Author: Legal Parivar

In Uttar Pradesh, the ruling Bharatiya Janata Party (BJP) clinched eight Rajya Sabha seats, dealing a blow to the Samajwadi Party-Congress alliance, which managed to secure only two seats. Both the ruling party and the opposition had sufficient numbers to secure three and ten seats, respectively. However, the BJP introduced an eighth candidate, Sanjay Seth, who filed his nomination papers just before the 3 pm deadline on February 15. Polling for the ten Rajya Sabha seats took place from 9 am to 4 pm, during which five legislators from the Samajwadi Party reportedly voted in favor of the ruling party.…

In the Himachal Pradesh Assembly on Tuesday, State Industries Minister Harshwardhan Chauhan announced that government employees in Himachal Pradesh would need to complete a minimum of ten years of service to be eligible for pension benefits. Responding to a query from Lokender Kumar of the BJP, the minister clarified that service rendered as a contractual employee would not count towards pension entitlements under the Central Civil Services (CCS) Pension Rules 1972. He emphasized the requirement for a minimum ten-year service tenure to qualify for pension benefits. Chauhan also disclosed that the Office of the Accountant General had disbursed pension payments…

India urges World Trade Organization (WTO) to permit subsidies for fisheries in developing nations to safeguard food and livelihood security for fishermen. In a statement issued by the Indian government, India emphasized the importance of subsidies for developing countries and small economies in fostering the growth and diversification of their fisheries sector, while also recognizing the historical concerns regarding over-exploitation. India advocated for any comprehensive agreement on fisheries subsidies to be based on principles such as Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC) and to incorporate provisions for Special and Differential Treatment (S&DT) appropriately, in line with other WTO…

Ahead of its IPO opening, Aadharshila Infratech, the sponsor of Bharat Highways Infrastructure Investment Trust (InvIT), has injected Rs 664.5 crore into the InvIT. The public issue is scheduled to open for subscription from February 28 to March 1. According to Bharat Highways’ filing with exchanges, the InvIT offer committee of GR Highways Investment Manager, the investment manager of the InvIT, has finalized the allocation of 6,64,50,000 equity shares to Aadharshila Infratech at a price of Rs 100 per unit. In compliance with SEBI InvIT regulations, the Sponsor and Sponsor Group are mandated to collectively hold a minimum of 15…

Patanjali Foods Ltd, a separate listed entity from Patanjali Ayurved, clarified on February 27 that the Supreme Court’s observations regarding “misleading advertisements” would not impact its business operations. Earlier in the day, the Supreme Court issued a show-cause notice to Patanjali Ayurved and its managing director for allegedly violating their promise to refrain from making misleading claims in advertisements for medicines, following a writ petition filed by the Indian Medical Association. In response, Patanjali Foods stated in a regulatory filing that the Supreme Court’s observations do not pertain to their operations. As an independent entity focused on edible oil and…

On February 27, CMS Info Systems’ promoter Sion Investment Holdings PTE divested its entire stake in the company, selling 26.69 percent, or 4,17,71,975 shares, at Rs 370.38 per share. Buyers included Societe Generale, Morgan Stanley Asia Singapore PTE, and others, causing CMS Info Systems’ shares to dip 2.52 percent to Rs 387. Bharti Enterprises sold 62,50,900 shares, or a 1.26 percent stake, in ICIC Lombard General Insurance Company at Rs 1,666.35 per share. ICICI Bank acquired 69,82,852 shares, or 1.41 percent stake, at the same price. ICICI Lombard’s shares surged 4.69 percent to Rs 1,728. Promoter Sasikala Raghupathy continued to…

Harsh Mahajan, representing the Bharatiya Janata Party (BJP), has clinched victory in the Rajya Sabha seat contest in Himachal Pradesh, a result believed to be influenced by possible cross-voting from Congress legislators. “Despite the Congress holding a substantial majority, losing the Rajya Sabha seat is a setback. I extend my congratulations to Harsh Mahajan,” stated BJP leader and former chief minister Jairam Thakur. Moments before Mahajan’s win was declared, Chief Minister and Congress leader Sukhvinder Singh Sukhu alleged that five or six of his party’s MLAs were taken to neighboring BJP-ruled Haryana, accompanied by the Central Reserve Police Force. In…

Mumbai-based payments firm Mswipe Technologies has announced the closure of a $20 million primary growth equity investment from its current investors. Although the firm did not disclose the names of the investors, its existing captable comprises Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. Previously, it had raised over $107 million from these investors. According to a statement from the company, the newly raised funds will be utilized to expand the merchant payment network and enhance product development and technological infrastructure. Recently, Mswipe obtained a payment aggregator license from the Reserve Bank of…

Adani Defence & Aerospace has announced plans to invest over Rs 3,000 crore in its new ammunition and missiles complexes in Kanpur by 2027, according to Chief Executive Officer Ashish Rajvanshi. The inauguration of the complex, set to be South Asia’s largest ammunition manufacturing facility, took place on February 26 with an initial investment of Rs 1,500 crore. It is projected to generate approximately 4,000 direct jobs, with an additional 20,000 indirect job opportunities expected to emerge among micro, small, and medium enterprises and local firms. Spanning 500 acres, the facilities aim to fulfill a significant portion of India’s annual…

In the recent Rajya Sabha elections in Karnataka, the ruling Congress secured three seats while the BJP gained one. The elected representatives to the Upper House include Ajay Maken, G C Chandrasekhar, and Syed Naseer Hussain from the Congress, along with Narayansa K Bhandage from the BJP. Among the five candidates vying for the four seats, JD(S) nominee D Kupendra Reddy was also in the running. Cross-voting was evident during the elections, with one BJP MLA, S T Somashekar, voting for Congress’s Maken, while another, A Shivaram Hebbar, abstained.