Author: Legal Parivar

The Tamil Nadu government has taken legal action by filing a lawsuit in the Supreme Court, alleging that the Centre has withheld its funds designated for handling natural disasters. Led by MK Stalin, the DMK government has utilized Article 131 of the Constitution to file an original suit against the Centre in the highest court of the land. Article 131 grants the Supreme Court exclusive and original jurisdiction over legal disputes between states or between states and the central government, or their entities. The state government has petitioned the apex court to compel the Centre to provide over Rs 37,000…

CLSA Global Markets PTE acquired a 2.88 percent stake in Edelweiss Financial Services, purchasing 2,72,10,507 shares at an average price of Rs 69.16, while Pabrai Investment Fund IV LP sold 2,72,08,207 shares, equivalent to a 2.88 percent stake, at Rs 69.15 per share. This marks a decrease from the fund’s previous 3.2 percent stake in the company as of December 2023. Shares of Edelweiss Financial Services climbed 5.23 percent to Rs 73.5 on the NSE. In Onmobile Global, Anshul Saigal, former head and portfolio manager of Kotak PMS, acquired a 0.50 percent stake by purchasing 5.32 lakh shares at an…

On Wednesday, Union Bank of India, a state-owned institution, announced that it has secured $500 million (approximately Rs 4,200 crore) from foreign markets to support its expansion efforts abroad. The financing arrangement was facilitated by the Dubai International Financial Centre (DIFC), Dubai Branch, as disclosed in a regulatory filing by Union Bank of India. The $500 million syndicated term loan (comprising $400 million initially and a Green Shoe option of $100 million) will be disbursed in two phases, spanning 3 and 5 years respectively. The bank drew the first tranche of $100 million on the same day. This marks Union…

The Delhi High Court heard arguments from both the Enforcement Directorate (ED) and Delhi Chief Minister Arvind Kejriwal regarding the Delhi Excise Policy ‘scam’ on Wednesday. Kejriwal, also the Aam Aadmi Party’s (AAP) national convenor, filed a plea challenging his arrest by the ED in the case. The financial probe agency opposed his petition, citing that the investigation is still ongoing. Here’s a summary of the key points presented during the court session: In response to Kejriwal’s arguments, the ED questioned the logic that incriminating evidence should be found at the accused’s residence, highlighting the complexities of tracing money once…

India is contemplating increasing duties on jute and jute products to curb the influx of inexpensive, subsidized jute imports from Bangladesh, which is adversely impacting local manufacturers, according to a senior official. The combination of low-cost imports and high raw material expenses is discouraging and is held responsible for a decline in domestic jute product production. India initiated an investigation into the import of Bangladeshi jute goods late last year, considering the imposition of countervailing duty (CVD) following a petition to the government by the Indian Jute Mills Association. CVDs are intended to address the importation of goods benefiting from…

On April 3, Vedanta Aluminium successfully inaugurated a 1.5 million tonnes per annum (mtpa) expansion at its alumina refinery in Lanjigarh, Odisha. This addition, integrated into an existing 3 mtpa facility, will increase the firm’s capacity to 3.5 mtpa, as stated in an exchange filing. The company highlighted that this expansion marks a significant stride towards its goal of becoming one of the world’s top three aluminum producers. Overall, the new capacity enhancement will elevate the Lanjigarh refinery’s nameplate capacity from 2 mtpa to 5 mtpa. John Slaven, CEO of Vedanta Aluminium, expressed satisfaction with the commissioning of the expanded…

The National Stock Exchange (NSE) has announced the introduction of four new indices, effective from April 8, across both the capital markets and Futures & Options segments. These newly introduced indices are the Nifty Tata Group 25 percent Cap, Nifty 500 Multicap India Manufacturing 50:30:20, Nifty 500 Multicap Infrastructure 50:30:20, and Nifty MidSmall Healthcare. According to NSE, these indices will now be accessible to F&O members through NEAT+ terminals under the multiple index inquiry screen. The Nifty MidSmall Healthcare index tracks the performance of midcap and small cap stocks in the healthcare sector, with key constituents including Max Healthcare Institute,…

State-owned Indian Oil Corp. Ltd. is engaging in initial discussions with India’s state monopoly on atomic power to construct small nuclear units, representing an early-stage technology viewed as a cost-effective alternative to larger facilities. The refinery and fuel retail giant is contemplating a collaboration with the state-controlled Nuclear Power Corp. of India Ltd. to implement small modular reactors, known as SMRs, within its refineries to generate clean power, as highlighted by Alok Sharma, Indian Oil’s Director for Research and Development, during a conference in New Delhi on Wednesday. With numerous larger projects encountering delays, policymakers are advocating for small-scale nuclear…

Zerodha, a stock broking company, has issued a notice to its clients on April 2, instructing them to close their FX derivatives positions before April 5 to adhere to new RBI regulations. “In accordance with RBI guidelines, traders must possess exposure to the underlying currency in order to engage in currency derivatives trading on stock exchanges. Please ensure the closure of any open positions by April 5, 2024, to comply with RBI regulations,” the firm stated in a communication on X. Effective April 4, 2024, users will be permitted to exit their existing positions but will be restricted from initiating…

On Wednesday, Bharat Forge Ltd announced the reappointment of Amit Kalyani as the vice chairman and joint managing director of the company for an additional five years, effective from May 11, 2024. This decision was made during the board of directors’ meeting, pending shareholder approval. Amit Kalyani, son of Babasaheb Kalyani, who serves as the chairman and managing director of Bharat Forge, has been associated with the company since 1999. Initially focusing on operations and manufacturing, he later expanded his scope to include IT and finance. In May 2004, he was appointed as the company’s executive director, contributing significantly to…