Author: Legal Parivar

India is investigating U.S. streaming giant Netflix over its local operations, including potential visa violations and allegations of racial discrimination, according to a government email sent to a former Netflix executive. The details of the investigation were revealed in a July 20 email reviewed by Reuters, written by Deepak Yadav, an official from the Foreigners Regional Registration Office (FRRO) under the home ministry. The email was addressed to Nandini Mehta, Netflix’s former director of business and legal affairs in India, who left the company in 2020. “This is regarding visa and tax violation concerns with respect to Netflix’s business practices…

The Lokpal has directed two complainants, including Lok Sabha MP Mahua Moitra, to clearly articulate the allegations of corruption against SEBI Chairperson Madhabi Puri Buch under the Prevention of Corruption Act, 1988. The complainants were also asked to explain why the findings of the Supreme Court’s January 3 decision should not obstruct Lokpal’s investigation into the matter. On January 3, the Supreme Court dismissed pleas seeking the transfer of the investigation into allegations of securities law violations by Adani group companies to a special investigation team. The court found no reason to question the Securities and Exchange Board of India’s…

Vodafone Idea (VIL) has finalized a massive $3.6 billion deal with Nokia, Ericsson, and Samsung to supply network equipment over the next three years. This marks the first phase of the company’s three-year capital expenditure plan of $6.6 billion, aimed at expanding 4G coverage from 1.03 billion to 1.2 billion people, launching 5G in key markets, and increasing network capacity to accommodate growing data demand. Akshaya Moondra, CEO of Vodafone Idea, emphasized the company’s commitment to investing in emerging network technologies, stating, “We are kicking off our investment cycle to offer a best-in-class experience to our customers. This marks the…

The upcoming week, starting September 23, will be highly active for the primary market, with 11 initial public offerings (IPOs) opening for subscription, including two from the mainboard segment. Cumulatively, these IPOs aim to raise ₹900 crore. Additionally, 14 new companies are set to debut on the stock exchanges. Key IPOs Opening Next Week: Upcoming Listings: Note: Investors are advised to consult certified experts before making investment decisions.

Harindarpal Singh Banga, one of Nykaa’s pre-IPO investors, is set to divest up to 1.4% of his stake in the beauty and personal care platform, CNBC-TV18 reported. The shares will be sold at a floor price of ₹198 each, representing a 5.7% discount to Nykaa’s last traded price as of Thursday. Banga, who held a 6.4% stake in FSN E-commerce Ventures (Nykaa) at the end of the June quarter, owns approximately 18.28 crore shares. Following the sale, there will be a 45-day lock-in period before any additional shares can be sold. Commodities billionaire Banga, chairman of Caravel Group, is listed…

The Securities and Exchange Board of India (Sebi) has fined Vistra (ITCL) India Ltd ₹6 lakh for breaching the Sebi (Debenture Trustees) Regulations and various directives. The fine, issued on August 22, addresses several regulatory lapses related to the preparation and verification of asset-cover certificates. The Sebi order highlights that Vistra (ITCL) failed to conduct independent due diligence as required. The regulator’s November 2020 circular mandates that debenture trustees (DTs) must independently ensure the adequacy of assets securing debt securities. Key issues noted include: Additional violations involved the DT conducting activities prior to the execution of agreements, failing to update…

Indian Stock Market Continues Winning StreakOn August 22, the Indian stock market benchmark Nifty 50 extended its winning streak to six consecutive sessions, driven by positive global cues and expectations of a potential US Federal Reserve interest rate cut. The Nifty 50 closed up 41 points, or 0.17%, at 24,811.50, while the Sensex rose 148 points, or 0.18%, to end at 81,053.19. ICICI Bank and Bharti Airtel were among the top contributors to the index’s gains. RBI MPC Minutes Highlight Disinflation FocusThe Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) released minutes from its recent meeting, emphasizing the need…

The International Gemmological Institute (IGI) India, owned by Blackstone, has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise ₹4,000 crore through an initial public offering (IPO). The IPO will consist of a fresh issuance of equity shares worth ₹1,250 crore and an offer-for-sale of shares valued at ₹2,750 crore by the sole promoter, BCP Asia II TopCo Pte Ltd, an affiliate of funds managed by Blackstone. IGI India specializes in the certification and accreditation of natural and laboratory-grown diamonds, studded jewelry, and colored stones, as well as offering educational programs. As the largest independent…

The year 2024 has proven to be a standout period for initial public offerings (IPOs) in India, with a surge of companies tapping into the primary market to raise capital. This wave of activity has been driven by favorable market conditions, increased investor confidence, and a strong appetite for new offerings. Following the COVID-19 pandemic, many companies had halted their fundraising plans. However, as market conditions improved, these efforts resumed in 2023, driven by robust participation from Indian retail investors. This influx of capital has fueled a significant increase in IPO activity. According to Trendlyne data, 209 companies, including SMEs…

PhonePe, a leading digital payments platform, has launched a new feature, ‘Credit Line on UPI,’ allowing consumers to link pre-approved credit lines from their banks directly to UPI for seamless payments across millions of merchants. Announced on August 22, this feature follows the Reserve Bank of India’s (RBI) recent decision to expand UPI’s capabilities to include pre-approved credit lines, known as ‘Credit Line on UPI.’ This development enables consumers to access and use credit through UPI apps, offering greater flexibility in their payment options. PhonePe highlighted that customers and merchants using the PhonePe Payment Gateway (PG) will benefit from this…