Author: Legal Parivar

Reports suggest that in the arrangement finalized among the National Democratic Alliance (NDA) partners in Maharashtra for the upcoming Lok Sabha polls 2024, the Shiv Sena led by Chief Minister Eknath Shinde is expected to contest on 13 seats, while the Ajit Pawar faction of the Nationalist Congress Party (NCP) will field candidates on four seats. According to sources cited by NDTV, the Bharatiya Janata Party (BJP) will nominate candidates for 31 out of the 48 seats in Maharashtra. Under the agreement, the party led by Maharashtra Deputy Chief Minister Ajit Pawar will contest from Baramati, Raigarh, Shirur, and Parbhani…

Sona Machinery witnessed a lackluster debut on the NSE SME platform today, as its share price opened at ₹125, marking a 12.59% decline from the issue price of ₹143. However, the stock managed to recover approximately 4% after the initial dip. The Sona Machinery IPO was open for subscription from Tuesday, March 5, to Thursday, March 7. Priced between ₹136 to ₹143 per share, the IPO lot size comprised 1,000 shares, with investors allowed to bid for a minimum of 1,000 shares and in multiples thereof. During the subscription period, the Sona Machinery IPO garnered significant interest, with an oversubscription…

The Union government has issued a notification unveiling the Uniform Code for Pharmaceutical Marketing Practices (UCPMP), aimed at promoting ethical conduct and curtailing unethical practices within the pharmaceutical sector. According to the code, pharmaceutical companies are barred from organizing overseas workshops for healthcare professionals or providing them with accommodations, extravagant meals, or financial incentives. Furthermore, the code prohibits the offering of gifts for personal benefit to healthcare professionals or their family members by pharmaceutical companies or their agents. This includes distributors, wholesalers, and retailers. In addition, companies are prohibited from providing travel facilities, such as rail, air, or cruise tickets,…

Investors were left disappointed as JG Chemicals made its stock market debut on March 13 at a discount of 5.4 percent compared to the issue price of Rs 221. This listing fell short of analysts’ expectations, who had anticipated a premium of 12 percent. The initial public offering (IPO) of JG Chemicals, valued at Rs 251 crore, garnered significant attention, with a subscription rate of 27.78 times. Non-institutional investors led the pack, subscribing 46.33 times their allotted quota of shares. Qualified institutional buyers followed suit, oversubscribing by 32.09 times, while retail investors subscribed 17.44 times their allocation. JG Chemicals holds…

The State Bank of India (SBI) has transmitted all Electoral Bonds data to the Election Commission in response to the Supreme Court of India’s directive. The Election Commission of India has been asked to upload all the data on its website by March 15,2024 for the public. The apex court had directed the bank to disclose details of the bonds encashed by political parties to the Election Commission by the close of the business hours on March 12, warning the country’s largest public sector lender that the court may proceed against it for “wilful disobedience” if it failed to comply…

The Supreme Court questioned six rebel Congress MLAs in Himachal Pradesh about their failure to approach the high court to challenge their disqualification. These MLAs had sided with Bharatiya Janata Party (BJP) candidates during the Rajya Sabha polls, prompting the Congress to file a plea against them for defying the party whip. Responding to the Congress’s plea, Himachal Pradesh Assembly Speaker Kuldeep Singh Pathania disqualified the six MLAs on February 29. Among those disqualified were Rajinder Rana, Sudhir Sharma, Inder Dutt Lakhanpal, Devinder Kumar Bhutoo, Ravi Thakur, and Chetanya Sharma. As a result, the effective strength of the House decreased…

During discussions with the media, BJP National General Secretary Tarun Chugh hailed the leadership of former Haryana CM Manohar Lal Khattar, referring to him as a “senior and experienced leader.” Chugh indicated that the party is preparing to entrust Khattar with a significant responsibility in the near future. Manohar Lal Khattar tendered his resignation from the chief minister’s post on Tuesday. Subsequently, Nayab Singh Saini was sworn in as the new Haryana CM in the presence of Governor Bandaru Dattatreya. The swearing-in ceremony also witnessed the induction of several leaders as Haryana cabinet ministers.

The Congress party has unveiled its second roster of candidates for the forthcoming Lok Sabha elections. According to Congress General Secretary KC Venugopal, Nakul Nath, the son of former Madhya Pradesh Chief Minister Kamal Nath, will be contesting from Chhindwara, while Vaibhav Gehlot, the son of former Rajasthan Chief Minister Ashok Gehlot, will be vying for the seat from Jalore. Additionally, Congress MP Gaurav Gogoi is slated to run from Jorhat in Assam. KC Venugopal also disclosed that Rahul Kaswa will be contesting from Churu in Rajasthan. This roster comprises 43 candidates, including 10 General candidates, 13 OBC candidates, 10…

The Popular Vehicles and Services IPO commenced with a slow uptake on Day 1, witnessing full subscription of the employee portion. Retail and non-institutional investors exhibited gradual interest, resulting in an overall subscription status of 27%, as per data from BSE. Retail investors subscribed to 47% of their portion, while non-institutional investors secured 11%. The Qualified Institutional Buyers (QIB) segment remains unbooked. The employee segment showed robust interest, with a subscription rate of 3.83 times. The IPO, which opened on Tuesday, March 12, and closes on Thursday, March 14, offers shares in the price band of ₹280 to ₹295 per…

Jet Airways sees a glimmer of hope in its revival efforts as an appellate tribunal instructs the bankrupt airline’s lenders to transfer ownership to the successful bidder, the Jalan-Karlock consortium, within a 90-day timeframe. The National Company Law Appellate Tribunal, on Tuesday, upheld the resolution plan for Jet Airways, which has been grounded since 2019 due to accumulating debt and a liquidity crisis. Earlier, in January 2023, the National Company Law Tribunal permitted the handover of Jet Airways’ ownership to the Jalan-Karlock consortium. However, the airline’s lenders contested this decision, citing alleged non-compliance by the consortium with the resolution plan.…