Author: Legal Parivar

The Indian Navy is gearing up to commission a new naval base, INS Jatayu, on Minicoy Island on March 6, a move that underscores efforts to bolster security infrastructure in the strategically vital Lakshadweep Islands. This initiative forms part of the government’s strategy to gradually strengthen military presence and security infrastructure in the region. Situated in the Arabian Sea, Minicoy holds significant strategic importance as it lies along crucial sea lines of communication (SLOCs). Enhancing Operational Capability and Reach INS Jatayu will serve as the second naval base in Lakshadweep after INS Dweeprakshak in Kavaratti. Its establishment will amplify the…

Senior BJP leader Dr. Harsh Vardhan announced his retirement from politics ahead of the 2024 Lok Sabha elections on Sunday. This decision came after the BJP announced its candidates for the upcoming elections, with Pawan Khandewal being fielded from Delhi’s Chandni Chowk Lok Sabha constituency, currently held by Harsh Vardhan. Additionally, Gautam Gambhir, the BJP MP from East Delhi, also announced his retirement from politics. Taking to X (formerly Twitter), Harsh Vardhan expressed, “After over thirty years of a remarkable electoral career, during which I won all the five assemblies and two parliamentary elections that I fought with exemplary margins,…

The Central Bureau of Investigation (CBI) has apprehended a General Manager of the National Highways Authority of India (NHAI) in Nagpur, Maharashtra, in connection with an alleged bribery case amounting to Rs 20 lakh, as per officials on Sunday. Arvind Kale, serving as both General Manager and Project Director, purportedly accepted the bribe from a private company. Following Kale’s arrest, the CBI conducted a search operation and recovered Rs 45 lakh in cash, including the alleged bribe amount of Rs 20 lakh. According to officials, a case has been filed against Kale and 11 others, including the private company involved.

Highlighting significant improvements in the country’s external sector, Sri Lanka’s Minister of State for Finance, Ranjith Siyambalapitiya, announced impressive statistics from the Central Bank of Sri Lanka’s mid-week report. Speaking in his home constituency of Ruwanwella, the minister revealed that tourism revenue in January 2024 soared to USD 342 million, marking a remarkable 122% increase compared to the previous year. Additionally, inward remittances from Sri Lankan expatriates witnessed a 5% growth, reaching USD 488 million in January 2024, up from USD 467 million in January 2023. Notably, the Sri Lankan rupee experienced a notable appreciation of 14.6% in January 2024,…

Vedanta Resources, the parent company of Mumbai-based mining conglomerate Vedanta Ltd, has outlined its strategy to reduce debt by up to USD 3 billion over the next three years, according to a senior official speaking at an analyst meeting. Navin Agarwal, Vice Chairman of Vedanta Ltd and a member of the Promoter Group, stated during the meeting that deleveraging is a top priority for the company. He mentioned that Vedanta Ltd’s projected cash flow, excluding growth capital expenditure, is anticipated to be between USD 3.5 to 4 billion for the financial year 2025, which would cover secured debt maturities of…

LIC Housing Finance, the mortgage arm of insurance giant LIC, intends to raise funds through green bonds in the upcoming financial year to support environmentally sustainable housing projects. “Green financing is a priority for us in the next fiscal year, and we aim to allocate these funds towards financing green housing initiatives,” stated Tribhuwan Adhikari, MD and CEO of LIC Housing Finance, in an interview with PTI. The company’s board meeting is scheduled for March 7 to deliberate and approve the borrowing plan for 2024-2025, which may involve obtaining loans, issuing redeemable non-convertible debentures, zero-coupon bonds, subordinate debt, Tier II…

A recent survey, the Household Consumption Expenditure Survey 2022-23, unveiled an alarming trend of increased expenditure on paan, tobacco, and intoxicants over the last decade. The findings reveal that both rural and urban households are allocating a larger portion of their income to these products. In rural areas, the expenditure on such items rose from 3.21% in 2011-12 to 3.79% in 2022-23. Similarly, urban areas witnessed an increase from 1.61% to 2.43% during the same period. Conversely, spending on education witnessed a decline, with urban areas seeing a drop from 6.90% in 2011-12 to 5.78% in 2022-23, and rural areas…

Shimla, a charming town nestled in the picturesque landscapes of Himachal Pradesh, has once again been blanketed with fresh snowfall. Every year, Shimla transforms into a magical winter wonderland, surrounded by majestic mountains, and this year is no exception. According to the India Meteorological Department (IMD), light to moderate rainfall or snowfall is forecasted for parts of Jammu & Kashmir, Himachal Pradesh, and Uttarakhand today. This wet weather pattern extends southward, with similar predictions for various areas across Delhi, Punjab, and West Uttar Pradesh. The IMD has specifically predicted light to moderate rain or snowfall in certain areas of Jammu…

Wardwizard Innovations & Mobility, an electric vehicle manufacturer, is gearing up to expand its operations to meet the growing demand in both domestic and international markets, according to Chairman and Managing Director Yatin Gupte. The Vadodara-based company is establishing a new assembly plant in Sharjah, UAE, in collaboration with the BEEAH Group, to serve African markets, particularly Egypt. Additionally, it has set up an assembly plant in Deoghar, Jharkhand, to meet the increasing demand for electric vehicles (EVs) in regions like Bihar, Jharkhand, West Bengal, and Odisha. In discussions with PTI, Gupte mentioned that the Sharjah assembly plant will cater…

R K Swamy IPO, valued at Rs 423.56 crores, comprises a fresh issue of 0.6 crore shares worth Rs 173.00 crores and an offer for sale of 0.87 crore shares worth Rs 250.56 crores. The subscription for R K Swamy IPO opens on March 4, 2024, and closes on March 6, 2024, with allotment expected on Thursday, March 7, 2024. The IPO is scheduled to list on BSE and NSE on Tuesday, March 12, 2024. Priced between ₹270 to ₹288 per share, the minimum lot size for retail investors is 50 shares, requiring an investment of ₹14,400. For sNII, the…