Author: Legal Parivar

The Supreme Court, on April 2, approved bail for Aam Aadmi Party (AAP) member of parliament (MP) Sanjay Singh in connection to the Delhi liquor policy scam. Sanjay Singh’s bail arrives shortly after his party colleague and Delhi Chief Minister Arvind Kejriwal was apprehended by the Enforcement Directorate (ED) for his alleged involvement in the same case. Kejriwal is currently held in Tihar jail until April 15. During the bail hearing, the Supreme Court questioned the ED regarding Singh’s prolonged detention without trial or recovery of purported bribe money. The ED, however, chose not to contest Singh’s bail. Additionally, Manish…

The central government has successfully met its tax collection target of over ₹34.37 lakh crore for the fiscal year 2023-24 (FY24), driven by robust economic activity and enhanced compliance, as per a report by PTI. In the revised estimates (RE) presented in Parliament on February 1, 2024, the government had increased the target for direct tax collection to ₹19.45 lakh crore, while for indirect taxes (GST, Customs, Excise), the target was lowered to ₹14.84 lakh crore. Net direct tax collection surged by 19.88 per cent to over ₹18.90 lakh crore as of March 17, primarily attributed to higher advance tax…

The Election Commission of India (ECI) has issued directives for the transfer of 8 District Magistrates (DM) and 12 Superintendents of Police (SP) in five states ahead of the 2024 Lok Sabha elections. As per the notification from the poll agency, these officials are being relocated from Assam, Bihar, Odisha, Jharkhand, and Andhra Pradesh as part of routine assessment procedures. The decision was made during a meeting chaired by Chief Election Commissioner Rajiv Kumar alongside Election Commissioners Gyanesh Kumar and Sukhbir Singh Sandhu, as stated in the EC notification. All officials affected by the transfers are instructed to hand over…

Investors have a unique option to maximize the utility of their securities through a process called pledging, enabling them to utilize their holdings as collateral to secure loans. This method involves leveraging various securities such as shares, debentures, bonds, and mutual fund units to access funds based on their market value. By offering securities as collateral, borrowers can typically secure larger loan amounts at more favorable interest rates, as lenders perceive lower risk due to the underlying asset. Moreover, compared to traditional loan applications, obtaining such loans through pledging involves minimal documentation and shorter processing times. Pledging shares allows shareholders…

Raghuvir Exim, a manufacturer of home textiles products, has filed draft papers with the capital markets regulator SEBI for an initial public offering (IPO). As per the draft red herring prospectus (DRHP) submitted on March 31, the IPO consists of a fresh issue of 1.4 crore shares and an offer-for-sale (OFS) of 45 lakh equity shares by promoter Sunil Agarwal. The company plans to utilize Rs 112.87 crore from the net proceeds of the fresh issue to establish two stitching units in Ahmedabad, Gujarat, with the remainder allocated for general corporate purposes. Raghuvir Exim primarily generates 97 percent of its…

After facing significant delays, the IL&FS group is finally moving forward with the closure of its road Infrastructure Investment Trust (InvIT), with the draft prospectus expected to be submitted to the Securities and Exchange Board of India (Sebi) this week, according to sources familiar with the matter. The InvIT, named Roadstar Infra Investment Trust, was registered with Sebi in December 2020, but progress had been hindered due to various approvals from authorities. The InvIT will initially include six road assets, valued at approximately Rs 8,500-9,000 crore, instead of the originally planned 9-10 assets. Lenders of these assets will receive units…

The government is set to introduce amendments to the Insolvency and Bankruptcy Code (IBC) aimed at reducing the time taken for case admissions in Company Law Tribunals to just three months, down from the current average of 400-600 days, a senior official from the Corporate Affairs Ministry revealed. Efforts to expedite the admission process are crucial for making the IBC more conducive to resolution. Amendments will be proposed after the Lok Sabha elections to address this issue and enhance the law’s efficiency. One of the challenges contributing to delays in the admission process is establishing the validity of loans. To…

Shares of Hindustan Copper, India’s sole copper ore mining company, have soared by 118% over the past five months, riding the wave of escalating copper prices worldwide. The company witnessed an impressive return of 215% over the last year, reaching a 12-year high of ₹312 apiece in the previous trading session, marking a 12.5% surge. Benefiting from the surge in global copper prices, Hindustan Copper stands out as the solitary copper ore mining entity in India, equipped with fully developed infrastructure facilities. The recent upswing in copper prices was fueled by China’s expanding manufacturing activity, reflected in the manufacturing Purchasing…

Starting from April 1, the government has mandated the linking of the Central Government Health Scheme (CGHS) beneficiary ID with the Ayushman Bharat Health Account ID (ABHA). In a press release, the Ministry of Health and Family Welfare stated, “Existing beneficiaries are required to link their CGHS beneficiary ID with the ABHA ID within a period of 30 days.” Established in 1954, the Central Government Health Scheme provides comprehensive healthcare services to Central Government employees, pensioners, and their dependents. Ayushman Bharat, also known as Pradhan Mantri Jan Arogya Yojana (PMJAY), was launched by Prime Minister Narendra Modi on September 23,…

With just a few days remaining until the start of the Assembly Elections in Odisha, the BJP unveiled its list of 112 candidates for the upcoming polls on Tuesday. The Election Commission (EC) has announced that the Assembly elections in Odisha will be conducted in four phases on May 13, 20, 25, and June 1. The results of the assembly polls will be declared on June 4. In the 2019 elections, the Biju Janata Dal (BJD) secured a comfortable victory with 112 out of 147 seats, while the BJP and Congress managed to secure 23 and nine seats, respectively. The…