Author: Legal Parivar

In the recent Rajya Sabha elections in Karnataka, the ruling Congress secured three seats while the BJP gained one. The elected representatives to the Upper House include Ajay Maken, G C Chandrasekhar, and Syed Naseer Hussain from the Congress, along with Narayansa K Bhandage from the BJP. Among the five candidates vying for the four seats, JD(S) nominee D Kupendra Reddy was also in the running. Cross-voting was evident during the elections, with one BJP MLA, S T Somashekar, voting for Congress’s Maken, while another, A Shivaram Hebbar, abstained.

On February 27, the Supreme Court issued a show-cause notice to Patanjali Ayurved and its managing director Balakrishna for reneging on their commitment to refrain from making deceptive claims in their medicine advertisements. Additionally, the court barred the company from releasing any adverts asserting the treatment of diseases like blood pressure, diabetes, fevers, epilepsy, and lupus, as stipulated in the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954, which encompasses 54 illnesses. Expressing strong disapproval, the apex court remarked, “The entire country is being taken for a ride,” and criticized the government for being indifferent. Reprimanding the Center for its…

On February 27, the National Company Law Tribunal (NCLT) deferred judgment on interim orders regarding an oppression and mismanagement plea lodged by four investors against the edtech firm Byju’s. These investors sought a halt to a $200 million rights issue set to conclude on February 29, claiming coercion to participate to avoid share dilution. The NCLT instructed both parties to submit written contentions within three days and notified the Ministry of Corporate Affairs and Registrar of Companies. The investors, in their plea, urged the NCLT to freeze the rights issue, restrain asset transfers by Byju’s and its subsidiary, and maintain…

Vodafone Idea’s board has approved a fundraising plan of up to Rs 45,000 crore through a combination of equity and debt, as announced in an exchange filing on February 27th. Of this amount, Rs 20,000 crore will be raised through equity or equity-linked instruments, with the remainder sourced from debt. The company stated that its promoters will also participate in the equity raise. A shareholder meeting is scheduled for April 2, 2024, where approval will be sought for the proposed equity raise, expected to be completed in the subsequent quarter. Vodafone Idea intends to engage with lenders to secure debt…

Prime Minister Narendra Modi asserted on Tuesday that the opposition, lacking confidence in its prospects in the upcoming Lok Sabha polls, resorts to criticizing him, alleging their lack of a coherent vision for the nation’s advancement. Addressing the conclusion ceremony of the BJP state unit’s padayatra at the Central Stadium, Modi urged the people of Kerala to support the saffron party by granting it double-digit seats in the 2024 LS polls. He emphasized that the BJP doesn’t view states solely through the lens of vote-bank politics. Modi highlighted that Kerala, like other BJP-ruled states, has experienced development over the past…

Bitcoin reached a two-year high on February 27, driven by indications of significant institutional purchases of the cryptocurrency. The rally was fueled by an announcement from crypto investor and software firm MicroStrategy, revealing its recent acquisition of approximately 3,000 bitcoins for $155 million. Over the course of two sessions, Bitcoin surged by more than 10 percent, with several factors contributing to its upward momentum. Crypto-related equities also witnessed significant gains in US trading, with MicroStrategy and San Francisco-based crypto exchange company Coinbase both surging over 16 percent. They continued to gain momentum in aftermarket trading as well.

Authorities in Maharashtra, a western state in India, are expanding their scrutiny beyond McDonald’s to inspect outlets of various global fast-food brands. This inspection aims to ensure that products advertised as containing real cheese are not misleadingly using cheese alternatives. The move comes after recent reports revealed the use of cheese analogues made from vegetable oil in some fast-food products. McDonald’s largest franchisee in India, Westlife Foodworld, has faced scrutiny over its use of “real cheese” in products, prompting the removal of the word “cheese” from the names of several items in December. Now, Maharashtra’s Food and Drug Administration plans…

In a significant setback for the Congress party ahead of the Lok Sabha elections in Gujarat, its Rajya Sabha member and former Union minister Naran Rathwa, along with his son and a considerable number of supporters, officially joined the Bharatiya Janata Party (BJP) on Tuesday. Hailing from Chhota Udepur in Gujarat, Rathwa’s term as a Rajya Sabha member is set to conclude in April this year. He has previously been elected to the Lok Sabha on five occasions, beginning in 1989 and then consecutively in 1991, 1996, 1998, and 2004. Rathwa’s son, Sangramsinh, who had previously contested the 2022 Gujarat…

The latest NSSO survey for 2022-23 provides insights into household consumption expenditure, shedding light on significant shifts over the past decade. Notably, rural spending has nearly tripled, outpacing urban spending, while the gap between urban and rural expenditure has narrowed. There’s also a marked increase in non-food spending, reflecting changes in technology, finance, and culture, as well as maturing economic growth. The rise in rural non-food consumption, despite narratives of rural distress, may be attributed to higher rural inflation and savings, influencing spending patterns. Inflation-adjusted data reveals a more modest 4 percent Compound Annual Growth Rate (CAGR) for both rural…

India, the world’s second-largest crude steel producer, experienced a surge in steel imports reaching a six-year peak in the first 10 months of the fiscal year ending in March, as indicated by provisional government data disclosed to Reuters on Tuesday. Buoyed by robust demand from the construction and automotive sectors, steel consumption in India soared by 14.5% to reach a six-year high of 112.5 million metric tons during the period, underscoring the country’s position as one of the fastest-growing economies globally. The Indian government anticipates continued strong demand for steel, projecting economic growth to outstrip the global average in the…