Author: Legal Parivar

The Delhi High Court, on April 22, rejected a PIL requesting “extraordinary interim bail” for Chief Minister Arvind Kejriwal in the liquor policy case and imposed a fine of Rs 75,000 on the petitioner. The bench, led by the Acting Chief Justice of Delhi, emphasized that the court lacks the authority to grant exceptional interim bail in an ongoing criminal case involving a high-ranking official. Additionally, the court highlighted that an individual is currently in custody based on a judicial order, with the matter under scrutiny before the Supreme Court. The court emphasized the principle of equality before the law,…

NCLT in Delhi has accepted Indiabulls Housing Finance’s (IBHF) personal insolvency petition against Zee Entertainment Enterprises Limited (ZEEL) chairman emeritus Subhash Chandra regarding guarantees provided to a company named Vivek Infracon. The tribunal also dismissed IDBI Trusteeship and Axis Bank’s objections to Chandra’s personal insolvency. With Chandra now under moratorium, legal proceedings against him are halted, and he cannot dispose of his assets. The Resolution Professional (RP) will handle claims from creditors seeking repayment from him. IBHF initiated the personal insolvency plea against Chandra in 2022 due to a defaulted loan of Rs 170 crore to Vivek Infracon. Chandra contested…

Zydus Lifesciences witnessed a more than 3 percent surge in its shares during morning trading on April 22, following the company’s introduction of the generic version of the bladder control drug Mirabegron in the US. At 11:47 am, Zydus Life’s shares were trading at Rs 951.85 on the National Stock Exchange. Mirabegron is utilized in treating overactive bladder (OAB) symptoms like urge urinary incontinence, urgency, and urinary frequency. Zydus Lifesciences is among the first to launch the generic version in 25 mg dosages in the US market, with plans to introduce 50 mg dosages shortly. Mirabegron recorded an annual sale…

Vodafone Idea’s follow-on public offer (FPO) saw a subscription rate of 70 percent by the morning of April 22, the final bidding day. Investors bid for 883.6 crore equity shares out of the 1,260 crore shares offered in the Rs 18,000-crore FPO, marking it as the largest such offering in the country. This move is part of a broader strategy aimed at raising Rs 45,000 crore through a mix of debt and equity. In terms of investor categories, non-institutional investors (NIIs) led the subscriptions, securing 1.37 times the portion allotted to them. Qualified institutional buyers (QIBs) purchased 94 percent of…

Nomura Research has expressed surprise at Axis Bank’s potential initiation of an equity capital raise, especially given the management’s previous stance against raising capital in the near future. “We note that the approval sought at the board meeting may also just be an enabling provision (which is a procedural approval taken by several banks from their respective boards at the beginning of a new FY), though Axis has historically not done this. We await clarity on this along with the results on 24 April,” the foreign brokerage said in a note. As of the December quarter, Axis Bank’s CET1 stood…

Hyderabad-based space technology startup Dhruva Space announced on April 22 that it has secured approximately $9.3 million (Rs 78 crore) in funding from various investors, including Indian Angel Network Alpha Fund and Blue Ashva Capital. This brings the total Series A funding for the company to around $14 million (Rs 123 crore). The funding round comes amidst a notable policy push from the government to encourage private sector participation in the space industry. It underscores the increasing value of India’s space economy, which the regulator IN-SPACe projects to reach $44 billion by 2023. Dhruva Space stated that the funds will…

More than 50 students from a coaching center in Khed tehsil of Pune district were hospitalized due to suspected food poisoning, as reported by news agency ANI. The students’ condition is currently stable, and they were discharged after undergoing primary check-ups and receiving treatment. Rajkumar Kendre, Senior Police Inspector at Khed Police Station of Pune Rural, commented on the incident, stating, “The coaching center provides coaching for JEE and NEET exams and accommodates over 500 students.” Following dinner last night, some students began experiencing symptoms of food poisoning, leading to their admission to a nearby hospital for treatment. After undergoing…

The mining investment arm of Abu Dhabi’s prestigious International Holding Company has expressed interest in acquiring a controlling share in Vedanta Resources’ Zambian copper assets, sources familiar with the matter revealed. This move aligns with their strategy to establish a significant presence in Africa’s copper mining sector. According to insiders, the subsidiary, International Resources Holding (IRH), has submitted a bid exceeding $1 billion to acquire a 51% stake in Konkola Copper Mines (KCM), which is owned by Indian business magnate Anil Agarwal’s Vedanta. IRH has been actively expanding its footprint in Zambia’s copper mining industry, recently acquiring a majority share…

The Reserve Bank of India (RBI) has instructed all non-bank Payment System Operators (PSOs) to remain vigilant and report any high-value or suspicious transactions occurring during the ongoing Lok Sabha elections, which commenced on April 19. In an April 15 letter addressed to non-bank PSOs, the RBI highlighted the potential misuse of various electronic payment modes for influencing voters or funding election candidates. The Election Commission of India (ECI) has expressed concerns regarding this matter and suggested appropriate action be taken. PSOs, which include entities like payment gateways, aggregators, payment apps, and card networks, are urged to promptly report any…

Shares of troubled telecom service provider Vodafone Idea will be closely watched on April 22 as its follow-on offer (FPO) approaches its closing. With two days of bidding for the Rs 18,000-crore issue, the FPO has received a respectable response from investors, being subscribed 49 times. The retail segment of the FPO witnessed 13 percent participation, the NII segment saw a subscription of 75 percent, while the QIB portion was subscribed 0.93 times. The price band for the Vodafone Idea FPO was set at Rs 10-11 per equity share. In the grey market, the issue is trading at a premium…