Author: Legal Parivar

JSW Energy Limited has successfully secured Rs 5,000 crore through the sale of shares to institutional investors, including the Abu Dhabi Investment Authority (ADIA), aimed at accelerating its growth initiatives. In a recent regulatory disclosure, the company announced the completion of its Rs 5,000-crore Qualified Institutions Placement (QIP) process. JSW Energy highlighted that the funds raised from the QIP will fortify its capital structure, provide greater financial flexibility, and support the expeditious execution of its ambitious growth strategies. The company emphasized that the QIP garnered significant interest from prestigious global long-term investors, domestic mutual funds, and insurance companies, resulting in…

Xcelerate Pte Ltd, an integrated GRC (governance, risk management, and compliance) and ESG operating and investing platform, has announced its acquisition of a strategic stake in Stirrup Communication Consultants Pvt Ltd, India’s leading stakeholder communications consultancy specializing in ESG communications and corporate reporting, according to a statement released on April 5. Arvind Agrawal, Stirrup’s founder and leader with over 17 years of experience in the corporate reporting and stakeholder communications sector, expressed optimism about the partnership with Xcelerate. He emphasized their shared vision, experience, and reach, foreseeing significant value creation for clients through enhanced advisory services, strategic planning, and focused…

The Reserve Bank of India (RBI) announced on April 5 the cancellation of the registration certificates of four non-banking finance companies (NBFCs). These include Kundles Motor Finance Pvt Ltd, Nithya Finance Ltd, Bhatia Hire Purchase Pvt Ltd, and Jiwanjyoti Deposits and Advances Limited, as stated in an official statement. According to the RBI, these companies are prohibited from conducting non-banking financial institution activities. In a separate notification, the RBI mentioned that five NBFCs have voluntarily surrendered their licenses as they are exiting the NBFC business. These entities are Growing Opportunity Finance (India) Pvt Ltd, Invel Commercial Pvt. Ltd, Mohan Finance…

The Reserve Bank of India (RBI) announced on April 5 that it has imposed a monetary penalty of Rs 49.70 lakh on LIC Housing Finance for violating rules. According to the RBI press release, LIC Housing Finance failed to adhere to certain provisions of the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’. Specifically, the company did not disclose the rate of interest, risk gradation approach, and rationale for charging varying interest rates to different borrower categories in loan application forms and sanction letters. Additionally, the central bank noted that LIC Housing Finance imposed pre-payment penalties on…

US employers exceeded expectations in March by adding more workers and increasing wages, signaling a robust end to the first quarter and potentially delaying anticipated interest rate cuts from the Federal Reserve this year. According to the Labor Department’s Bureau of Labor Statistics, nonfarm payrolls grew by 303,000 jobs last month, with February’s data slightly revised downward to show 270,000 jobs added. Economists surveyed by Reuters had projected 200,000 jobs, with estimates ranging from 150,000 to 250,000. Despite the US central bank’s aggressive rate hikes since March 2022 to curb inflation, the economy is outperforming global counterparts. Many businesses secured…

The Reserve Bank of India (RBI) announced on April 5 that it has imposed a monetary penalty of Rs 1 crore on IDFC First Bank for breaching regulations. The penalty comes as the bank failed to comply with specific directives issued by the RBI regarding ‘Loans and Advances – Statutory and Other Restrictions’, as stated in a press release by the central bank. IDFC First Bank had approved term loans for a public sector undertaking to fund infrastructure projects without conducting adequate due diligence on project viability and bankability. This oversight led to doubts regarding whether the revenue generated from…

Aadhar Housing Finance, backed by the private equity giant Blackstone, has received approval from the market regulator Sebi for its planned initial public offering (IPO) to raise up to Rs 5,000 crore, according to three sources familiar with the matter who spoke on the condition of anonymity. “The approval has been granted, and the intention is to launch the IPO within this fiscal year,” stated one of the aforementioned sources. This sentiment was echoed by two other sources who confirmed the development. Blackstone was not immediately available for comment. The affordable housing finance company had resubmitted its draft IPO documents…

On April 5, the Supreme Court issued a stay on the Allahabad High Court’s March 22 judgment, which declared the ‘UP Board of Madarsa Education Act 2004’ as unconstitutional. The High Court’s ruling was suspended pending further review by the Supreme Court. The Supreme Court expressed skepticism regarding the Allahabad High Court’s assertion that the creation of a Madarsa board violated secular principles, suggesting that this conclusion might not be accurate. Additionally, the Supreme Court has issued notices regarding appeals contesting the High Court’s March 22 decision. These appeals seek to challenge the ruling and will undergo further scrutiny by…

Tejasvi Surya, who filed his nomination from Bangalore South on April 4, disclosed total assets of ₹4.10 crore in the affidavit documents, as reported by the Indian Express. This marks a significant increase in assets compared to the ₹13.46 lakh declared during the 2019 Lok Sabha elections. As per the affidavit, Surya’s primary sources of investments, as the BJP Yuva Morcha national President and incumbent MP, were shares and mutual funds, with investments of ₹1.79 crore in shares and ₹1.99 crore in mutual funds. Surya recently expressed confidence in the BJP-JDS coalition winning the seat by a margin exceeding 5…

The Supreme Court, led by a three-judge bench headed by Chief Justice D.Y. Chandrachud, has unified multiple petitions contesting the imposition of 28% GST on online gaming companies. In a hearing on Friday, the Court directed the transfer of 27 pending writ petitions from 11 different high courts across the nation to be heard collectively. These petitions will be consolidated and heard alongside a petition filed by Gameskraft and writs by EGF and Play Games24x7. The Union government has been instructed to submit counter affidavits in all writ petitions within three weeks, with a consolidated hearing scheduled for the last…