Author: Legal Parivar

India advocates for a reassessment of the impacts of the customs duties moratorium on e-commerce for developing and least developed nations within the World Trade Organization (WTO). This stance arises amidst efforts by developed countries to prolong the moratorium beyond March 31. The matter was deliberated upon during a session of the e-commerce work program at the WTO’s 13th Ministerial Conference, which concluded on Thursday. India opposes extending the moratorium due to its detrimental effect, estimating tariff revenue losses of approximately $10 billion annually for developing nations, with India’s losses estimated at about $500 million each year. Extension of the…

The Central Election Committee (CEC) of the Bharatiya Janata Party (BJP), headed by Prime Minister Narendra Modi, convened on Thursday night at the party headquarters in the national capital to finalize the first list of candidates for the upcoming Lok Sabha elections. Among those present at the meeting were BJP president JP Nadda, Union Home Minister Amit Shah, and Defence Minister Rajnath Singh. Additionally, prominent leaders such as Uttar Pradesh Chief Minister Yogi Adityanath, Gujarat’s Bhupendra Patel, Madhya Pradesh’s Mohan Yadav, Chhattisgarh’s Vishnu Deo Sai, Uttarakhand’s Pushkar Singh Dhami, and Goa’s Pramod Sawant, Devendra Fadnavis, Jyotiraditya Scindia, and Keshav Maurya…

The Union Cabinet, on February 29, sanctioned the proposal to set the Nutrient-Based Subsidy (NBS) rates for the Kharif season of 2024, effective from April 1 to September 30, for Phosphatic and Potassic (P&K) fertilisers. Additionally, the Cabinet approved the inclusion of three new fertiliser grades under the NBS scheme. During a press briefing in New Delhi, Union Minister Anurag Thakur announced that the tentative budgetary requirement for the Kharif season 2024 would be approximately Rs 24,420 crore. Under the NBS Scheme, the Centre is ensuring the availability of 25 grades of P&K fertilisers to farmers at subsidized prices through…

The Telecom Department is poised to introduce the initial set of regulations for the newly enacted telecom law within the coming months, according to Neeraj Mittal, Telecom Secretary. Mittal also indicated that the Government of India will explore the appropriate timing to reduce its stake in financially strained Vodafone Idea. However, he refrained from providing a specific timeline. Enacted in December last year, the new telecom law replaced three outdated legislations. Speaking on the sidelines of the Mobile World Congress 2024, Mittal mentioned that the department aims to conduct the next round of spectrum auctions in the early June quarter.…

On February 29, Suven Pharmaceuticals Limited announced a proposed scheme of amalgamation to merge Cohance Lifesciences Limited with Suven. According to a press release by Suven Pharmaceuticals, the overall transaction is anticipated to be completed over the next 12-15 months, subject to obtaining all necessary shareholder and regulatory approvals. The merger process was initiated by leading global private equity fund Advent International for its portfolio companies Suven Pharmaceuticals and Cohance Lifesciences. Kotak Mahindra Capital and Citi have been appointed as advisors for various aspects of the deal, including the swap ratio, due diligence, and fairness opinion. The amalgamation aims to…

On February 29, the Supreme Court rejected Vedanta’s request for the reopening of its Sterlite copper smelter plant in Tamil Nadu, emphasizing the paramount importance of sustainable development and the well-being of local residents. After a five-day hearing, the court handed down its verdict, citing Vedanta’s failure to meet legal obligations, such as the removal of copper slabs from multiple sites, non-compliance with consent conditions for gypsum operations, and the absence of authorization for hazardous waste disposal. Chief Justice of India DY Chandrachud, leading the bench, acknowledged that shutting down industries is not the preferred course of action. However, he…

The government has raised the windfall tax on petroleum crude to ₹4,600 per metric ton from ₹3,300, effective March 1, according to a government order released on Thursday, February 29. Additionally, the windfall tax on diesel has been reduced to zero from ₹1.50 per litre, also effective March 1. However, the tax on petrol and aviation turbine fuel will remain at zero. This marks the third increase in the windfall tax on domestically produced crude oil this month alone. On February 15, the tax was raised to ₹3,300 per tonne from ₹3,200 per tonne, while the tax on diesel was…

On February 29, farm equipment manufacturer Sona Machinery announced its submission of draft papers to NSE’s small and medium enterprise platform, NSE Emerge, for an initial public offering (IPO) to raise funds. The IPO will consist entirely of a fresh issue of 36.24 lakh equity shares, as stated by the company. The funds raised from the IPO will be allocated towards establishing a new manufacturing unit to enhance operational capabilities and increase manufacturing output to meet the growing demand for its products. Sona Machinery aims to address the rising demand for grain-processing equipment both domestically in India and across the…

On a significant day marked by the Union Cabinet’s approval of three major semiconductor proposals, Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, disclosed that the government is currently evaluating an $11 billion fab proposal from Israel’s Tower Semiconductor. The Union Cabinet, on February 29, greenlit three projects under the government’s $10 billion capex-linked incentive scheme, collectively amounting to investments worth Rs 1.26 lakh crore. Speaking at a press briefing, Chandrasekhar highlighted Tower Semiconductor’s proposal as one of considerable importance due to its distinct characteristics. He explained that Tower Semiconductor’s plan entails a more extended build-out period and…