Author: Legal Parivar

Chennai Super Kings (CSK) made a significant decision ahead of the Indian Premier League (IPL) season opener by appointing Ruturaj Gaikwad as the new captain in place of legendary cricketer Mahendra Singh Dhoni. In an official statement released on their website, CSK announced that MS Dhoni has handed over the captaincy reins to Ruturaj Gaikwad for the upcoming TATA IPL 2024 season. Gaikwad, who has been an integral part of CSK since 2019, is set to lead the team into the new season. Ruturaj Gaikwad, with a commendable track record in the IPL, made his debut for CSK in 2020…

On March 21, Tata Consultancy Services ( TCS ), India’s largest IT services company, announced a multimillion-dollar strategic partnership with Ramboll, a global architecture, engineering, and consultancy firm based in Denmark, to conduct an end-to-end IT transformation. Over the next seven years, TCS will assist Ramboll in streamlining its IT operating model to drive business growth and optimize costs. This partnership entails TCS delivering services for managing Ramboll’s cloud and data centers, application development and maintenance, cybersecurity, and digital workplace, with a focus on reducing environmental impact and enhancing scalability. Additionally, more than 300 Ramboll IT employees across 12 countries…

The Bombay High Court has emphasized that banks and financial institutions must provide reasoned orders before declaring an entity or individual as a wilful defaulter under the Reserve Bank of India’s Master Circular. In its order on March 4, a division bench comprising Justices B P Colabawalla and Somasekhar Sundaresan noted the significant consequences faced by wilful defaulters, such as being ostracized from the financial sector. Therefore, the discretion granted to banks under the circular should be exercised cautiously, as mandated by the RBI. The court stated that banks and financial institutions invoking the Master Circular to declare wilful default…

Yash Optics and Lens IPO is set to open for subscription on Wednesday, March 27, and will conclude on Wednesday, April 3. The price band for the IPO has been fixed in the range of ₹75 to ₹81 per equity share of face value ₹10 each. The IPO lot size comprises 1,600 shares, with bids allowed for a minimum of 1,600 equity shares and in multiples of 1,600 equity shares thereafter. Notably, the floor price is 7.5 times the face value, while the cap price is set at 8.1 times the face value of the equity shares. The IPO has…

The Indian stock market witnessed robust buying across sectors on Thursday, March 21, buoyed by broadly positive global cues. Both the Nifty 50 and the Sensex, the key indices of the Indian stock market, opened positively, surging by over one percent each. Majority of components within these indices displayed gains, indicating a widespread optimism among investors. Heavyweight stocks like HDFC Bank, Reliance Industries, SBI, and Larsen and Toubro contributed significantly to the upward momentum of the Sensex index. As of 11:15 am, the Sensex was up by 1.05 percent at 72,861, with only one stock, Nestle, showing a slight decline.…

India’s coal imports saw a slight uptick to 212.24 million tonnes (MT) during the April-January period of the current fiscal year, marking a 1.65% rise from the previous year’s 208.78 MT, as per data compiled by mjunction services ltd, a B2B e-commerce platform. During the same period, non-coking coal imports amounted to 136.47 MT, slightly lower than the 136.90 MT imported in the previous fiscal year. Coking coal imports, however, increased to 47.32 MT from 46.09 MT recorded in the corresponding period of FY23. In January alone, coal imports through major and non-major ports rose to 19.81 MT compared to…

Shapoorji Pallonji Group, led by Indian billionaire Shapoor Mistry, is currently in discussions with lenders, including state-run Power Finance Corp., aiming to raise up to 200 billion rupees ($2.4 billion), as per individuals familiar with the situation. The group has reportedly approached Power Finance for a potential funding of up to 150 billion rupees, constituting the largest portion of the planned fundraising. Negotiations are underway, and the terms of the lending could be subject to change, according to the sources who preferred to remain anonymous due to the confidential nature of the details. Additionally, the group is assessing interest from…

Indian IT stocks surged in Thursday’s trading session, driven by positive signals from global markets after the US Federal Reserve maintained interest rates unchanged for the fifth consecutive meeting at its two-day March policy meeting, concluding on Wednesday. The Fed’s decision to retain its projection of three rate hikes by the end of 2024, as indicated in the “dot plot,” further boosted market sentiment. In addition to the rate decision, Federal Reserve policymakers upgraded their economic forecasts, notably revising the US growth outlook for this year to 2.1%, up from the previously forecasted 1.4% in December. The Federal Reserve is…

Patanjali Ayurved, along with its CEO Acharya Balkrishna, has issued an apology before the Supreme Court regarding misleading advertisements and criticism of modern medicine. This apology follows the Supreme Court’s directive for Patanjali Ayurved and Acharya Balakrishna to personally appear before the court and address contempt proceedings initiated against them. “Inadvertently, the advertisement in question, which was intended to contain only general statements, included the offending sentences… On behalf of Patanjali Ayurved, I offer an unqualified apology to this Court for breaching the statement recorded in the order of November 21, 2023. I assure the Court that such advertisements will…

Radiowalla Network Ltd is gearing up to launch its initial public offering (IPO) on March 27, with the IPO concluding on April 2. The price band for the Radiowalla Network IPO has been set at ₹72 to ₹76 per share. The company aims to raise ₹14.25 crore from the book-built issue, which comprises a fresh issue of 18.75 lakh equity shares. The IPO lot size is 1,600 shares, requiring a minimum investment amount of ₹121,600 for retail investors. Radiowalla IPO allotment is expected to be finalized on April 3, 2024, with the tentative listing date scheduled for April 5, 2024,…