Author: Legal Parivar

India’s leading fintech player, Paytm, is encountering hurdles in navigating central bank restrictions and potential disruptions to a key payments affiliate, leading to a significant shift in consumer behavior. According to data from the National Payments Council of India, the value of Paytm payments made on India’s state-backed transactions system declined by 14% to 1.65 trillion rupees ($19.9 billion) in January. In contrast, Walmart-owned PhonePe and Google’s GPay experienced an increase in their payments value during the same period. Paytm’s dwindling performance indicates a growing inclination among consumers towards alternative payment services even before the implementation of any disruptions to…

The recent departure of ex-SBI deputy managing director, Manju Agarwal, from the board of CMS Info Systems has brought to attention the difficulties encountered by independent directors managing numerous board positions. Agarwal’s exit from CMS Info Systems coincided with her resignation from Paytm Payments Bank Limited (PPBL), where she served as an independent director, as per a report in Economic Times. Agarwal’s decision to seek reappointment at CMS Info Systems after stepping down from PPBL faced criticism, with accusations of selective “preoccupation” and scrutiny over her shifting allegiances. Ultimately, just before the conclusion of the postal ballot voting on her…

Mahanagar Gas, Mumbai’s premier city gas distributor, experienced a significant downturn in its stock price, plummeting 16.2% to ₹1,305 per share in today’s intraday trading, hitting a six-week low. The sharp decline was prompted by a rating downgrade from ‘Buy’ to ‘Sell’ by the global brokerage firm Citi. Citi also revised down the target price from ₹1,480 to ₹1,405 per share, citing concerns over margin declines. This revision followed remarks made by Oil Minister Hardeep Singh Puri during an industry meeting, where he highlighted that the benefits of natural gas reforms have not adequately reached end consumers, impacting the financial…

The inauguration of the 17-km Duhai-Modi Nagar North section marks the operationalization of the Namo Bharat train on a total of 34 km of the Delhi-Ghaziabad-Meerut RRTS corridor. This new section, stretching from Sahibabad to Modi Nagar North, includes eight stations and was remotely flagged off by Prime Minister Narendra Modi from Kolkata. The extension comprises three stations: Murad Nagar, Modi Nagar South, and Modi Nagar North. Once completed, the Delhi-Ghaziabad-Meerut RRTS corridor, covering 82 km in total, is expected to significantly reduce travel time between Delhi and Meerut to less than an hour. During the inauguration event, Union Minister…

DBS Bank’s CEO Piyush Gupta, of Indian origin, saw his salary slashed by a significant 27 percent to SGD 11.2 million (approximately Rs 69 crore) last year due to various incidents of technical glitches, as disclosed in the bank’s annual report. In 2022, Gupta received a salary of SGD 15.4 million. The bank, headquartered in Singapore, announced in February that the 2023 variable compensation for Gupta and other members of the group management committee has been reduced, holding them responsible for the series of digital disruptions that occurred last year. “Although the bank performed well across most priorities outlined in…

Recently, the Securities and Exchange Board of India (SEBI) proposed regulations requiring brokers to provide open Application Programming Interfaces (APIs) to retail clients only if they can confirm whether the API is used for algorithmic (algo) trades or manual trades. If the broker cannot ascertain this, access to the API should be denied to the client. Let’s delve into why SEBI is implementing these safeguards for algo trading by retail investors. In summary, SEBI’s proposed regulations aim to enhance transparency and accountability in algo trading, protecting retail investors from potential risks associated with this trading practice.

JSW Steel has named Robert Simon as the chief executive officer of its US unit, as announced in a statement on March 6. Simon will oversee the overall operations of the business, which includes slab, coil, pipe, and plate production and sales at Baytown and Mingo Junction. He will directly report to the respective boards of both JSW Steel’s subsidiary companies, the statement mentioned. In the United States, JSW Steel operates a 1.5 million tonnes per annum (MNTPA) electric arc furnace-based steel-making facility in Ohio, along with downstream product facilities such as a 3-MNTPA hot-rolling mill in Ohio, a 1.2…

Signoria Creation’s initial public offering (IPO) is scheduled to open for subscription from March 12 to March 14. The IPO price band has been fixed at ₹61 to ₹65 per share of face value ₹10 each, with a lot size of 2,000 shares. Investors can bid for a minimum of 2,000 shares and in multiples thereof. The floor price stands at 6.10 times the face value, while the cap price is 6.50 times the face value. According to the Red Herring Prospectus (RHP), Signoria Creation specializes in manufacturing and selling women’s clothing such as dresses, dupattas, kurtis, trousers, tops, and…

Jalan Kalrock Consortium (JKC), the entity tasked with reviving the grounded airline Jet Airways, has contested the National Company Law Appellate Tribunal’s (NCLAT) decision allowing the sale of the airline’s aircraft. Filed in February 2024, the appeal is scheduled for a hearing on March 7. The aircraft, valued at Rs 400 crore, are set to be sold to Malta-based company Ace Aviation, which has already deposited Rs 50 crore. Meanwhile, Ace Aviation has petitioned NCLAT to expedite the sale, citing the aircraft’s six-year grounding. The company stated that significant investments and restoration efforts are needed to make the aircraft airworthy,…

India aims to broaden its strategic partnership with South Korea by venturing into new domains such as critical and emerging technologies, semiconductors, and green hydrogen, External Affairs Minister S Jaishankar stated on Wednesday during the 10th India-South Korea Joint Commission Meeting (JCM), which he co-chaired with his South Korean counterpart Cho Tae-yul. Jaishankar highlighted that the elevation of bilateral relations to a special strategic partnership during Prime Minister Narendra Modi’s 2015 visit to South Korea underscores the importance of upholding and expanding upon this partnership. Over the years, bilateral exchanges, trade, investments, defense cooperation, and science and technology collaboration have…