Author: Legal Parivar

Smaller steelmakers in India are advocating for a prohibition on the export of iron ore due to a surge in sales to Chinese mills, which has led to a rise in local prices. Last year, Indian exports of iron ore surged by 170% to 44 million tons, with the majority being shipped to China, coinciding with a period of increasing domestic demand for the raw material. Consequently, the most adversely affected segments of the industry are urging authorities to impose restrictions to safeguard their profit margins. Anil Nachrani, president of the Chhattisgarh Sponge Iron Manufacturers Association, emphasized the need for…

Vladimir Putin is attempting to project an image of economic strength to the world, suggesting Russia can sustain its military campaign in Ukraine indefinitely. However, this portrayal is deceptive. Putin’s aggressive actions are exacting a heavy toll on Russia’s economy, presenting a significant vulnerability that the West should exploit to its fullest advantage. Prior to the invasion of Ukraine two years ago on February 24, Putin had meticulously fortified Russia’s fiscal and financial defenses, crucial for maintaining his grip on power. With sovereign debt at a mere 16 percent of GDP, Russia boasted one of the lowest debt levels globally.…

According to data released by the Reserve Bank of India (RBI) on February 23, India’s foreign exchange reserves decreased to $616.10 billion as of February 16. This figure represents a decline of $1.13 billion from the previous week. However, it follows a larger decrease of $5.24 billion in the week ending February 9, making the current reserves the lowest in two months. The last time reserves were lower was on December 15, when they stood at $615.97 billion. As of February 16, the composition of the forex reserves is as follows: Changes in forex reserves occur due to the sale…

Kotak Mahindra Bank announced on February 23 that Zurich Insurance Company Ltd will acquire a 70 percent stake in Kotak General for Rs 5,560 crore in a single tranche. Initially, in November 2023, Zurich Insurance had disclosed its plan to acquire a 51 percent stake in Kotak Mahindra General Insurance Company, followed by an additional 19 percent stake later on. However, Kotak Mahindra Bank stated in a filing to the exchanges that the parties involved have mutually agreed to modify the transaction. Under the new arrangement, Zurich will acquire a 70 percent stake in Kotak General through a combination of…