Author: Legal Parivar

SpiceJet has resolved a Rs 250-crore dispute with Celestial Aviation, a major aircraft lessor group subsidiary, through negotiations, thus averting litigation. Both parties have communicated to the stock exchanges that the matter will be formally withdrawn on March 1, and the National Company Law Tribunal (NCLT) has been duly informed of the settlement. Just two days prior, SpiceJet had informed the NCLT that the disagreement with Celestial Aviation was nearly resolved, awaiting only formal procedures. Ajay Singh, the chairman and managing director of the budget airline, expressed gratitude for stakeholder support during this process, emphasizing a renewed focus on fleet…

Indiabulls Housing Finance (IBHF) has reignited its personal insolvency petition against Subhash Chandra, the chairman emeritus of Zee Entertainment Enterprises Limited (ZEEL), concerning guarantees provided to Vivek Infracon. During a session at the National Company Law Tribunal (NCLT) on February 28, IBHF’s counsel, Sumesh Dhawan, presented arguments for over an hour. The case is slated for further consideration on March 4 as the NCLT evaluates the report submitted by Chandra’s resolution professional, Raj Kamal Sarogi. IBHF contends that despite Chandra’s assertion of reaching a settlement in the dispute, no resolution has materialized even after several months, prompting them to revive…

Stocks like Indus Towers, SAIL, Aditya Birla Fashion and Retail, Canara Bank, and Zee Entertainment have been placed under the National Stock Exchange’s futures and options (F&O) ban for trading on February 28 due to exceeding 95 percent of the market-wide position limit (MWPL). This ban is lifted only if the open interest falls below 80 percent. Potential Entries: GMR Airports Infra, Vodafone Idea, PNB, Bandhan Bank, NMDC, Hindustan Copper, Nalco, BHEL, Biocon, Tata Chemicals, and Vedanta may join the ban list as they are nearing the 95 percent MWPL threshold. Potential Exits: Aditya Birla Fashion and Retail, Canara Bank,…

The attention on Vodafone Idea shares intensifies on February 28 following the decision by the telecom operator’s board of directors to pursue fundraising amounting to Rs 45,000 crore. In a bid to secure capital, the company aims to raise Rs 20,000 crore through a blend of equity or equity-linked instruments, with the remainder sourced through debt, with participation from promoters in the fundraising endeavor. Vodafone Idea has scheduled a shareholder meeting for April 2, with plans to seek their approval before proceeding with the equity fundraising, anticipated to conclude in the upcoming quarter. While Vodafone Idea shares concluded 4.45 percent…

Shares of Texmaco Rail could potentially experience an uptick on February 28, following the approval by the company’s board to raise up to Rs 150 crore through a preferential issue of convertible warrants to its promoters and promoter groups. Texmaco Rail’s board has empowered its Capital Issue Committee to finalize the structure, terms, and conditions of the issuance, along with other associated matters, as stated in a filing by the company. Closing slightly lower by half a percent at Rs 196.25 on February 27, Texmaco Rail shares have witnessed significant growth over the past year, delivering remarkable returns of 344%,…

RK Swamy Ltd, a leading integrated marketing services provider in India, has disclosed the price band of Rs 270-288 per share for its upcoming initial public offering (IPO), slated to begin on March 4. The anchor investor bidding will commence on March 1, with the subscription period ending on March 6. Allotment of shares is scheduled for March 7, followed by the crediting of shares to depository accounts on March 11. The stock is anticipated to be listed on exchanges on March 12. The IPO comprises a blend of fresh shares worth Rs 173 crore and an offer-for-sale (OFS) of…

The IPO of Bharat Highways InvIT opens for subscription today, February 28, and will close on March 1. Prior to this, on February 27, the company raised ₹825.97 crore from anchor investors by allocating 8,25,97,350 equity shares at ₹100 each. The price band for Bharat Highways InvIT IPO is set between ₹98 to ₹100 per equity share, with a lot size of 150 equity shares and multiples thereafter. The IPO reserves up to 75% of shares for Qualified Institutional Buyers (QIB) and at least 25% for Non-Institutional Investors (NII). The basis of share allotment for Bharat Highways InvIT IPO is…

Former Supreme Court Justice A M Khanwilkar has been appointed as the chairperson of the anti-corruption watchdog Lokpal, nearly two years after the position remained vacant. The Lokpal has been functioning without a regular chief since Justice Pinaki Chandra Ghose completed his term on May 27, 2022. Currently, Justice Pradip Kumar Mohanty, a judicial member of the Lokpal, is serving as the acting chairperson. President Droupadi Murmu has appointed Justice Ajay Manikrao Khanwilkar as the Lokpal chairperson, as per a statement from the Rashtrapati Bhavan. Justice Khanwilkar retired from the Supreme Court in July 2022. Additionally, retired justices Lingappa Narayana…

The BJP emerged victorious in closely contested battles in Uttar Pradesh and Himachal Pradesh, while the Congress claimed victory in Karnataka during the Rajya Sabha elections held on February 27. A total of 15 candidates were contested across the three states of Uttar Pradesh, Karnataka, and Himachal Pradesh. The BJP secured ten seats, the Congress won three, and the Samajwadi Party (SP) secured two seats. However, the elections in all three states were marked by instances of cross-voting by MLAs. In Uttar Pradesh, the BJP clinched eight out of ten seats, with the remaining two seats going to the Samajwadi…

The Exicom Tele-Systems IPO has witnessed overwhelming demand, being subscribed 10.02 times on its first day, primarily driven by retail investors. With a subscription of 27.17 times in the retail category and 19.04 times in the Non-Institutional Investors’ (NII) category, the IPO has garnered significant interest. Furthermore, the portion reserved for Qualified Institutional Buyers (QIB) saw a subscription of 73% on the first day. In the grey market, the Exicom Tele Systems IPO is trading at a premium of ₹170 per share, indicating a substantial premium of 119.72% over the issue price of ₹142 per share. Regarding details, the IPO…