Author: Legal Parivar

Namdev Finvest Private Ltd, a non-banking finance company (NBFC) based in Bengaluru, announced on Tuesday that it has secured $20 million in an equity round as part of its pre-Series C funding. Maj Invest Financial Inclusion Fund III K/S led the investment round with a contribution of $16 million, while the Promoters Group & Employees also participated, contributing approximately $3 million. Founded in 2013 by Jitendra Tanwar, Namdev focuses on providing financial solutions to underserved populations in rural areas, operating across seven north-western Indian states. Jitendra Tanwar, the managing director & CEO of Namdev, expressed confidence in the company’s mission…

Walt Disney appears to have gained an advantage over activist investors in the ongoing battle for board seats and the future direction of the global entertainment conglomerate, with over half of all shares voted prior to the company’s annual meeting on Wednesday. T. Rowe Price, holding approximately 11.7 million shares in Disney, or about a 0.64% stake, has backed the company by voting to re-elect Maria Elena Lagomasino and Michael Froman, the two Disney directors challenged by Nelson Peltz’s Trian Fund Management. In another win for the company, it seems to have secured support from another significant investor, BlackRock, Disney’s…

Rubrik Inc., a startup specializing in cloud and data security and backed by Microsoft Corp., has filed for an initial public offering (IPO), revealing both growing revenue and losses. The IPO is being led by Goldman Sachs Group Inc., Barclays Plc, Citigroup Inc., and Wells Fargo & Co., as stated in Monday’s filing with the US Securities and Exchange Commission, confirming a Bloomberg News report. Rubrik intends to list its shares on the New York Stock Exchange under the symbol RBRK. The size and price of Rubrik’s planned share will be disclosed in a subsequent filing. It is anticipated that…

Indian markets are poised to extend gains on Tuesday despite Wall Street’s slight decline, with Gift Nifty indicating a positive start for the benchmark Nifty. Here are some key highlights before the market opens today: Wall Street observed marginal losses on Monday, driven by concerns about the timing of Federal Reserve interest rate cuts following robust manufacturing data that elevated Treasury yields. The Dow Jones Industrial Average fell by 240.52 points, the S&P 500 lost 10.58 points, while the Nasdaq Composite registered a modest gain. Asian stocks advanced on Tuesday, with the dollar strengthening. MSCI’s broadest index of Asia-Pacific shares…

CLSA has upped its target price for Avenue Supermarts Ltd to Rs 5,514 from Rs 5,307, maintaining its “buy” recommendation, following the supermarket chain’s record-breaking quarterly store expansions. The revised target price, marking a 23 percent surge over the stock’s April 1 closing price of Rs 4,484, reflects the second upward adjustment in a week. Initiating coverage on March 21 with a “buy” call, CLSA highlighted growth prospects in untapped markets, triggering over a 7 percent surge since then. Over six months, the stock has soared by 20 percent. According to CLSA, Avenue Supermarts added 21 stores in the March…

The Supreme Court has summoned yoga guru Baba Ramdev and Patanjali Ayurved’s managing director Acharya Balkrishna to appear before it on April 2 over alleged violations of court orders, Hindustan Times reports. A bench comprising Justices Hima Kohli and Ahsanuddin Amanullah expressed dissatisfaction with the non-compliance of its previous order issued on February 27, which had sought a response from Patanjali and its MD. The court observed that Patanjali’s advertisements featuring Ramdev’s face were in direct contradiction to the company’s past commitment to refrain from such advertisements. The court seeks an explanation from Ramdev and Balkrishna on why contempt proceedings…

Top Stocks in Focus:

Over the next four months, the domestic market will witness shares worth Rs 1.47 lakh crore ($17.7 billion) entering circulation, with lock-in periods expiring for 66 companies, such as Tata Technologies, Exicom Telesystems, IREDA, Honasa Consumer (Mamaearth), and JSW Infra, between April and July 2024. The one-month lock-in periods of Platinum Industries, Exicom Telesystems, Bharat Highways Invit, R K Swamy, JG Chemicals, Gopal Snacks, Popular Vehicles & Services, and Krystal Integrated Services will conclude between April 1 and April 18. For 22 companies, including Mukka Proteins, Jyoti CNC Auto, Medi Assist Healthcare, Epack Durables, Jana Small Finance Bank, and Vibhor…

What exactly is a lock-in period? A lock-in period, also known as a lock-up period, refers to a specific duration during which investors are prohibited from selling their shares. Various regulatory bodies, such as SEBI, establish different lock-in periods for different categories of investors. For instance, anchor investors typically have a lock-in period where 50 percent of their shares are locked for one month, and the remaining 50 percent for three months from the date of allotment. Promoters may have lock-in requirements for allotment, typically ranging from 18 months for up to 20 percent of the post-issue paid-up capital to…

The deadline for submitting an updated income tax return or ITR-U for the fiscal year 2020-21 (Assessment Year 2021-22) was March 31, 2024. This deadline has now passed, and any errors in previously filed ITRs, misreported income, or underreporting of income cannot be rectified through the filing of ITR-U. Taxpayers who missed this deadline and have outstanding issues may face penalties of up to 200% imposed by the income-tax department if they are caught. According to an Expert, once the deadline for ITR-U passes, taxpayers lose the option to make further corrections. Can Non-Filing of ITR-U Lead to Jail Time?In…