Author: Legal Parivar

In the latest development concerning the electoral bonds case, the Supreme Court directed the State Bank of India (SBI) on Monday (March 18) to reveal all possible information it holds regarding electoral bonds, including the alphanumeric number corresponding to each bond. The Court emphasized the need for full disclosure, stating that the SBI must provide all details within its custody, including alphanumeric and serial numbers, if available, by Thursday, 5 PM. This move aims to prevent any future disputes, with the Court instructing the bank’s chairperson to submit an affidavit affirming complete disclosure. The Court clarified that its previous judgment…

The Supreme Court on Monday rejected a Miscellaneous Application filed by Adani Power Ltd, which sought payment of Rs. 1376.35 crores as an outstanding Late Payment Surcharge (LPS) from Jaipur Vidyut Vitran Nigam Limited (JVVNL). This decision came after modifying a 2020 judgment. Justices Aniruddha Bose and Sanjay Kumar, the Bench presiding over the case, ruled that filing a miscellaneous application was not the appropriate legal recourse for Adani Power to claim LPS. They emphasized that such demands cannot be made through a miscellaneous application, which was described during the hearing as an application for clarification. The court clarified that…

A Mumbai-based investment consultant, Amber Dalal, is facing charges of cheating investors to the tune of Rs 54 crore. Dalal, who operated the consultancy firm Ritz Consultancy, allegedly promised investors a monthly return of 2% on their investments. According to the police, 55 investors have come forward with complaints against Dalal. However, authorities suspect it could be a larger ponzi scheme involving a significantly higher amount, as reported by the Indian Express on March 18. Investors alleged that they received regular returns on their investments until February. However, the payments due for March were not made, raising suspicions. Initially, Dalal…

Naman In-Store (India) IPO has set the price band for its equity shares at ₹84 to ₹89 per share, with a face value of ₹10 each. The IPO subscription period will start on Friday, March 22, and close on Wednesday, March 27. The lot size for Naman In-Store IPO is 1,600 shares, and bids can be placed in multiples of 1,600 shares, with a minimum bid of 1,600 shares. The floor price is set at 8.4 times the face value, while the cap price is set at 8.9 times the face value of the equity shares. Naman In-Store is a…

In response to the overlap between the Lok Sabha Election schedule and the official Chartered Accountants (CA) exam timetable, the Institute of Chartered Accountants of India (ICAI) has announced plans to reschedule the exams and provide new dates. According to an official notification released by the institute, the revised schedule for the May 2024 examinations will be published on the evening of March 19, accessible via the official website www.icai.org. The notification highlights, “The Election Commission today announced the schedule of Election to the 18th Lok Sabha, to be held from April to June 2024. The Lok Sabha Election, spanning…

Telangana Governor Tamilisai Soundararajan tendered her resignation on March 18 and forwarded her letter of resignation to President Murmu. Speculation suggests she may contest the Lok Sabha Elections in 2024 from Tamil Nadu as a candidate of the Bharatiya Janata Party (BJP). Additionally, Tamilisai resigned from her position as Lieutenant Governor of Puducherry. Her resignation coincided with Prime Minister Narendra Modi’s scheduled election rally in Telangana’s Jagtial and a roadshow in Coimbatore, Tamil Nadu. There are indications that Tamilisai could vie for one of three seats in Tamil Nadu, potentially including the Thoothukudi seat currently held by the Dravida Munnetra…

Russian President Vladimir Putin declared Russia’s resilience against intimidation as he celebrated a landslide victory in the recent election, positioning himself to become the longest-serving leader in over two centuries. The absence of significant opponents, due to death, imprisonment, or exile, has facilitated Putin’s prolonged rule and his crackdown on dissenters and critics, particularly amid the ongoing military campaign in Ukraine. Addressing a news conference following the closure of polls, Putin expressed gratitude for the support received from citizens and emphasized Russia’s steadfastness against external pressures. With over 99 percent of votes counted, Putin secured an overwhelming 87 percent of…

On March 18, shares of all 10 Adani group companies experienced a downturn following reports from Bloomberg that the US government had expanded its inquiry into the conglomerate regarding potential bribery allegations. In early trading, the flagship Adani Enterprises Ltd saw a nearly 4 percent drop, while Adani Ports and Special Economic Zone Ltd declined by nearly 3 percent. As of 11:03 am, Adani Wilmar Ltd and Adani Power Ltd were down over 1 percent, with Adani Total Gas Ltd, Adani Energy Solutions Ltd, Adani Green Energy Ltd, and Adani Energy Solutions Ltd all trading 2-3 percent lower. Earlier, on…

Shares of Life Insurance Corporation of India (LIC) traded in negative territory, declining by over 2 percent, following the announcement of plans to increase wages by approximately 17 percent for its workforce of over 110,000 employees. LIC revealed on March 15 that it had obtained government approval for a wage revision, effective from August 1, 2022. This decision impacts employees across the organization, with estimated annual implications of around Rs 4,000 crore, potentially inflating the annual wage bill to over Rs 29,000 crore. Additionally, arrears totaling approximately Rs 7,000 crore for the current fiscal year must be factored into the…

Following the Election Commission’s publication of the electoral bonds data on its website, a five-judge bench of the Supreme Court on March 15 inquired why the State Bank of India (SBI) hadn’t provided alphanumeric numbers on the bonds to the poll panel.The case is scheduled for further hearing on March 18. Chief Justice of India DY Chandrachud noted during the proceedings that SBI had failed to furnish the electoral bond numbers despite a prior order instructing them to do so. Solicitor General Tushar Mehta, representing the Union government, informed the court that SBI, not being a party in the electoral…