Author: Legal Parivar

Read Full Judgment Introduction: The case under scrutiny, Civil Appeal nos.1628-29 of 2021, before the Supreme Court of India, revolves around the judicial review of environmental protection notifications issued by the Ministry of Environment, Forest and Climate Change (MoEF&CC). At its core, the appeal challenges the legality and procedural validity of certain provisions within the notifications, particularly focusing on exemptions granted for specific activities under the Environment (Protection) Act, 1986 (EP Act). This detailed analysis aims to delve into the intricacies of the case, examining the background, key provisions, scope of adjudication, challenges raised, findings, and the eventual conclusion. Background:…

In a significant ruling on Friday, the Supreme Court annulled the Delhi High Court’s directive instructing news platform “The Bloomberg” to remove its allegedly defamatory article concerning Zee Entertainment Enterprises Limited. Chief Justice of India DY Chandrachud, along with Justices JB Pardiwala and Manoj Misra, highlighted that the trial courts’ ex parte interim injunctions failed to adequately apply the three-fold test required for granting temporary injunctions. Emphasizing the importance of judicial scrutiny tailored to the specifics of each case, the bench criticized the high court’s failure to assess the factual basis for establishing the injunction. The Delhi High Court, in…

Megha Engineering and Infrastructure Ltd, a Hyderabad-based company, reportedly engaged in significant electoral bond purchases prior to securing key projects, including the construction of the Zojila tunnel in Jammu and Kashmir valued at approximately Rs 4,500 crore. According to data released by the Election Commission of India (ECI), MEIL emerged as the second-largest purchaser of electoral bonds, amounting to Rs 966 crore. The company contributed the highest sum, approximately Rs 585 crore, to the BJP, followed by Rs 195 crore to BRS and Rs 85 crore to the DMK. Records indicate that MEIL made a bond purchase of Rs 20…

Arvind Kejriwal, Delhi Chief Minister, arrested in the liquor policy case, has been remanded to ED custody until March 28. On March 22, Kejriwal was presented before Delhi’s Rouse Avenue Court by the probe agency, which requested his custody for 10 days in the case. “We have applied for 10 days’ remand,” the ED informed the court after the AAP chief’s appearance before Special Judge Kaveri Baweja at around 2 pm amidst heightened security in and around the court premises. Kejriwal appeared in court after withdrawing his petition from the Supreme Court, which challenged his arrest by ED officials.

JSW Energy, led by Sajjan Jindal, has announced its agreement to purchase 45 MW of wind energy generation capacity from Reliance Power Limited, chaired by Anil Ambani, as per an exchange filing on March 22. According to the statement, JSW Renewable Energy (Coated) Limited, a wholly-owned subsidiary of JSW Neo Energy Limited, which itself is a subsidiary of JSW Energy Limited, will undertake the acquisition. The wind power project is situated in Jath, Sangli district, Maharashtra, with the transaction valuing the project at Rs 132 crore after adjusting for net working capital. The agreement has been formalized through a Business…

Gensol Engineering, a prominent player in the solar power engineering, procurement, and construction (EPC) services, as well as the electric mobility sector, has secured a significant turnkey order in terms of both size and value from a power generation utility in Maharashtra. The project entails the development of a 100 MWAC/135 MWp ground-mount solar PV power project spread across 500 acres in Maharashtra, with an order value of Rs 520 Crore. In a press release, the company stated that the project aligns with the futuristic policy introduced by the Ministry of New and Renewable Energy (MNRE) in April 2022. It…

Delhi’s ITO metro station is set to remain closed until 6 pm today, as announced by the Delhi Metro Rail Corporation (DMRC) on the X platform. The DMRC stated, “Following advice from the Delhi Police, the ITO Metro station will be closed from 08:00 AM to 06:00 PM today, March 22, 2024.” The temporary closure of the ITO metro station coincides with the Aam Aadmi Party’s (AAP) planned protest in front of the headquarters of the PM Modi-led Bharatiya Janata Party (BJP), located near Pandit Deen Dayal Upadhyaya Marg, adjacent to the same metro station. The protest is scheduled to…

According to sources cited by CNBC-TV18, Texmaco Rail and Engineering is reportedly considering launching a Qualified Institutional Placement (QIP) to raise Rs 250 crore. The company is anticipated to offer approximately 4.21 percent equity to garner funds at an indicative price of Rs 155 per share for the QIP. This indicative price, signaling a discount of over 6 percent from Texmaco Rail’s recent closing price, has been mentioned in the report.

Investors in IIFL Finance, a prominent NBFC specializing in retail credit, have faced a significant downturn in their wealth due to the sharp decline in the company’s shares following RBI’s imposition of restrictions on its gold loan disbursements. This has raised concerns about liquidity among investors and lenders. Over the past 12 trading sessions, the company’s share price has witnessed a substantial drop from ₹597 per share to the current trading price of ₹336, marking a steep decrease of 44%. Despite broader market gains, the stock hit another 52-week low of ₹329.50 in today’s trading session, reaching levels not seen…

The Securities and Exchange Board of India (SEBI) unveiled a framework on March 21 for implementing the beta version of same-day or T+0 settlement alongside the existing T+1 settlement cycle in the equity cash segment. Initially, this option will be accessible for 25 selected stocks and through a limited number of brokers. Trading hours will be from 9:15 AM to 1:30 PM, and all investors will have the opportunity to participate. In a circular, SEBI stated that this decision follows deliberations and approval by the board during its meeting on March 15. The circular elaborated on why the market was…