Author: Legal Parivar

The Bank Employees Federation of India (BEFI) demanded on Wednesday that the State Bank of India (SBI) adhere to the Supreme Court’s deadline to disclose the names of contributors to the electoral bond scheme to the Election Commission. The SBI had requested an extension until June 30 to disclose details of each electoral bond encashed by political parties, but the court had directed the bank to provide the information to the poll panel by March 6. In a statement issued in Kolkata, the BEFI alleged that public sector banks and their personnel are being exploited for the narrow political interests…

The National Company Law Appellate Tribunal (NCLAT) issued an ultimatum on Wednesday, stating that if the disputes between Yamuna Expressway Industrial Development Authority (YEIDA) and the Suraksha group regarding Jaypee Infratech are not resolved by the second week of April, it will proceed with further action. Last March, the National Company Law Tribunal (NCLT) approved Suraksha group’s resolution plan, but progress has been slow as YEIDA and Jaiprakash Associates have challenged the approval in petitions filed before the NCLAT. Jaiprakash Associates, the original promoter of Jaypee Infratech, entered insolvency resolution proceedings in 2017. During the recent hearing on February 19,…

According to a report by TimesNow Navbharat, the prices of Compressed Natural Gas (CNG) have been reduced by Rs 2.5 in Delhi and the National Capital Region (NCR), effective from 06:00 a.m. on March 7. The new rate of CNG in Delhi is now Rs 74.09 per kg, down from the previous Rs 76.59 per kg. Similarly, in Noida, Greater Noida, and Ghaziabad, the price has been revised from Rs 81.20 per kg to Rs 78.70 per kg. In Gurugram, CNG will now cost Rs 80.12 per kg, reduced from Rs 82.62 per kg. Rewari has also seen a reduction…

The State Bank of India (SBI) has not disclosed details of the electoral bonds encashed by political parties as of Wednesday, missing the deadline set by the Supreme Court. Earlier, on Monday, the SBI had appealed to the Supreme Court for an extension until June 30 to reveal the specifics of each electoral bond transaction. However, the apex court has not yet scheduled a hearing for the SBI’s plea. According to sources, no information has been provided to the Election Commission (EC) regarding the electoral bond transactions. Last month, a constitution bench led by Chief Justice D Y Chandrachud invalidated…

Mukka Proteins IPO Allotment Status: Investors who participated in the IPO can verify their Mukka Proteins IPO allotment status on the registrar’s portal, Cameo Corporate Services Limited, as well as on BSE. Mukka Proteins IPO is set to list on both BSE and NSE, with a tentative listing date scheduled for Thursday, March 7, 2024. The shares will be credited to the Demat accounts of the allottees on March 6. Additionally, the refund process will commence tomorrow following the finalization of the allotment today. The IPO, which was open for subscription from February 29 to March 4, had a price…

Vodafone Idea (Vi) announced on Wednesday the successful deployment of network infrastructure along the East-West Metro corridor route of Kolkata’s newly inaugurated Underwater Metro Rail Service. Vi has installed network infrastructure at all 17 stations along the Green Line route, ensuring seamless connectivity for Vi customers traveling on the underwater metro rail service spanning 16.6 kilometers.

Entities engaging in reversal trades, characterized by reversing trades with the same counterparties on the same day at a significant price difference without valid reasons, have been granted permission to settle with the market regulator. These trades, deemed artificial and non-genuine by the market regulator, are often employed by fraudulent entities to manipulate securities’ prices and volumes, typically involving illiquid stock options (ISOs). The Illiquid Stock Options (ISO) Scheme, 2024, initiated by the Securities and Exchange Board of India (Sebi), targets entities involved in the ISO segment of the Bombay Stock Exchange (BSE) facing proceedings. Effective from March 11, 2024,…

Shree Karni Fabcom IPO: The SME’s initial public offering opened for subscription on March 6 and will close on March 11. Shree Karni Fabcom Limited specializes in producing customized knitted and woven fabrics for various industries, including luggage, medical arch support, chairs, shoes, and apparel. Their expertise lies in Woven Fabrics, Knitted Fabrics, Coated Fabrics, and polyester, sourcing yarn, resin, acrylic, and coating chemicals to create specialized technical textiles. In FY23, Shree Karni Fabcom Limited witnessed a 51.87% increase in revenue and a 7.85% rise in profit after tax (PAT). Subscription Status:The IPO garnered over 14.93 times subscription on the…

NSE Indices, a subsidiary of NSE specializing in index services, introduced two new indices, the Nifty500 Multicap India Manufacturing 50:30:20 index and the Nifty500 Multicap Infrastructure 50:30:20 index, on March 6. The Nifty500 Multicap India Manufacturing 50:30:20 index is designed to monitor the performance of chosen large cap, mid cap, and small cap stocks from the Nifty 500 index, representing the manufacturing sector. Similarly, the Nifty500 Multicap Infrastructure 50:30:20 Index is created to track the performance of selected large cap, mid cap, and small cap stocks from the Nifty 500 index, focusing on the infrastructure theme. According to NSE’s press…

The initial public offering (IPO) of Koura Fine Diamond Jewelry Limited, a small- and medium-sized enterprise (SME), witnessed a robust response from investors on its opening day. Subscriptions from both retail investors and non-institutional investors (NII) were fully subscribed on the first day itself. The IPO, which opened on March 6, 2024, is set to close on March 11, 2024. Subscription Status:On the first day, the SME IPO was oversubscribed by 26.92 times. Retail investors subscribed 46.66 times, while the portion reserved for non-institutional investors (NIIs) was subscribed 7.09 times. Bids were received for 2,50,32,000 shares against the 9,30,000 shares…