Author: Legal Parivar

State-owned construction major NBCC (India) Limited has taken a significant step towards expanding its international footprint by entering the overseas real estate market in Dubai, the company informed stock exchanges on December 24, 2025. In a regulatory filing to the National Stock Exchange (NSE) and BSE, NBCC said that its wholly owned subsidiary, NBCC Overseas Real Estate LLC, has acquired a prime land parcel in Dubai Mainland for AED 15 million. The land measures 14,776.80 square feet and will be developed as a mixed-use project. The acquisition marks the formal beginning of NBCC’s overseas real estate operations, with Dubai chosen…

The Bombay High Court has stayed all existing and future actions initiated by three public sector banks to classify the accounts of industrialist Anil Ambani and Reliance Communications Ltd (RCom) as “fraud”. In an interim order passed on Wednesday, the High Court observed that the banks had violated the Reserve Bank of India’s (RBI) Master Directions while issuing show-cause notices to Ambani and his company. The notices were issued by Indian Overseas Bank, IDBI Bank and Bank of Baroda, seeking to declare the accounts as fraud accounts. Justice Milind Jadhav noted that the banks’ action was based on a forensic…

Vikran Engineering has secured a major renewable energy contract worth ₹2,035 crore for the development of solar power projects in Maharashtra, strengthening its presence in the clean energy segment. According to a regulatory filing, the order has been awarded by Onix Renewables for the development of 600 MW (AC) solar projects across multiple locations in the state. The turnkey Engineering, Procurement, and Construction (EPC) contract was accepted by Vikran Engineering on December 23, 2025. The scope of work includes end-to-end project execution, covering design and engineering, procurement, supply, installation, testing, and commissioning of the solar projects. The company will also…

The initial public offering (IPO) of Gujarat Kidney and Super Speciality is set to close for subscription today, December 24. The ₹251-crore issue has garnered robust investor interest, with the IPO subscribed over four times (410%) its offer size by Day 3. As per NSE data available at 1:30 pm, the healthcare company received bids for nearly 5.43 crore shares against an offer size of 1.32 crore shares. Retail investors led the demand, subscribing to their reserved portion nearly 16 times (1,579%). The Non-Institutional Investors (NII) category was subscribed around 4.5 times (455%), while Qualified Institutional Buyers (QIBs) subscribed 58%…

Telecom billionaire Sunil Mittal’s Bharti Enterprise, along with private equity firm Warburg Pincus, has acquired a combined 49% stake in Haier India, the company said in an official statement. Post the transaction, Haier India will continue to hold a 49% stake in the business, while the company’s top management will retain the remaining 2% equity. The deal value and valuation have not been officially disclosed. However, an Economic Times report citing industry executives suggested that Haier India could have been valued at around ₹15,000 crore. Commenting on the investment, Bharti Enterprise said it looks forward to playing a meaningful role…

The Centre has granted No Objection Certificates (NOCs) to two new airline applicants—Al Hind Air and FlyExpress—as part of efforts to enhance competition in India’s highly concentrated aviation sector. The approvals come amid growing concerns over market dominance and recent operational disruptions at IndiGo. Civil Aviation Minister Ram Mohan Naidu said on Tuesday night that the Ministry of Civil Aviation has engaged with teams from three aspiring airlines over the past week. While Shankh Air had received its NOC earlier, Al Hind Air and FlyExpress were cleared this week. India’s domestic aviation market is currently dominated by IndiGo and the…

Clear Secured Services Limited (CSSL) has approved its unaudited financial results for the half year ended September 30, 2025, following a board meeting held on December 24, 2025, the company informed the NSE in a regulatory filing. For the half year, the company reported standalone revenue from operations of ₹16,896.30 lakh and a net profit of ₹960.52 lakh. Earnings per share (EPS) stood at ₹5.54 on a standalone basis. The financial results were reviewed by the Audit Committee and received an unmodified limited review opinion from statutory auditor Karia & Shah, Chartered Accountants. During the period, CSSL recognised an exceptional…

Kalpataru Projects International Limited (KPIL) has paid a penalty of ₹20.67 lakh to the Gujarat Industrial Development Corporation (GIDC) towards approval of an updated building plan, the company said in a regulatory filing on December 24, 2025. According to the disclosure made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the penalty relates to administrative construction-related observations raised by GIDC. The payment was initiated by the company on December 23, 2025, at around 2:46 pm IST. The company clarified that the payment was made as advised by the authority and does not pertain to any…

Rail Vikas Nigam Limited (RVNL) has received a GST demand notice amounting to ₹4.26 lakh for the financial year 2021–22, the company informed stock exchanges in a regulatory filing dated December 24, 2025. The demand notice, issued in Form DRC-07, was received from the Office of the Deputy Commissioner, Begumpet STU3 jurisdiction, Telangana State, Hyderabad, vide order dated December 23, 2025. The disclosure has been made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. According to the filing, the total demand raised under the order stands at ₹4.26 lakh. RVNL clarified that there…

Hindustan Foods Limited has received a demand order from the Commercial Taxes Department, Tindivanam, Tamil Nadu, raising a GST-related claim of ₹62.73 lakh for the financial year 2021–22, the company said in a regulatory filing on December 24. The order has been issued under Section 73 of the CGST/SGST Act, 2017, citing alleged excess Input Tax Credit (ITC) claimed by the company. The total demand comprises a tax amount of ₹35.53 lakh, interest of ₹23.45 lakh, and penalties aggregating ₹3.75 lakh across IGST, CGST, SGST and cess. According to the disclosure, the order was received on December 23, 2025. Hindustan…