Author: Legal Parivar

The State Bank of India has approached the Supreme Court, requesting an extension of time until June 30, 2024, to disclose information regarding electoral bonds encashed by political parties. This information includes details such as the date of encashment and the denomination of the electoral bonds. Currently, the deadline for disclosure is set for March 6. In its submission to the Supreme Court, SBI stated that the process of retrieving information from each data repository and the subsequent matching of information across different databases would require a considerable amount of time. Hence, the bank seeks an extended deadline to ensure…

Swan Energy announced on Monday that its subsidiary, Swan LNG Pvt Ltd, has prepaid a significant portion of its loan, amounting to Rs 2,206 crore, to a consortium of lenders. Following this prepayment, Swan LNG’s outstanding debt has been reduced to Rs 1,611 crore, resulting in an estimated annual interest cost saving of around Rs 250 crore. The company, however, did not disclose the names of the lenders involved in this transaction. Prior to the repayment, Swan Energy Group’s total debt stood at Rs 3,817 crore as of December 2023. To facilitate the prepayment, Swan Energy itself provided financial assistance…

Tata Motors Ltd (TML) announced its decision on March 4 to split its operations into two separate listed entities: one for commercial vehicles (CV) and the other for passenger vehicles (PV). According to the carmaker, the demerger is a natural progression following the earlier subsidiarisation of PV and EV businesses in 2022. This move aims to empower each business to pursue its strategy more effectively and achieve higher growth with increased agility while maintaining accountability. Tata Motors highlighted that over the past years, its CV, PV+EV, and Jaguar Land Rover (JLR) businesses have implemented distinct growth strategies. Since 2021, these…

Senior leaders of the Bharatiya Janata Party (BJP), including Union Home Minister Amit Shah and Union Transport and Highway Minister Nitin Gadkari, made a symbolic gesture on social media by changing their names on the platform to ‘Modi ka Parivar’ (Modi’s family) on Monday. This move came shortly after Prime Minister Narendra Modi’s speech in Telangana, where he emphasized, “140 crore countrymen are my family.” He expressed solidarity with millions of citizens, stating, “Today, crores of daughters, mothers, and sisters of the country are Modi’s family. Every poor person in the country is my family.” The Prime Minister’s remarks were…

Shares of NTPC Limited surged over 4% on Monday, reaching all-time highs of ₹358.30 on the NSE during intraday trading. Notably, NTPC stock emerged as the top gainer among Nifty-50 stocks. The robust power demand in the country is boosting the prospects of power producers like NTPC, with ongoing news about capacity expansions further enhancing earnings outlook and investor confidence. In a recent development, the Board of Directors of NTPC approved investment for the Singrauli Super Thermal Power Project, Stage-III (2×800 MW), with an estimated cost of Rs. 17,195.31 crore. With this project and others in the pipeline, NTPC’s group…

Steel Minister Jyotiraditya Scindia announced that the steel ministry is actively working to prevent a potential shortage of low-grade iron ore in India, amidst growing concerns from steelmakers regarding the export of this essential steelmaking ingredient. Scindia addressed the issue on March 4 during the inauguration of Jindal Stainless’ inaugural green hydrogen plant, emphasizing the need for additional iron ore as steel production continues to rise in the country. While Secretary of the Steel Ministry, N N Sinha, dismissed the possibility of imposing a ban on exports last week, reports suggest that smaller steelmakers have been urging the government to…

Logistics startup BlackBuck, supported by Flipkart, is gearing up for a potential IPO in the upcoming fiscal year, with aims to raise up to $300 million, according to sources familiar with the matter. “They have recently engaged merchant bankers and legal advisors to guide them on their proposed IPO and have initiated preparations for their draft red herring prospectus. They intend to file the DRHP with the full financial figures for FY24. The company is eyeing the second half of FY25 to launch its IPO,” one source stated. Established in 2015, BlackBuck, operated by Zinka Logistic Solutions Pvt Ltd, operates…

Gopal Snacks, known as Gopal Namkeen, has initiated its initial public offering (IPO) aiming to raise Rs 650 crore. The savory snack manufacturer’s offer comprises a pure offer for sale of 1.62 crore shares, with its anchor book scheduled to open on March 5. Here are the key details you should know:

Pratham EPC Projects, an integrated provider of engineering, procurement, construction, and commissioning services, is set to initiate its initial public offering (IPO) on March 11. The IPO, categorized as an SME IPO, will open for bidding from March 11 to March 13. The company has disclosed the price band for the public offer, with Pratham EPC Projects IPO priced between ₹71 to ₹75 per share. At the upper end of this range, the company aims to raise ₹36 crore through the issuance of 48 lakh fresh equity shares. The lot size for Pratham EPC Projects IPO is 1,600 shares, requiring…

Senior Indian batsman KL Rahul, who sat out of the last three Tests against England due to a quadriceps injury that required surgery last year, is progressing well in his recovery and is expected to be ready for the upcoming Indian Premier League starting on March 22. Rahul leads the Lucknow SuperGiants and their first match in IPL-2024 is against the Rajasthan Royals in Jaipur on March 24. Experiencing discomfort in his right quadriceps, Rahul sought expert advice in London to address his injury.