Author: Legal Parivar

At the NSE’s Accelerating Social Impact event, Ashishkumar Chauhan, managing director and CEO, shared that the upcoming listing of a non-profit organisation (NPO) on the SSE is expected to raise Rs 14 crore, surpassing the total of Rs 12 crore raised by the previous eight listings combined. Currently, the SSE has registered 65 NPOs, with eight already listed. Chauhan emphasized that SEBI has addressed challenges faced by NPOs by introducing structured fundraising mechanisms such as zero coupon, zero principal bonds. SEBI has also made the platform more conducive for social enterprises by reducing the minimum issue size to Rs 50…

GMR Airports Infrastructure Limited-led Delhi International Airport Limited (DIAL) announced on June 14 the introduction of innovative biometric registration kiosks at the airport’s international arrival pier. According to GMR’s press release, these kiosks are tailored for foreign nationals arriving in India with visas where biometric information was not collected during the visa application process. This marks the first implementation of such kiosks at any airport in India and will be operated directly under the supervision of the Bureau of Immigration (BOI). The kiosks, established by DIAL, aim to streamline the immigration process significantly. Upon registration of biometric information at the…

An Indian national, Kandula Nagaraju, has been sentenced to two years and six months in jail for orchestrating a cyber attack that resulted in the deletion of 180 virtual servers belonging to his former employer, NCS. This act of revenge followed his termination from the company, costing NCS nearly SGD 918,000 (approximately Rs 5.66 crore). Nagaraju, aged 39 and a former member of NCS’s quality assurance (QA) team responsible for testing new software, was dismissed in October 2022 due to poor performance. Despite feeling he had contributed significantly during his tenure, Nagaraju was reportedly confused and upset by his dismissal,…

Several employees of Paytm are reportedly facing imminent job cuts, with some revealing to The Times of India that they were compelled to “voluntarily resign” after unsuccessful negotiations for pay reductions. Allegations include not receiving severance pay and being asked to return retention and joining bonuses. According to the employees interviewed by the paper, these actions were initiated without formal communication of restructuring or job losses from Paytm. Employees claimed HR meetings were labeled as ‘connect’ or ‘discussion’, lacking formal documentation. Furthermore, employees stated that Paytm demanded the return of bonuses, citing clauses from offer letters not previously disclosed. They…

The Vadodara Municipal Corporation (VMC), which is governed by the BJP, has sent a formal notice to Yusuf Pathan, a former Indian cricketer recently elected as a Trinamool Congress (TMC) Lok Sabha MP, accusing him of encroaching on a piece of land claimed by the civic body. The notice was delivered to Pathan on June 6, and the matter was highlighted during a media briefing on Thursday by VMC’s standing committee chairman, Shital Mistry, following concerns raised by former BJP corporator Vijay Pawar, as reported by PTI. Pathan, a former all-rounder, emerged victorious in the Lok Sabha elections from the…

The government has extended the deadline for updating Aadhaar details without any fees from June 14, 2024, to September 14, 2024, according to the Unique Identification Authority of India (UIDAI) website. Aadhaar, a 12-digit unique identification number based on biometric and demographic data, is crucial for services requiring Aadhaar OTP authentication. It helps prevent duplicate and fraudulent identities by ensuring each resident has a unique number linked to their biometrics. UIDAI advises residents whose Aadhaar was issued over 10 years ago and hasn’t been updated to submit proof of identity and address documents to validate and enhance their demographic information,…

Hyundai Motor India Ltd. (HMIL) is expected to file draft papers for its initial public offering with the market regulator by Friday evening, marking the beginning of what could be the largest share sale in the country’s history, according to a banker familiar with the plan. It is reported in April that the Indian subsidiary of South Korean carmaker Hyundai Motor Company would submit a draft red herring prospectus for its $3-3.5 billion IPO in June, aiming to complete its market listing before Diwali. However, initial feedback from bankers suggests the IPO could be closer to $2.5-3 billion. The draft…

Shares of auto component maker Endurance Tech are surging, driven by ambitious turnover targets outlined in an investor presentation on June 13. As India’s largest aluminum die-cast manufacturer, Endurance Tech aims to increase the four-wheeler segment’s contribution to consolidated turnover from 26 percent to 45 percent by FY30. The company also plans to enter new product categories in the four-wheeler space through alliances or acquisitions in India and Europe. In the EV sector, Endurance plans to expand its order book in both Europe and India. The company intends to enhance its offerings in aluminum die casting, forging, embedded electronics, and…

State-owned BHEL announced on Friday that it has secured orders for two power plants from Adani Power, totaling Rs 7,000 crore. The first order, for a 2×800 MW supercritical thermal power plant in Raipur district, Chhattisgarh, has been received from Adani Power Limited, according to a statement from BHEL. The second order, for another 2×800 MW supercritical thermal power plant in Mirzapur district, Uttar Pradesh, has been received from MTEUPPL, a subsidiary of Adani Power Limited. BHEL’s responsibilities for both projects encompass the manufacture and supply of main plant equipment and associated auxiliaries, as well as supervision of erection and…

Bajaj Housing Finance has submitted the Draft Red Herring Prospectus (DRHP) to the capital markets regulator, SEBI, for its planned IPO, aiming to raise up to Rs 7,000 crore. The public offering consists of a fresh issue of shares valued at Rs 4,000 crore. Additionally, the parent company, Bajaj Finance Ltd, will sell shares worth Rs 3,000 crore through an offer for sale, as detailed in the prospectus.