Author: Legal Parivar

Life Insurance Corporation (LIC) of India has filed an appeal with the Joint Commissioner of State Tax, Mumbai, contesting an order issued by the Deputy Commissioner of State Tax, Mumbai. On July 27, LIC notified the exchanges that the appeal was filed against a demand for GST amounting to Rs 7,217,630,240, along with interest of Rs 7,760,961,048 and a penalty of Rs 721,871,003 for the financial year 2018-19. LIC stated, “In continuation of our previous communication dated April 30, 2024 (Ref. No. LIC/SE/2024 25/14), we inform that Life Insurance Corporation of India has filed an appeal before the Joint Commissioner…

Ceigall India, an infrastructure construction company, will open its initial public offering (IPO) for subscription on August 1, with the price band set to be announced on July 29. The IPO will comprise a fresh issuance of equity shares worth Rs 684.3 crore and an offer-for-sale (OFS) of 1,41,74,840 equity shares by existing shareholders, including promoters. The selling shareholders in the OFS include promoters Ramneek Sehgal, Ramneek Sehgal and Sons HUF, Avneet Luthra, Mohinder Pal Singh Sehgal, Parmjit Sehgal, and Simran Sehgal. The company has allocated up to Rs 2 crore worth of shares for its employees, who may receive…

ITR Filing: The deadline for filing income tax returns for the financial year 2023-24 is quickly approaching on July 31. With only limited time remaining, it’s crucial to act now to avoid any last-minute issues. The income tax department reports that over 5 crore taxpayers have already filed their returns, so you should prepare to ensure a smooth filing process. Before accessing the official e-filing portal at www.incometax.gov.in, start by gathering all necessary documents to expedite the process. Here’s a checklist of essential documents you should collect: ITR Filing 2023-24: Essential Documents For Salaried Individuals: File with Legal Parivar Tax…

IFB Industries Ltd announced a consolidated net profit of Rs 37.54 crore for the first quarter ending June 2024, a significant improvement from the consolidated net loss of Rs 0.62 crore in the same quarter last year, according to a regulatory filing. The company’s revenue from operations increased by 16.87% to Rs 1,269.16 crore during the quarter, up from Rs 1,085.91 crore in the corresponding period last year. Total expenses rose by 12.24% to Rs 1,222.14 crore in the June quarter. Revenue from the home appliances segment grew by 18.6% to Rs 1,023.63 crore, while the engineering segment saw a…

Ola Electric Mobility, the electric vehicle manufacturer, is set to launch its IPO on August 2, with plans to issue new shares worth Rs 5,500 crore and an offer-for-sale (OFS) of 8.49 crore equity shares. The price band for this public issue will be announced on July 29. The IPO will close on August 6, with the anchor book opening for a day on August 1. Selling Shareholders in Ola’s IPO: Promoters Bhavish Aggarwal and Indus Trust will sell 3.79 crore and 41.79 lakh equity shares, respectively, in the OFS. SVF II Ostrich (DE) LLC, the largest shareholder with a…

Anant Raj Limited, a leading name in the real estate sector, has announced its unaudited standalone financial results for the quarter ended June 30, 2024. The company has demonstrated a strong financial performance, showcasing significant growth in both income and profit metrics. Key Financial Highlights for Q1 FY2025: Total Income: Total Expenses: Profit Before Tax: Profit for the Period (PAT):

The initial public offerings (IPOs) of four companies—Aelea Commodities, Sati Poly Plast, Prizor Viztech, and Three M Paper Boards—received a strong response from investors, achieving full subscription on July 12, the first day of bidding. All four IPOs will close on July 16. Aelea Commodities IPO The Rs 51-crore IPO of the agricultural products trader was subscribed 4.65 times, with retail investors and non-institutional investors (high networth individuals-HNIs) buying 8.08 times and 3.34 times the allotted quotas, respectively. Qualified institutional buyers (QIBs) have not participated yet. The Aelea Commodities public issue, consisting solely of a fresh issue of 53.68 lakh…

5paisa Capital reported a 39% year-on-year (YoY) increase in net profit, reaching Rs 20 crore for the quarter ending June 2024. The company’s revenue also rose by 49% YoY to Rs 102 crore during the same period. Total expenses for the quarter amounted to Rs 75 crore, compared to Rs 65 crore the previous year. The market share of 5paisa Capital increased from 1.8% in Q1 FY24 to 2.1% in Q1 FY25. Additionally, total client acquisitions grew from 1.08 lakh in Q1 FY24 to 2.34 lakh in Q1 FY25. As a discount brokerage arm of IIFL Holdings, 5paisa Capital provides…

Despite no activity in the mainboard segment, the SME segment of the primary market remains active. On July 12, four companies will launch their IPOs on Dalal Street, aiming to raise a total of Rs 133.34 crore, with all public issues closing on July 16. Aelea Commodities IPOAelea Commodities, an agricultural products trader, plans to raise Rs 51 crore through its initial public offering (IPO) comprising a fresh issue of 53.68 lakh equity shares. The price band is set at Rs 91-95 per share. The company, which processes and trades cashews, has already raised Rs 14.52 crore from five investors…

Debt-ridden Vodafone Idea (VIL) has approached the Department of Telecom (DoT) to request a waiver for a financial bank guarantee (FBG) of Rs 24,747 crore, which is due for spectrum payment in September 2025, according to a news report from Moneycontrol. VIL is required to securitize the annual installment a year before the payment date. An anonymous source told PTI that Vodafone Idea has requested the waiver for the FBG, which must be deposited one year before the due date per spectrum auction rules. Vodafone Idea did not respond to an email query. These payments are for frequencies VIL purchased…