Author: Legal Parivar

The resignation of Vikramaditya Singh from the council of ministers in Himachal Pradesh has exacerbated the turmoil within Chief Minister Sukhvinder Singh Sukhu-led Congress government in the hill state. This development follows a significant event where at least six Congress MLAs engaged in cross-voting during the Rajya Sabha elections, resulting in the unexpected defeat of Congress leader Abhishek Manu Singhvi to Bharatiya Janata Party’s Harsh Mahajan. These consecutive incidents have once again highlighted the rift between the factions within the Himachal Pradesh Congress, one led by Chief Minister Sukhwinder Singh Sukhu and the other by Pratibha Singh, a Lok Sabha…

The Central Bureau of Investigation (CBI) has issued a summons for Samajwadi Party President Akhilesh Yadav to appear as a witness tomorrow, February 29, in the illegal mining case in Uttar Pradesh. Akhilesh Yadav, the Chief of the Samajwadi Party, strongly criticized the BJP on Wednesday, alleging that the party is feeling threatened by the INDIA bloc and is actively destabilizing other political parties. Yadav has pledged to take action against rebel MLAs who engaged in cross-voting for the BJP during the recent Rajya Sabha elections.

Zee Entertainment Enterprises witnessed a more than 5% decline in its shares on February 28, following the company’s announcement of establishing a committee to investigate allegations leveled against the company, its promoters, and key managerial personnel by regulatory bodies. The newly formed “Independent Investigation Committee,” led by retired Justice Satish Chandra, aims to thoroughly examine the allegations with the primary objective of safeguarding the interests of the company’s shareholders and stakeholders, as per Zee’s statement. However, investors appeared unconvinced by the decision, as evidenced by the stock trading at Rs 164.15 on the NSE at 1:51 pm, marking a 5%…

SpiceJet has resolved a Rs 250-crore dispute with Celestial Aviation, a major aircraft lessor group subsidiary, through negotiations, thus averting litigation. Both parties have communicated to the stock exchanges that the matter will be formally withdrawn on March 1, and the National Company Law Tribunal (NCLT) has been duly informed of the settlement. Just two days prior, SpiceJet had informed the NCLT that the disagreement with Celestial Aviation was nearly resolved, awaiting only formal procedures. Ajay Singh, the chairman and managing director of the budget airline, expressed gratitude for stakeholder support during this process, emphasizing a renewed focus on fleet…

Indiabulls Housing Finance (IBHF) has reignited its personal insolvency petition against Subhash Chandra, the chairman emeritus of Zee Entertainment Enterprises Limited (ZEEL), concerning guarantees provided to Vivek Infracon. During a session at the National Company Law Tribunal (NCLT) on February 28, IBHF’s counsel, Sumesh Dhawan, presented arguments for over an hour. The case is slated for further consideration on March 4 as the NCLT evaluates the report submitted by Chandra’s resolution professional, Raj Kamal Sarogi. IBHF contends that despite Chandra’s assertion of reaching a settlement in the dispute, no resolution has materialized even after several months, prompting them to revive…

Stocks like Indus Towers, SAIL, Aditya Birla Fashion and Retail, Canara Bank, and Zee Entertainment have been placed under the National Stock Exchange’s futures and options (F&O) ban for trading on February 28 due to exceeding 95 percent of the market-wide position limit (MWPL). This ban is lifted only if the open interest falls below 80 percent. Potential Entries: GMR Airports Infra, Vodafone Idea, PNB, Bandhan Bank, NMDC, Hindustan Copper, Nalco, BHEL, Biocon, Tata Chemicals, and Vedanta may join the ban list as they are nearing the 95 percent MWPL threshold. Potential Exits: Aditya Birla Fashion and Retail, Canara Bank,…

The attention on Vodafone Idea shares intensifies on February 28 following the decision by the telecom operator’s board of directors to pursue fundraising amounting to Rs 45,000 crore. In a bid to secure capital, the company aims to raise Rs 20,000 crore through a blend of equity or equity-linked instruments, with the remainder sourced through debt, with participation from promoters in the fundraising endeavor. Vodafone Idea has scheduled a shareholder meeting for April 2, with plans to seek their approval before proceeding with the equity fundraising, anticipated to conclude in the upcoming quarter. While Vodafone Idea shares concluded 4.45 percent…

Shares of Texmaco Rail could potentially experience an uptick on February 28, following the approval by the company’s board to raise up to Rs 150 crore through a preferential issue of convertible warrants to its promoters and promoter groups. Texmaco Rail’s board has empowered its Capital Issue Committee to finalize the structure, terms, and conditions of the issuance, along with other associated matters, as stated in a filing by the company. Closing slightly lower by half a percent at Rs 196.25 on February 27, Texmaco Rail shares have witnessed significant growth over the past year, delivering remarkable returns of 344%,…

RK Swamy Ltd, a leading integrated marketing services provider in India, has disclosed the price band of Rs 270-288 per share for its upcoming initial public offering (IPO), slated to begin on March 4. The anchor investor bidding will commence on March 1, with the subscription period ending on March 6. Allotment of shares is scheduled for March 7, followed by the crediting of shares to depository accounts on March 11. The stock is anticipated to be listed on exchanges on March 12. The IPO comprises a blend of fresh shares worth Rs 173 crore and an offer-for-sale (OFS) of…

The IPO of Bharat Highways InvIT opens for subscription today, February 28, and will close on March 1. Prior to this, on February 27, the company raised ₹825.97 crore from anchor investors by allocating 8,25,97,350 equity shares at ₹100 each. The price band for Bharat Highways InvIT IPO is set between ₹98 to ₹100 per equity share, with a lot size of 150 equity shares and multiples thereafter. The IPO reserves up to 75% of shares for Qualified Institutional Buyers (QIB) and at least 25% for Non-Institutional Investors (NII). The basis of share allotment for Bharat Highways InvIT IPO is…