Author: Legal Parivar

The Mumbai Biocluster, comprising prestigious institutions like ICT Mumbai, IIT Bombay, TIFR, ACTREC, and Khalsa College, has been awarded Rs 60 crore by the Department of Science and Technology’s (DST) SATHI initiative to expedite the development of medicines. The primary objective of the biocluster is to transform drug development processes within the country. It will act as an accelerator for startups, academia, MSMEs, and industries, offering cutting-edge infrastructure and expertise to facilitate the rapid development of biopharmaceutical products. Focusing on monoclonal antibodies, vaccines, mRNA technology, and cell & gene therapy, the facility will tackle critical challenges encountered during technology scale-up…

Tata Sons Ltd. is expected to achieve a valuation of up to 8 trillion rupees ($96 billion) in its upcoming initial public offering, likely to occur within the next 18 months, as per Mumbai-based investment banking firm Spark PWM Pvt. The Indian conglomerate, known for its stakes in major companies like Tata Consultancy Services Ltd. and Tata Motors Ltd., was categorized as an “upper-layer” non-banking financial company by the central bank in September 2022. This classification entails that such entities must seek a public listing within three years. Analyst Vidit Shah noted in a March 4 report that Tata Sons…

The Election Commission of India (ECI) has issued directives to District Magistrates and Superintendents of Police in West Bengal ahead of the upcoming Lok Sabha elections scheduled for April or May this year. Emphasizing the need for absolute impartiality, transparency, and equal accessibility to all political parties, the ECI stressed a zero-tolerance policy towards any form of violence in democracy. It also highlighted the importance of preventing intimidation or threats to voters and candidates, along with ensuring transparency in granting permissions for venues and meeting places based on the “First In First Out” principle. Chief Election Commissioner Rajiv Kumar, during…

The Union government is contemplating a request to decrease taxes on flex-fuel vehicles, a step that could expedite the transition towards cleaner transportation. The Ministry of Heavy Industries and the Ministry of Road Transport and Highways are engaging with stakeholders and might propose a rationalization of the Goods and Services Tax (GST) on flex-fuel vehicles after consultations, as per two individuals familiar with the matter. Subsequently, a final proposal by the Finance Ministry would be presented to the GST Council for approval, they added. Flex-fuel vehicles are equipped with internal combustion engines but are designed to operate on more than…

The National Payments Corporation of India (NPCI) has scheduled a meeting with smaller UPI players and select banks on March 5 to deliberate on the 30 percent market share cap for individual apps within the digital payments ecosystem. The objective is to foster a more diverse and inclusive system. NPCI oversees the UPI platform, which commands 80 percent of the digital payments market in the country. However, major players like PhonePe, Google Pay, and Paytm collectively dominate nearly 95 percent of the UPI transaction volume and value. According to an anonymous fintech participant, the meeting aims to solicit ideas and…

In the fiscal year 2025, the government plans to implement a regulation requiring payments to micro, small, and medium enterprises (MSMEs) to be settled within 45 days. Failure to comply will result in companies being liable to pay taxes on the outstanding amount, according to two senior finance ministry officials. Amendments to this rule can only be considered during the Union Budget session in July, as outlined by the officials. Despite requests from traders for a one-year deferment, the government is not inclined to postpone the rule, they stated. “As per the Finance Act 2023, companies are mandated to clear…

Four investors of embattled edtech firm Byju’s have lodged requests in the Supreme Court, seeking a chance to present their arguments before any decision is made regarding a potential plea against a recent order from the National Company Law Tribunal (NCLT). MIH Edtech Investments BV, Peak XV Partners Investments, Sofina SA, and General Atlantic Singapore TL Pte Ltd filed individual caveats in the apex court on March 4. On February 28, the NCLT granted permission to Byju’s to proceed with its $200-million rights issue but mandated that the proceeds be placed in an escrow account. It also suggested extending the…

Ajay Devgn’s association with Panorama Studios International has proven to be a lucrative venture, with his initial investment of Rs 2.74 crore yielding a three-fold return. The film production company recently issued 9 lakh equity shares to various investors, generating Rs 24.66 crore, along with 15.41 lakh warrants to promoters and non-promoters amounting to over Rs 10 crore. Devgn acquired 1 lakh shares at Rs 274 each, totaling Rs 2.74 crore. By March 4, the value of his investment had soared to Rs 9.95 crore, marking a substantial increase. Panorama Studios International, currently valued at Rs 1,200 crore, has witnessed…

Skoda Auto India upcoming model, scheduled for a 2025 release, will enter the B-segment Sports Utility Vehicle (SUV) market and is expected to be priced between Rs 8 lakh and Rs 14 lakh (ex-showroom), according to sources familiar with the matter. The petrol-driven SUV will directly compete with popular models like the Tata Nexon, Hyundai Venue, and Maruti Brezza in the B-segment SUV market. Typically, B-segment cars are known for their compact size, affordability, and fuel efficiency, making them suitable for city driving. Skoda has confirmed that its compact SUV will be based on the MQB-A0-IN platform, the same platform…

The Supreme Court admonished Tamil Nadu minister Udhayanidhi Stalin on March 4 for his petition seeking the quashing or consolidation of six FIRs lodged across five states related to his alleged hate speech against ‘Sanatan Dharma.’ The court adjourned the plea for hearing on March 15. Last September, Udhayanidhi Stalin, a DMK leader and son of Tamil Nadu Chief Minister MK Stalin, sparked controversy by likening Sanatana Dharma to diseases like ‘malaria’ and ‘dengue’ during an event titled ‘Sanatana Eradication Conference’ in Chennai. His comments led to criminal complaints and PILs filed against him, resulting in FIRs being filed in…