Author: Legal Parivar

Paytm, known as One 97 Communications Limited in the public market, stated on March 13 that its app-based and merchant services will continue without interruption, emphasizing an expansion in financial services distribution through partnerships. In a released statement, the company affirmed the seamless operation of its app-based services, such as Paytm, and merchant devices like Paytm QR, Soundbox, and card machines. “We are broadening our financial services distribution platform through collaborations with leading institutions. Paytm remains dedicated to building an inclusive next-generation financial ecosystem for users nationwide,” the company assured. As of 12:26 pm, Paytm stock was trading at Rs…

Sensex and Nifty50 continue downward slide on March 13, shedding early gains to hit day’s low near 22,100 level. Heavyweights Reliance and L&T drag down Sensex despite gains in ITC shares post block deal. Concerns over high valuations persist as broader market sees third consecutive session of decline, with BSE midcap down 2.6% and BSE smallcap down 3.6% by 11:45am. Sensex drops over 470 points (0.6%) and Nifty 50 nearly 200 points (0.9%) around noon. Out of 3,339 stocks traded, 404 advance, 2,891 decline, and 44 remain unchanged. Rising valuations in mid and smallcap segments, fueled by retail investor frenzy,…

Gopal Snacks IPO is set to be listed tomorrow, March 14. The allotment process has been completed, and today, March 13, shares will be credited to the demat accounts of those who were allocated shares. Refunds will also be processed today for those who did not receive shares. The Gopal Snacks IPO received a satisfactory level of subscriptions over the course of three days. On the final day, the subscription rate stood at 9.02 times, according to BSE data. The retail investors’ portion was oversubscribed by 4.01 times, while the Non-Institutional Investors (NII) portion saw a subscription of 9.50 times.…

On March 15, the Supreme Court is set to consider a plea filed by the Association of Democratic Reforms (ADR) seeking to halt the new appointments to the Election Commission of India (ECI) under the recently enacted law. The ECI is facing two vacancies following the recent resignation of Election Commissioner Arun Goel and the retirement of Anup Chandra. In response, Congress leader Jaya Thakur has also filed a plea urging the court to prevent the Centre from appointing new commissioners under the controversial Chief Election Commissioner and other Election Commissioners (Appointment Conditions of Service and Terms of Office) Act,…

Arvind Kejriwal, the Chief Minister of Delhi, condemned the BJP’s implementation of the Citizenship Amendment Act (CAA) before the Lok Sabha polls, labeling it as “unethical vote bank politics.” He emphasized that the public desires the repeal of this law. Kejriwal criticized the BJP government for potentially allowing a significant influx of impoverished minorities from Pakistan and Bangladesh into India, suggesting that it aims to use taxpayer funds to accommodate and provide employment to these migrants. Accusing the BJP of exploiting the situation to gain electoral advantage, Kejriwal asserted that the party could benefit from the support of the migrants…

On March 12, 2024, the Supreme Court collegium, led by Chief Justice D.Y. Chandrachud, recommended Shri Manoj Pulamby Madhavan for appointment as a Judge of the Kerala High Court. The collegium thoroughly assessed all available records to determine Shri Manoj’s suitability for the position. The Department of Justice had noted that Shri Manoj had affiliations with the CPI(M) and served as a Government Pleader during the tenure of the LDF Government from 2010 to 2021. Regarding the observation about Shri Manoj’s CPI(M) sympathies, the collegium found it to be vague and lacking substantial grounds for rejection. It emphasized that a…

In a recent ruling, the Supreme Court reiterated the authority of High Courts to dismiss criminal prosecutions stemming from civil transactions, citing the precedent set in the case of Paramjeet Batra v. State of Uttarakhand (2013) 11 SCC 673. Overturning the decision of the High Court, which had declined to quash a pending criminal case against the accused, Justices Sudhanshu Dhulia and PB Varale emphasized the necessity for High Courts to intervene and quash proceedings arising from civil transactions to prevent the abuse of legal processes. They underscored that continuation of such proceedings would be unwarranted in the absence of…

The Supreme Court declined to entertain a public interest litigation (PIL) petition on Tuesday (March 12) that sought the immediate removal of farmers from the borders of Delhi, amid the ongoing farmers’ protest demanding minimum price guarantees for their crops. The plea was brought by social worker and former Bharatiya Janata Party MLA Nand Kishore Garg, who aimed to clear the border areas. However, a bench comprising Justices Surya Kant and KV Viswanathan refused to hear the PIL and directed the petitioner to address the matter in the Punjab and Haryana High Court, where it was already under consideration. Dr…

As the largest shareholder in ITC, BAT sold approximately 43.7 crore shares at an average price of Rs 400, representing a 0.01 percent discount compared to the previous session’s closing price of Rs 404.45. Following the transaction, ITC shares surged by 6.3 percent to Rs 429.9 apiece on the NSE at 9:35 am. According to CNBC Awaaz, BAT aimed to sell up to 43.69 crore ITC shares through accelerated book building at Rs 384-400.25 per share. Sources suggest that Capital International or GIC Singapore may acquire a stake in ITC, with interest also shown by domestic funds such as ICICI…

India has authorized its central bank to import gold without incurring import levies, as stated in a notification issued late on Tuesday. Importers of gold in the world’s second-largest gold consumer are typically required to pay basic customs duty and Agriculture Infrastructure and Development Cess (AIDC). As of September 2023, the Reserve Bank of India possessed 800.79 metric tonnes of gold, which includes gold deposits totaling 39.89 tonnes. Out of this, 388.06 tonnes are held overseas, while 372.84 tonnes are held domestically, according to the RBI’s most recent reserve management report.