammunition manufacturing facility, took place on February 26 with an initial investment of Rs 1,500 crore. It is projected to generate approximately 4,000 direct jobs, with an additional 20,000 indirect job opportunities expected to emerge among micro, small, and medium enterprises and local firms. Spanning 500 acres, the facilities aim to fulfill a significant portion of India’s annual…

In the recent Rajya Sabha elections in Karnataka, the ruling Congress secured three seats while the BJP gained one. The elected representatives to the Upper House include Ajay Maken, G C Chandrasekhar, and Syed Naseer Hussain from the Congress, along with Narayansa K Bhandage from the BJP. Among the five candidates vying for the four seats, JD(S) nominee D Kupendra Reddy was also in the running. Cross-voting was evident during the elections, with one BJP MLA, S T Somashekar, voting for Congress’s Maken, while another, A Shivaram Hebbar, abstained.

On February 27, the Supreme Court issued a show-cause notice to Patanjali Ayurved and its managing director Balakrishna for reneging on their commitment to refrain from making deceptive claims in their medicine advertisements. Additionally, the court barred the company from releasing any adverts asserting the treatment of diseases like blood pressure, diabetes, fevers, epilepsy, and lupus, as stipulated in the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954, which encompasses 54 illnesses. Expressing strong disapproval, the apex court remarked, “The entire country is being taken for a ride,” and criticized the government for being indifferent. Reprimanding the Center for its…

On February 27, the National Company Law Tribunal (NCLT) deferred judgment on interim orders regarding an oppression and mismanagement plea lodged by four investors against the edtech firm Byju’s. These investors sought a halt to a $200 million rights issue set to conclude on February 29, claiming coercion to participate to avoid share dilution. The NCLT instructed both parties to submit written contentions within three days and notified the Ministry of Corporate Affairs and Registrar of Companies. The investors, in their plea, urged the NCLT to freeze the rights issue, restrain asset transfers by Byju’s and its subsidiary, and maintain…

Vodafone Idea’s board has approved a fundraising plan of up to Rs 45,000 crore through a combination of equity and debt, as announced in an exchange filing on February 27th. Of this amount, Rs 20,000 crore will be raised through equity or equity-linked instruments, with the remainder sourced from debt. The company stated that its promoters will also participate in the equity raise. A shareholder meeting is scheduled for April 2, 2024, where approval will be sought for the proposed equity raise, expected to be completed in the subsequent quarter. Vodafone Idea intends to engage with lenders to secure debt…

Prime Minister Narendra Modi asserted on Tuesday that the opposition, lacking confidence in its prospects in the upcoming Lok Sabha polls, resorts to criticizing him, alleging their lack of a coherent vision for the nation’s advancement. Addressing the conclusion ceremony of the BJP state unit’s padayatra at the Central Stadium, Modi urged the people of Kerala to support the saffron party by granting it double-digit seats in the 2024 LS polls. He emphasized that the BJP doesn’t view states solely through the lens of vote-bank politics. Modi highlighted that Kerala, like other BJP-ruled states, has experienced development over the past…