Author: Legal Parivar

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.…

L&T Finance Holdings Ltd. (LTFH), a Non-Banking Financial Company, announced on March 12th that it has entered into a financing agreement with the Japan International Cooperation Agency (JICA) for $125 million. This funding aims to support lending activities in rural and peri-urban areas of India, with a specific focus on empowering women borrowers. As per L&T Finance’s press release, in November 2023, LTFH secured a $125 million loan from the Asian Development Bank (ADB). Under the co-financing arrangement, an additional $125 million loan is now being procured from JICA. Sachin Joshi, the Chief Financial Officer of LTFH, commented, “We consider…

The market regulator has directed Vedanta India, previously known as Cairn India Ltd, to compensate Cairn UK Holdings Limited (CUHL) with Rs 77.62 crore along with an 18 percent per annum simple interest for the delayed dividend payment. Additionally, the Securities and Exchange Board of India (SEBI) has instructed the company’s Chairman and Managing Director (CMD) Navin Agarwal, Whole-Time Director Tarun Jain, Whole-Time Director and Chief Executive Officer (CEO) Thomas Albanese, and Whole-Time Director and Chief Financial Officer (CFO) GR Arun Kumar to refrain from accessing the securities market for a period of two months. Non-executive director Priya Agarwal and…

The Union Finance Ministry’s Department of Financial Services (DFS) has instructed all public sector banks to ensure builders’ compliance with RERA norms regarding the withdrawal of funds from escrow accounts designated for construction purposes, according to officials familiar with the situation. This directive follows a recommendation from the Haryana Real Estate Regulatory Authority (HARERA) to the DFS secretary, urging all banks to ensure adherence to RERA norms when allowing withdrawals from RERA accounts by real estate project promoters. In accordance with RERA norms, developers are required to deposit 70 percent of the funds collected from homebuyers into an escrow account,…

Shares of the State Bank of India (SBI) experienced a significant downturn today after the Supreme Court’s constitution bench dismissed the bank’s request for an extension to disclose the details of electoral bonds. The apex court directed SBI to share the electoral bonds details by the end of business hours on Tuesday, March 12, 2024. The five-judge constitution bench, led by Chief Justice of India DY Chandrachud, deemed SBI’s plea for an extension unwarranted, citing provisions of the electoral bonds scheme that mandate disclosure upon court request. Saurabh Jain, Vice President of Research at SMC Global Securities, explained, “SBI’s shares…

Pratham EPC Projects IPO: Within hours of opening, the initial public offering (IPO) of Pratham EPC Projects has been oversubscribed due to strong investor demand. The IPO, categorized as an SME IPO, began its subscription today, March 11, and will close on March 13. Pratham EPC Projects aims to raise ₹36 crore from the public offer. Let’s delve into the Pratham EPC IPO’s subscription status, GMP (Grey Market Premium) today, and other pertinent details. Subscription Status:As of Monday, the first day of the bidding process, Pratham EPC Projects IPO has been subscribed 4.40 times. Investors have bid for 1.40 crore…

On Monday, Bitcoin reached a fresh all-time high surpassing $70,400, continuing its relentless ascent. During early European trading, it climbed to $70,488.50 according to data from LSEG. The surge in the cryptocurrency has been driven by an influx of funds into newly established spot bitcoin exchange-traded funds, along with optimism regarding potential interest rate cuts by the Federal Reserve.

In the ongoing saga of judicial interventions in policymaking in India, the recent development involves the Supreme Court’s intervention in setting the rates for medical services charged by hospitals across the nation. Legal Examination: The Supreme Court heard a public interest litigation (PIL) filed by the NGO ‘Veterans Forum for Transparency in Public Life’ regarding rising healthcare costs and disparities in treatment costs between public and private hospitals. The Court directed the Union Government to establish price bands for medical procedures and treatments offered by hospitals or face imposing the rates charged under the Central Government Health Scheme (CGHS) as…

Bank of Baroda (BoB) shares have shown significant upside movement in the post-COVID market recovery. Despite experiencing a substantial sell-off during the pandemic, BoB share price hit a low of around ₹37.50 per share in May 2020. Since mid-October 2020, the stock has been on an upward trajectory, establishing itself as a favorable ‘buy on dip’ option on Dalal Street. The recent bullish trend in Bank of Baroda’s share price has led to consecutive record highs over the last three sessions. Today, the stock opened at ₹283.85 and reached an intraday high of ₹285.60 per share on the NSE. Notably,…