Author: Legal Parivar

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…

JSW Energy’s stock saw a slight rise in early trading on March 6 following the announcement of a battery energy storage purchase agreement (BESPA) between its step-down subsidiary and Solar Energy Corporation of India Limited (SECI). As of 9:26 am, JSW Energy was trading at Rs 511.75, marking an increase of Rs 2.40 or 0.47 percent on the BSE. According to a press release by the company, JSW Renew Energy Five Limited, a wholly-owned subsidiary of JSW Neo Energy Limited and a step-down subsidiary of JSW Energy, inked a BESPA for a 250 MW/500 MWh standalone battery energy storage system,…

India’s state-run oil refiners are showing reluctance towards contracted Russian crude supply due to increased difficulties arising from tighter enforcement of US sanctions. Indian Oil Corp, the largest state-owned refiner, is likely to decrease the volume of crude received under term supply agreements. Meanwhile, Bharat Petroleum Corp and Hindustan Petroleum Corp have opted not to commit to firm purchases of contracted oil for the next financial year, according to six sources familiar with the matter who requested anonymity due to the sensitivity of the information. These refiners had been in discussions with Russia’s Rosneft PJSC to secure approximately 500,000 barrels…

Infrastructure construction firm AVP Infracon is set to debut its initial public offering (IPO) on March 13, marking its foray into the market. The IPO, categorized as an SME IPO, will see the company offer shares at a price band of ₹71 to ₹75 per share. AVP Infracon intends to raise ₹52.34 crore through the issuance of 69.79 lakh fresh equity shares. The IPO subscription window will open on March 13 and close on March 15, with the final allotment expected to be determined by March 18, 2024. The minimum investment required for retail investors stands at ₹120,000 for a…

The Delhi High Court has adjusted the income limit for school admissions under the Economically Weaker Section (EWS) category, reducing it to ₹2.5 lakhs per annum. A division bench of the Delhi High Court revised a previous order by a single judge that had raised the income limit for school admissions under the EWS category from ₹1 lakh to ₹5 lakhs per annum. According to a report by Bar and Bench, on March 5, a bench comprising Acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora ruled that the income threshold would now be ₹2.5 lakhs per annum. Additionally,…

Prime Minister Narendra Modi inaugurated India’s inaugural under-river metro tunnel in Kolkata on March 6. The tunnel, constructed beneath Kolkata’s Hooghly River, will link Howrah Maidan to Esplanade. Spanning 4.8 kilometers, the Howrah Maidan-Esplanade section runs beneath the River Hooghly, connecting Kolkata and Howrah City. This segment is part of the East-West Metro corridor, which extends from Howrah Maidan to the IT hub Salt Lake Sector V. The metro is projected to traverse a 520-meter stretch under the Hooghly River in just 45 seconds. Of the total 16.6 kilometers comprising the East-West Metro, the underground corridor spans 10.8 kilometers from…

On March 6, the Reserve Bank of India (RBI) announced that card issuers must refrain from entering into agreements with card networks that restrict them from utilizing the services of other card networks. According to the RBI, card issuers are required to offer eligible customers the option to select from multiple card networks at the time of issuance. Existing cardholders should also be provided with this option during the next renewal cycle. This directive follows the RBI’s observation of certain arrangements between card networks and issuers that limit customer choice. The RBI has listed authorized card networks, including American Express…

Despite signing a deal with Swiggy to offer preordered meals to Indian Railways passengers, the share price of Indian Railway Catering & Tourism Corporation ( IRCTC ) experienced a slight decline in early trading on March 6. At 9:41 am, IRCTC’s shares were trading at Rs 921.90 on the BSE, down Rs 13.90 or 1.49 percent. The company announced the signing of a Memorandum of Understanding (MoU) with Swiggy (Bundl Technologies Pvt Ltd) to provide preordered meals through IRCTC e-Catering Services. Initially, this service will be available at Bengaluru, Vijayawada, Visakhapatnam, and Bhubaneswar stations, with the potential for expansion to…

Torrent Pharma’s stock surged to a 52-week high of Rs 2,745.55 in early trading on March 6 following a favorable inspection by the US FDA. By 09:38 am, the company’s shares were trading at Rs 2,700.00 on the BSE, marking an increase of Rs 37.80 or 1.42 percent. The USFDA has issued an establishment inspection report (EIR) for Torrent Pharmaceuticals’ manufacturing facility in Gujarat, indicating the successful conclusion of the inspection by the regulator. During the period from December 5 to December 11, 2023, the USFDA conducted a pre-approval inspection (PAI) at the company’s oral-oncology manufacturing facility in Bileshwarpura, Gujarat.…