Author: Legal Parivar

Sanathan Textiles, a manufacturer of yarn products, has resubmitted its preliminary papers to the Securities and Exchange Board of India (SEBI) to raise Rs 800 crore through an initial public offering (IPO). The IPO consists of a combination of fresh issuance of equity shares worth Rs 500 crore and an offer-for-sale (OFS) of shares worth Rs 300 crore by promoters. Previously, the company had filed draft papers with SEBI in January 2022 for an IPO comprising a fresh issue of Rs 500 crore and an OFS of 1.14 crore equity shares by promoters. Although it received approval from the regulator…

Jio Financial Services announced a net profit of Rs 310 crore for the quarter ending March 2024. During this period, the company recorded a net interest income (NII) of Rs 280 crore. Total income and revenue for the quarter stood at Rs 418 crore each. In the previous quarter, which ended in December 2023, the company posted a net profit of Rs 293 crore and a net interest income of Rs 269 crore. Total interest income and revenue were reported at Rs 414 crore and Rs 413 crore, respectively. Following the announcement, shares of Jio Financial Services experienced a decline…

Read Full Judgment: The State of West Bengal vs. Jayeeta Das In the case of The State of West Bengal vs. Jayeeta Das, the Supreme Court addressed the legality of a judgment passed by the High Court of Calcutta on May 11, 2023. The case stemmed from the registration of FIR No. 01 of 2022 at the STF Police Station, Kolkata, following the recovery of an unclaimed bag containing incriminating materials related to the CPI(Maoist). The respondent, Jayeeta Das, was apprehended and additional charges under the Unlawful Activities (Prevention) Act, 1967 (UAPA) were added upon the Investigating Officer’s request. The…

Read Full Judgment: Mrinmoy Maity vs. Chhanda Koley In the Supreme Court case of Mrinmoy Maity vs. Chhanda Koley and Others, the central issue revolved around the validity of a writ petition challenging the approval granted to Mrinmoy Maity for starting an LPG distributorship in Jamalpur, District Burdwan. The case stemmed from an advertisement issued in 2012 inviting applications for distributorship, which both Maity and Koley applied for. Maity was ultimately selected through a draw of lots and granted approval for distributorship in 2014. However, four years later, Koley filed a complaint alleging that the land offered by Maity was…

Read Full Judgment: Dharambir vs. State of Haryana In the case of Dharambir @ Dharma vs. State of Haryana, Criminal Appeal No. 1858 of 2009, the Supreme Court examined the conviction of the appellant for the offence punishable under Section 302 of the Indian Penal Code (IPC) by the Sessions Judge, Bhiwani, which was upheld by the Punjab and Haryana High Court. The incident dated back to June 5, 1998, where the appellant allegedly stabbed the deceased, Karambir, at Prabhat Cinema in Bhiwani. The prosecution’s case primarily relied on the testimony of Krishan Kumar (PW-5), the brother of the deceased,…

Read Full Judgment: Bhupatbhai Bachubhai Chavda & Anr. v. State of Gujarat The Supreme Court of India heard Criminal Appeal No. 334 of 2019, involving father and son appellants, accused of assaulting and causing the death of an individual named Punjabhai in 1996. Initially acquitted by the Sessions Court, the State of Gujarat appealed the decision, resulting in the High Court converting the acquittal into a conviction under various sections of the Indian Penal Code. The Supreme Court’s intervention was sought thereafter. The prosecution’s case relied heavily on witness testimony, particularly that of PW-4 Karshanbhai, an eyewitness. However, discrepancies emerged…

The Indian embassy in the UAE issued advice on Friday, urging inbound Indian travelers heading to or transiting through Dubai International Airport to postpone non-essential travel until operations return to normal following unprecedented rainfall in the city this week. The United Arab Emirates is grappling with the aftermath of the historic rainfall, which has led to extensive flooding in Dubai and its vicinity. While UAE authorities are working tirelessly to restore normalcy, the embassy highlighted that airport authorities recommend passengers to proceed to the airport “only after” receiving final confirmation from their airlines regarding the departure schedule. The advisory mentioned…

For the first time in at least 20 years, top Indian IT services giants Tata Consultancy Services (TCS), Infosys, and Wipro collectively experienced a decline in full-year headcount. In the fourth quarter ending on March 31, 2024, the combined employee count of these three companies dropped by 63,759. Wipro, on April 19, reported a decrease of 6,180 employees in Q4. This occurs as IT firms seek to enhance the utilization rate of existing staff while reducing attrition to bolster operating margins. On an annual basis, Wipro’s headcount declined by 24,516 in FY24, marking the second consecutive year of a full-year…

Apparel manufacturer Gokaldas Exports Ltd intends to raise ₹600 crore through a qualified institutional placement (QIP) of up to 7,741,935 equity shares, with an indicative price of ₹775 each, as per a term sheet reviewed by Mint. The QIP, which opened on Thursday with a floor price set at ₹789.99 per equity share, has garnered nearly double the subscriptions, attracting significant interest from major investors, according to four individuals familiar with the matter. Among the investors showing interest in Gokaldas Exports’s QIP are SBI Mutual Fund, Fidelity Investments, Nippon India Mutual Fund, Goldman Sachs, Birla Mutual Fund, Tata AIG, and…

In a statement issued by the company on April 19, the board of Wipro Limited has announced the re-appointment of Azim Premji and his son Rishad to the board for a five-year term effective from July 31, 2024. This decision is contingent upon the approval of shareholders. Azim Premji will continue as Wipro’s Non-Executive, Non-Independent Director, while Rishad will serve as the Executive Chairman until July 2029. Rishad joined Wipro in 2007 and has held various roles within the company, culminating in his appointment as Executive Chairman in 2019. He started as a general manager in Wipro’s Banking and Financial…