Author: Legal Parivar

The Bombay High Court has rejected an urgent plea from the Wadia Group seeking to prevent Bank of Baroda from enforcing a corporate guarantee of ₹500 crore provided by one of its group companies at the request of Go First Airlines. Nowrosjee Wadia & Sons Ltd (NWS) had approached the court seeking a temporary injunction to restrain Bank of Baroda from making the demand. The Wadia Group also sought to prevent the lender from taking further action in accordance with the law following such invocation, arguing that the corporate guarantee had expired as the condition of a tie-up of ₹2,835…

Amidst severe storms and heavy rainfall, a section of the roof at Lokapriya Gopinath Bordoloi International Airport in Guwahati collapsed on Sunday. The sudden collapse caused water to flow inside, resulting in chaos at the airport, which was already experiencing disruptions in flight operations due to adverse weather conditions. Fortunately, no injuries were reported due to the incident. The airport authority had previously halted operations and redirected six flights to alternative destinations due to the severe storm. Utpal Baruah, Chief Airport Officer, mentioned that a large tree outside the Oil India complex, near the Adani Group-controlled facility, was uprooted by…

Maryland Governor Wes Moore stated on Sunday that the recent collapse of the Francis Scott Key Bridge in Baltimore, resulting from a collision with the cargo ship Dali, has caused a significant national economic crisis. Moore emphasized in an interview with CNN that the impact extends beyond Baltimore and Maryland, affecting various industries nationwide due to the port’s vital role. He underscored the need for bipartisan and swift action to restore the American economy, emphasizing the Port of Baltimore’s crucial contribution to overall economic growth. Speaking on MSNBC, Moore elaborated on the complexities of the situation, highlighting the challenges posed…

Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, emphasized the government’s push for greater professionalism in state-owned banks, noting their reduced dependence on capital infusion from the Centre. The government has instituted changes such as separating the roles of chairman and managing director in public sector banks, creating the Financial Services Institutions Bureau (formerly Banks Board Bureau) to recommend appointments, and encouraging lateral hiring for specialized roles like digital banking and wealth management. Sitharaman highlighted the improved health of the banking sector, with reduced NPAs and increased dividends to the government. Public sector banks are now tapping into public…

The Supreme Court is set to consider on Monday a petition from the Gyanvapi mosque management committee challenging a ruling by the Allahabad High Court that upheld a lower court’s decision allowing Hindu prayers in the mosque’s southern cellar. The Anjuman Intezamia Masajid Committee, responsible for managing the Gyanvapi mosque in Varanasi, filed the petition against the High Court’s decision on February 26. The High Court dismissed the committee’s plea challenging a district court order from January 31 that permitted Hindu worship in the cellar. In its ruling on February 26, the High Court declared the Uttar Pradesh government’s 1993…

On March 31, Bank of India revealed that it has received a demand notice totaling Rs 1,128 crore from the Assessment Unit of the Income Tax Department for the assessment year 2016-17. In a filing with the stock exchange, the bank disclosed, “…. we wish to inform that, on 30.03.2024 at 5.51 PM, the Bank has received a demand notice from the Assessment Unit, Income Tax Department, pertaining to AY 2016-17.” The notice, dated March 30, 2024, pertains to specific disallowances made under section 156 of the Income Tax Act, 1961. Bank of India clarified that this notice does not…

Insurers are now mandated to issue insurance policies solely in digital form from April 1, in accordance with the regulations set forth by the Insurance Regulatory and Development Authority of India (IRDAI). This shift aligns with the protection of policyholders’ interests and promotes the dematerialization of policies, akin to the electronic format adopted for shares since 2013. Four insurance repositories – CAMS Repository, Karvy, NSDL Database Management (NDML), and Central Insurance Repository of India – facilitate the creation of e-insurance accounts, offering a digital platform to store and manage policies. These accounts empower policyholders to purchase, renew, request services, and…

HDFC Bank has announced its decision to divest its entire 100 per cent stake in HDFC Education and Development Services Private Ltd. The bank disclosed in a regulatory filing on Saturday that the transaction will be conducted using the Swiss challenge method. According to HDFC Bank, it has entered into a binding term sheet with an interested party on March 30, 2024. The offer outlined in this term sheet will serve as the anchor or base bid, inviting counter offers from other parties interested in participating in the Swiss challenge process. The bank stated that it will select the purchaser…

Mutual fund (MF) investors received a last-minute reprieve from the March 31 deadline to revalidate their know-your-customer (KYC) records, allowing them to continue transactions without interruptions. According to a communication from CDSL Ventures to mutual fund distributors (MFDs) on March 28, 2024, MF investors no longer need to re-do the KYC for their existing MF folios. This means they can proceed with transactions like systematic investment plans (SIPs), systematic withdrawal plans (SWPs), or redemptions in their existing folios without any hindrance. Earlier, failure to update KYC records would have blocked investors from conducting any MF transactions starting April 1, 2024,…

The National Testing Agency (NTA) has extended the deadline for applying to the Common University Entrance Test (CUET)-UG 2024 for the second time. The new deadline for submitting applications is April 5, 2024, announced by the NTA on Sunday. According to the latest announcement from NTA, candidates can now submit their online application forms for CUET-(UG) 2024 until 9:50 pm on April 5. Initially, the deadline was March 26, which was later extended to March 31. Now, the deadline has been further extended by 5 days. Sadhana Parashar, Senior Director (Exams) at NTA, stated, “The deadline for online submission of…