Author: Legal Parivar

On March 1, One 97 Communications (OCL), the parent company of Paytm, disclosed to the stock exchanges that the Paytm board has greenlit the termination of various inter-company agreements with its associate entity, Paytm Payments Bank Limited (PPBL). Additionally, OCL revealed that PPBL’s shareholders have consented to streamline the Shareholders Agreement (SHA) to enhance PPBL’s governance, independent of its shareholders. These decisions come amidst ongoing regulatory actions by the Reserve Bank of India (RBI) against PPBL, citing significant supervisory concerns. On January 31, the RBI imposed significant business restrictions on PPBL due to a prolonged history of non-compliance by Paytm…

Chalet Hotels could see an uptick in its shares on March 1, following its announcement of acquiring its partners’ stake in Ayushi and Poonam Estates LLP, the owner of Courtyard by Marriott, Aravalli Resort, in the National Capital Region (NCR) for Rs 315 crore. According to a regulatory filing, the company’s board of directors approved the acquisition during a meeting held on February 29. The transaction, to be executed for cash consideration, is valued at an enterprise value of Rs 315 crore, subject to adjustments for net current assets including cash. Completion of the deal is expected by March 10,…

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…