Author: Legal Parivar

One of the two contenders vying for bankrupt Indian airline Go First has reportedly increased its bid following encouragement from lenders, according to two banking sources and an individual familiar with the matter on Tuesday. The consortium, led by budget carrier SpiceJet’s managing director Ajay Singh and including Busy Bee Airways, upped their bid by an amount ranging between 1 billion rupees ($12.06 million) and 1.5 billion rupees, as per one of the sources. The original bid had been at 16 billion rupees. As the sources were not authorized to speak to the media, they requested anonymity. Requests for comments…

Elvish Yadav, the winner of Big Boss OTT 2, has reportedly been arrested on March 17 and sent to 14-day judicial custody following allegations of supplying snake venom at parties to boost his social media following and generate income, as per sources cited by Indian Express, quoting Noida Police. Despite denial of the accusations during questioning, Yadav is said to have been implicated by substantial evidence. According to a police officer, Yadav’s motive appeared to be portraying himself as fearless and beyond the reach of law enforcement, seeking to enhance his image among fans. The investigation has revealed that snake…

Alok Industries, a penny stock, has witnessed remarkable growth over the past 4.5 years, soaring from ₹1.4 in October 2019 to approximately ₹28 presently, marking a staggering 1900 percent return for its investors. An investment of ₹10,000 in this stock in March 2020 would have burgeoned into ₹2 lakh today. Established in 1986 and headquartered in Mumbai, India, Alok Industries Limited specializes in manufacturing and distributing textile products both domestically and internationally. Its diverse product range includes apparel fabrics, cotton and blended yarns, knitted and woven garments, home textiles, polyester yarns, and embroidery products, among others. Over the last year,…

One 97 Communications, the parent company of Paytm, saw its share price continue to climb on March 19, extending gains from the previous session by nearly 5 percent. Over the course of three days, the stock has surged by 14 percent. This significant rally follows an upgrade by Yes Securities, which raised the payments company’s stock rating from “neutral” to “buy” and increased the target price from Rs 350 to Rs 505. The recent optimism surrounding Paytm stems partly from NPCI’s approval allowing the company to participate in UPI as a third-party application provider (TPAP), which enables Paytm to facilitate…

Today, the Indian stock market experienced significant selling pressure following a downturn in Asian stock markets triggered by the Central Bank of Japan’s policy reversal. The Nifty 50 index opened below the crucial 22,000 mark and reached an intraday low of 21,817, marking a loss of 238 points or over one percent compared to Monday’s closing level of 22,055. Similarly, the BSE Sensex opened approximately 300 points lower at 72,462 and hit an intraday low of 72,007, reflecting a one percent decline during Tuesday’s session. Furthermore, the Bank Nifty index also faced selling pressure, witnessing a decline of around 0.50…

Rashtriya Lok Janshakti Party president Pashupati Kumar Paras tendered his resignation as Union Minister on Monday, following the Bharatiya Janata Party’s (BJP) finalization of seat-sharing with Chirag Paswan for the upcoming Lok Sabha polls scheduled to commence in seven phases starting from April 19. In a press conference, Paras stated, “PM Modi is a prominent leader, but I feel my party and I have been treated unjustly. Therefore, I am stepping down as Union Minister,” as he submitted his resignation papers. The announcement came a day after the BJP-led NDA disclosed its seat-sharing agreement, allocating five seats to Chirag Paswan-led…

According to a report by the Financial Times, Deloitte is gearing up to overhaul its structure to trim expenses in preparation for an anticipated market slowdown. The firm aims to streamline its primary business divisions from five to four, as per insider information provided to the publication. These revised divisions will include audit and assurance, strategy, risk and transactions, technology and transformation, and tax and legal units. A spokesperson for Deloitte informed Bloomberg that the company recently finalized a process aimed at “modernizing and simplifying” its strategy. As highlighted in the Bloomberg report, the prominent accounting firms, collectively known as…

On the early hours of March 19, Tuesday, Income Tax raids targeted the outlets of the popular Bengaluru chain Meghana Foods. The raids, conducted at locations including Koramangala, Jayanagar, and Indiranagar, were carried out by teams from Karnataka and Goa’s Income Tax departments, suspecting potential tax evasion. Meghana Foods, headquartered in Hyderabad and initially established in Bengaluru in 2006, is renowned for its biryani, which is a must-try for visitors to Bengaluru. Owned by Padma Atluri and Rambabu Mandava, the chain specializes in Andhra cuisine and has garnered a dedicated following among biryani enthusiasts in the city over the years.

The Supreme Court has summoned Baba Ramdev and Acharya Balakrishna to appear in person before the court in response to contempt proceedings initiated against them. This action follows the continued dissemination of misleading advertisements by their organizations, which claim to offer permanent cures for various diseases. In February, the apex court had issued a contempt notice against Patanjali Ayurved and its Managing Director Acharya Balkrishna for promoting products through advertisements that contravene the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954 and its Rules. As of 11:50 a.m. on March 19, shares of Patanjali Foods were trading 4.46 percent lower…

Ashok Leyland, the flagship company of the Hinduja Group, announced on Tuesday a strategic partnership with Minus Zero aimed at developing customized autonomous trucking solutions within India. Minus Zero, headquartered in Bengaluru, is a startup specializing in autonomous driving technology. This collaboration seeks to revolutionize commercial trucking by implementing autonomous solutions on a large scale. Initially, the focus will be on creating autonomous trucking solutions tailored for ports, factory operations, and corporate campuses, according to a statement from the heavy commercial vehicle manufacturer based in the city. As global regulations and infrastructure progress to support autonomous driving, the alliance may…