Author: Legal Parivar

The Indegene Ltd IPO, which opened for subscription on May 6, saw strong investor interest, with 26 percent of the total issue size subscribed during the early hours of the first day of bidding. Investors bid for 75.34 lakh equity shares against the total issue size of 2.29 crore shares, according to stock exchange data. Non-institutional investors led the bidding, purchasing 44 percent of the reserved portion, while retail investors bought 32 percent of the portion allocated to them. The employee portion saw a subscription of 43 percent. However, qualified institutional buyers (QIBs) were yet to subscribe to the issue.…

Deepak Nitrite’s shares saw a significant surge, rising nearly 7 percent to reach a record high of Rs 2,619.80 on the NSE following a double upgrade by Morgan Stanley, elevating the stock from “underweight” to “overweight.” The international brokerage also revised the target price for the specialty chemicals stock to Rs 2,985, indicating a potential upside of 22 percent from the previous closing price. Morgan Stanley attributed the increase in the target price to a higher valuation multiple for the base business and an increased medium-term capital expenditure. According to analysts, Deepak Nitrite’s substantial new investment cycle, exceeding $1 billion,…

The Shapoorji Pallonji (SP) Group has initiated discussions with Power Finance Corporation (PFC) to secure up to $1.2 billion for refinancing a portion of the Rs 20,000 crore debt set to mature in the last week of May, according to sources familiar with the matter. These discussions, ongoing for several weeks, are being conducted discreetly. The SP Group had previously pledged its 18% stake in Tata Sons, the holding company of the Tata Group, as collateral for the original loan. The funds were originally raised by the Mistry family through Sterling Investment Corp. Pvt Ltd (SICPL), which owns slightly over…

On May 2, the attention will be on shares of Godrej group companies following the family’s decision to divide the 127-year-old conglomerate into two separate branches. The restructuring entails a reshuffling of the family’s shareholding within the conglomerate, leading to the creation of two distinct entities: Godrej Enterprises and Godrej Industries. Under the agreement, Adi Godrej and his brother Nadir will continue to lead the listed entities, which will fall under Godrej Industries. Conversely, cousin Jamshyd Godrej will take control of the unlisted companies and the land bank, which will be part of Godrej Enterprises. The conglomerate comprises five listed…

Aadhar Housing Finance, a company affiliated with the Blackstone Group, has announced the pricing details of its upcoming IPO, valued at Rs 3,000 crore. The IPO will open for subscription on May 8 and close on May 10, with the anchor book opening on May 7. The basis of allotment will be finalized on May 13, and refunds will be initiated on May 14. The company is expected to be listed on stock exchanges on May 15. The IPO has been scaled down from the originally planned Rs 5,000 crore to ensure a strong market debut and successful listing. It…

The National Company Law Tribunal (NCLT) in Bengaluru has issued notice regarding an insolvency plea filed by mobile phone manufacturer Oppo against embattled ed-tech company Byju’s. This plea is expected to be heard again in the last week of May, as the tribunal will enter a summer break starting May 3. In addition to Oppo, two new insolvency pleas have been lodged against Byju’s within the past week. These were filed by the US-based publishing company McGraw Hill Education and end-to-end customer experience solutions company Cogent E-services. With these new filings, the total number of insolvency pleas against Byju’s has…

Read Full Judgment: Yash Raj Films Pvt. Ltd. v. Afreen Fatima Zaidi & Anr. In the Supreme Court case of Yash Raj Films Private Limited v. Afreen Fatima Zaidi & Anr., the central issue revolved around the legal implications of promotional trailers, particularly in the context of a consumer dispute. The complainant, who watched a promotional trailer for the film “Fan” produced by the appellant, claimed that she felt deceived when a song featured in the trailer was not included in the movie. She filed a consumer complaint alleging deficiency of service and unfair trade practice. Initially, the District Consumer…

Read Full Judgment: State of Odisha v. Nirjharini Patnaik

Read Full Judgment: Sanju Rajan Nayar vs. Jayaraj & Anr. In Criminal Appeal No. 2024 of 2023, arising from Special Leave Petition (Criminal) No. 8254 of 2023, Sanju Rajan Nayar appealed against the judgment of the High Court of Karnataka, which quashed FIR No. 63 of 2021 under Section 7(a) of the Prevention of Corruption Act, 1988. The FIR was filed against respondent Jayaraj, alleging demand for bribe. The High Court quashed the FIR based on lack of direct evidence of bribery. The Supreme Court granted leave to appeal. The appellant’s marriage took place in 2006. During the marriage, his…

Read Full Judgment: Shri Mallikarjun Devasthan, Shelgi v. Subhash Mallikarjun Birajdar and others The case pertains to the acceptance of Change Reports related to the Vahiwatdar (Administrator) and Trustees of Shri Mallikarjun Devasthan, Shelgi, a Public Trust. The High Court of Judicature at Bombay invalidated the acceptance and remanded the matters for fresh consideration by the Deputy Charity Commissioner, Solapur Region, Solapur. However, the orders of remand were not acted upon due to the pendency of the appeals. As per the High Court’s directions, the individuals already administering the Trust continued to do so. The background of the case reveals…