Author: Legal Parivar

The All India Federation of Tax Practitioners (AIFTP) has urged the Central Board of Direct Taxes (CBDT) to extend the deadlines for filing income tax returns (ITRs) and tax audit reports for the assessment year 2025-26. A memorandum has been submitted to the CBDT chairman, highlighting multiple challenges faced by taxpayers and professionals, including floods, landslides, technical glitches, and other compliance difficulties. Proposed New Deadlines: Challenges Cited:AIFTP Representation Committee Chairman Narayan Jain noted that several states have been severely impacted by natural disasters, disrupting internet, transport, and power supply, which has made timely filing difficult. The federation also pointed to…

Meta Platforms announced on Tuesday that WhatsApp will roll out a new translation feature to help its over 3 billion users communicate across languages more easily. Initially, translations will support six languages on Android devices and 19 languages on iPhones, with plans to add more in the future. Meta emphasized that privacy is maintained, as all translations occur on users’ devices, meaning WhatsApp cannot access the content of the messages. To use the feature, users can long-press a message and select “Translate” to view it in another language. The feature works across personal chats, group conversations, and channel updates. Additionally,…

Mumbai-based Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop-Up Shop, has filed preliminary papers with SEBI to raise ₹660 crore through an initial public offering (IPO). The proposed IPO is a fresh issue of equity shares with no offer-for-sale component, according to the draft red herring prospectus (DRHP) filed on Monday. The company is also considering a pre-IPO placement of ₹130 crore, which, if completed, would reduce the size of the fresh issue proportionately. Use of Proceeds: Purple Style Labs offers a curated portfolio of approximately 2.12 lakh SKUs across women’s wear, men’s wear, fine jewellery,…

Chennai-based multi-modal logistics solutions provider Glottis has filed its red herring prospectus with the Registrar of Companies on September 22, paving the way for its initial public offering (IPO) set to open on September 29. The company will raise ₹160 crore through a fresh issue of shares, while promoters Ramkumar Senthilvel and Kuttappan Manikandan will offload 1.1 crore shares via an offer-for-sale (OFS). The price band will be announced on September 24. The IPO’s anchor book for institutional investors will open on September 26, while the public subscription window will run from September 29 to October 1. Allotment of shares…

Food and grocery delivery platform Swiggy has exited its investment in bike taxi startup Rapido, selling its entire 12 percent stake for ₹2,399 crore to existing investors Prosus and Westbridge Capital, the company informed the exchanges on September 23. Prosus acquired shares worth ₹1,968 crore ($223 million), while Westbridge picked up the remaining ₹431.5 crore ($49 million). Swiggy had earlier indicated plans to divest its holding due to a potential conflict of interest, as Rapido expanded into the food delivery space. Sources said the latest deal is a complete secondary transaction. Rapido is also expected to raise a fresh primary…

On September 23, foreign institutional investors (FIIs) continued their selling streak, offloading equities worth ₹3,551 crore, according to provisional exchange data. In contrast, domestic institutional investors (DIIs) remained net buyers, purchasing shares worth ₹2,671 crore. During the session, DIIs bought equities worth ₹13,526 crore and sold ₹10,855 crore. Meanwhile, FIIs purchased shares worth ₹12,222 crore but exited positions worth ₹15,773 crore. For the year to date, FIIs have been net sellers with total outflows of ₹2.27 lakh crore. DIIs, on the other hand, have consistently supported the markets, recording net investments of ₹5.54 lakh crore. Market PerformanceThe Sensex slipped 58…

Epack Prefab Technologies, a leading provider of pre-engineered steel buildings and prefabricated structures, has raised ₹151.2 crore from 10 anchor investors ahead of its initial public offering (IPO), scheduled to open on September 24. Whiteoak Capital emerged as the largest investor, subscribing to 29.41 lakh shares worth ₹60 crore across six schemes. Other prominent investors in the anchor book include Morgan Stanley, 360 ONE, LC Pharos Multi Strategy Fund, Nuvama, Citigroup Global, and Sameeksha India. In its filing with the exchanges, the company confirmed the allotment of 74,11,764 equity shares to anchor investors at ₹204 per share. Of this, 28,43,204…

Payment solutions firm Seshaasai Technologies received a strong response from anchor investors, mobilising ₹243.3 crore on September 22, a day before its maiden public issue opens for public subscription. The company’s ₹813.07 crore IPO will be open from September 23 to 25, with allotment finalisation scheduled for September 26. Seshaasai shares are set to debut on the BSE and NSE from September 30. According to its stock exchange filing, the firm allocated 57,52,296 equity shares to anchor investors at ₹423 per share. Among the largest institutional investors were Nippon Life India and ICICI Prudential Mutual Fund, each subscribing to 5.91…

Rail Vikas Nigam Limited (RVNL) has emerged as the lowest bidder (L1) for a new Southern Railway project worth ₹145.34 crore, marking its second order this month. The regulatory filing states that the project includes the design, supply, erection, testing, and commissioning of traction substations, equipped with power quality compensating devices, SCADA, and Automatic Fault Locator (AFL) systems for the Salem division’s 2×25 kV AT Feeding System. The project is expected to be completed within 540 days and supports a 3,000 MT loading target. Earlier this month, RVNL had secured a ₹169.48 crore order from West Central Railway on September…

Chipmaker Nvidia announced on Monday a new strategic partnership with OpenAI, under which it plans to invest up to $100 billion in the artificial intelligence startup. The collaboration aims to train and deploy OpenAI’s future models as the company advances toward superintelligent AI. The first phase of deployment is expected in the second half of 2026, leveraging Nvidia’s Vera Rubin platform. The partnership will enable 10 gigawatts of compute power, marking a significant expansion of AI infrastructure for both firms. Statements from Leadership Under the agreement, OpenAI will designate Nvidia as its preferred strategic compute and networking partner for expanding…