Author: Legal Parivar

Shares of One 97 Communications Ltd, the parent company of Paytm, surged 5 percent and hit the upper circuit on February 26, marking the sixth time in the past seven sessions, as it continued to rebound from its all-time low of Rs 318.05 following RBI’s restrictions on its banking arm. Closing at Rs 428.10 on the National Stock Exchange, Paytm witnessed a 4.99 percent increase from the previous close, contributing to its ongoing recovery. Despite the recent uptrend, the market capitalization of the payment major remains 30 percent lower than January 31, when the central bank issued a circular regarding…

On February 26, BGR Energy Systems promoter Sasikala Ragupathy divested a 2.51 percent stake in the company. The sale involved 18,11,464 shares, sold at an average price of Rs 79.73 through open market transactions, totaling Rs 14.44 crore. As of December 2023, Sasikala held a 23.99 percent stake in the company. Consequently, BGR Energy Systems stock experienced an 11.18 percent decline, closing at Rs 75.85 in the trading session. In another development, Minerva Ventures fund acquired a 0.5 percent stake in Easy Trip Planners, purchasing 90,00,000 shares at Rs 48.75 per share, totaling Rs 43.87 crore. Despite this, shares of…

TVS Motor Company announced on Monday that its Singapore-based subsidiary has raised its stake in the German electric mobility startup Killwatt GmbH to 49 percent. This was achieved through the acquisition of an additional 8,000 equity shares for 4 million euros (over Rs 35 crore). According to a regulatory filing by TVS Motor Co, TVS Motor (Singapore) Pte Ltd has agreed to purchase an additional 8,000 equity shares in Killwatt GmbH. This move will increase its shareholding from 39.28 percent to 49 percent through the issuance of newly issued shares by Killwatt GmbH. The total consideration for the acquisition of…

Indian Oil Corporation (IOCL) has scrapped its tender for establishing the first green hydrogen plant at the Panipat Refinery and Petrochemical Complex in Haryana due to a lack of interest and allegations of biased tender norms favoring a joint venture involving the state-run oil marketing company. The Independent Green Hydrogen Producers Association, representing private sector players, took legal action against the tender process. In response, IOCL issued a corrigendum last week, officially canceling the tender for the 10-kilo tonne per annum green hydrogen project. IOCL’s tender received only one bid in December from GH4India Pvt Ltd, a joint venture involving…

Bandhan Financial Holdings (BFHL) has completed the acquisition of Aegon Life Insurance on February 26, marking a strategic entry into the insurance market. The purchase from Aegon India Holding B.V. and Bennett, Coleman & Company Limited signifies a pivotal move for BFHL into the life insurance sector in India, complementing their existing presence in banking and mutual funds. According to Aegon Life Insurance, the transition to BFHL ensures the continuation of its legacy of innovation and customer-centric approaches. BFHL, as the promoter and associate company of Bandhan Bank Limited, will now become the key promoter of Aegon Life Insurance, emphasizing…

In the April-January period of the current fiscal year, the import of coal for blending purposes decreased by 36.69 percent to 19.36 Million Tonnes (MT), according to an official statement released on Monday. This marks a significant drop from 30.58 MT recorded during the same period in the previous financial year. Despite a surge in power demand, the notable decline in coal import for blending reflects the nation’s strong commitment to achieving self-sufficiency in coal production and reducing overall coal imports, stated the coal ministry. Power generation in the country witnessed a growth of 6.6 percent in the April-January period…

India advocated for increased flexibility for developing nations in exiting World Trade Organization (WTO) agreements to address challenges encountered in industrialization. India highlighted concerns regarding the merging of traditional development issues like industrial policy with newer topics under the umbrella of “Trade and Industrial policy”. The inclusion of non-trade issues in WTO discussions was cautioned against by India during the thirteenth Ministerial Conference (MC13) of the WTO in Abu Dhabi, led by Commerce Secretary Sunil Barthwal. Mixing non-trade topics with WTO rules could result in heightened trade fragmentation, Barthwal warned during the session on Trade and Inclusion. India’s stance aligns…

Pricol has been issued a show cause notice by the Directorate General of GST Intelligence, Gurugram Zonal Unit, potentially resulting in a tax demand of Rs 380 crore plus interest and penalty. A leading manufacturer of instrument clusters, Pricol disclosed in an exchange filing that the notice was received “as part of an industry-wide Goods and Services Tax (GST) investigation regarding the classification of instrument clusters”. While the company’s classification method implies a tax rate of 18 percent, the department’s approach would entail a tax rate of 28 percent. The filing revealed that Pricol is not the sole recipient of…

Vijay Shekhar Sharma’s resignation from the Board of Paytm Payments Bank Ltd (PPBL) was announced by One97 Communications (OCL) on February 26, with the aim of facilitating a board restructuring. OCL, the owner of the Paytm brand, stated that PPBL will begin the process of appointing a new chairman. In a press release from One97 Communications Ltd, it was disclosed that several new members have been appointed to the PPBL Board as independent directors. These include former Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and…

Sun Pharma, Lupin Laboratories, and Alkem Laboratories are recalling pharmaceutical products from the US market, as indicated in the US Food and Drug Administration’s (USFDA) weekly enforcement report. Sun Pharmaceutical Industries, headquartered in Mumbai, is recalling 54,960 bottles of Mesalamine Extended-Release Capsules used to treat ulcerative colitis. The recall is due to failed dissolution specifications. The product was manufactured at Sun Pharma’s Mohali unit, which has been under US FDA scrutiny. Ascend Laboratories, a subsidiary of Alkem Ltd., is recalling 71,244 units of Fosfomycin Tromethamine Granule sachets, an antibiotic for bladder infections, due to failed impurities/degradation specifications. This product was…