COMPANIES & SECTORS


Satyendra Wankhade (Bar  and   Bench) 29 July 2024
The Bombay High Court on Monday imposed Rs4.5 crore costs on Patanjali Ayurved for violating an ad-interim order restraining the company from selling its camphor products. (Mangalam Organics Ltd v. Patanjali Ayurved Ltd and Ors)   Justice RI Chagla passed the order on an interim application...

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(I apologise in advance if the use of this old Biblical analogy hurts anyone’s feelings, but honestly, I cannot think of a more appropriate phrase.)   Privatisation of public sector units (PSUs) is the government’s stated policy.    Policies are usually contested and this one is no...

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Debayan Roy (Bar  and   Bench) 25 July 2024
A nine-judge Constitution Bench of the Supreme Court on Thursday held that royalty paid by mining operators to the Central government is not a tax and that States have the power to levy cesses on mining and mineral-use activities (Mineral Area Development Authority etc vs Steel Authority of...

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Bar  and   Bench 25 July 2024
The Supreme Court of the State of New York has dismissed an $8 billion lawsuit filed by the founder of NMC Health Dr BR Shetty and an affiliate firm, Neopharma LLC, against two banks including the Bank of Baroda, certain audit firms and others.   Shetty had accused these parties of having...

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Moneylife Digital Team 24 July 2024
While slapping a penalty of Rs1 crore on Care Health Insurance Ltd (CHIL), the insurance regulatory and development authority of India (IRDAI) has asked the subsidiary of Religare Enterprises Ltd to buy back within 30 days 7.57mn (million) shares allotted to Dr Rashmi Saluja, the non-executive...

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Kindred hearts and balak buddhi help easily share anything, including an ice cream cone!   As business families become bigger and kids grow up, generosity turns to greed and family disputes become common.   This column, in the past, has explained many such cases.    Yet another is...

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Moneylife Digital Team 19 July 2024
Infrastructure Leasing & Financial Services (IL&FS) has sought to recover Rs250 crore from its employee welfare trust (EWT) beneficiaries in a likely first-of-its-kind move on the orders of the ministry of corporate affairs (MCA), says a report.   According to the report from Times of India...

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From time to time, we hear overtures from Pakistan, echoed by sentimental idealists within India, about friendship between Pakistan and India. The narrative runs along these lines: - We are fundamentally the same people – same culture, same language, same food. Only selfish politics keeps us...

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Moneylife Digital Team 18 July 2024
A much-needed tariff hike and growing data consumption will lift the average revenue per user per month (ARPU) of Indian telecom companies (telcos) by about 25% in FY25-26 compared with FY23-24. That, along with moderation in capital expenditure (capex), on account of lower network investments...

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Bar  and   Bench 17 July 2024
The National Company Law Tribunal (NCLT) at Hyderabad has admitted an insolvency petition filed by ICICI Bank against GVK Power and Infrastructure.   A corum of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri passed the order on a petition filed under Section 7 of the...

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Nowhere else in the world do budgets—both of the Union and states—attract as much attention as in India, although everyone agrees that the Budget is, at best, an estimate of earnings and expenses. Either of the two can tilt the scales of fortune for the states. Capital formation, investment...

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Meera Emmanuel (Bar  and   Bench) 16 July 2024
The National Company Law Tribunal (NCLT) at Bengaluru on Tuesday admitted an insolvency plea filed by the Board of Control for Cricket in India (BCCI) against the parent company of ed-tech firm, Byju's over a Rs158 crore debt (BCCI v. Think & Learn Pvt Ltd).   A coram comprising Judicial...

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Satyendra Wankhade (Bar  and   Bench) 10 July 2024
The Bombay High Court on Monday directed Patanjali Ayurved to deposit Rs50 lakh for violating an ad-interim order restraining the company from selling its camphor products. (Mangalam Organics Ltd v. Patanjali Ayurved Ltd and Ors).   Justice RI Chagla observed that Patanjali had itself...

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Moneylife Digital Team 09 July 2024
The national financial reporting authority (NFRA) has imposed a Rs7 lakh penalty on two chartered accountants (CAs) and one audit firm while barring both the CAs and another audit firm for two years from taking any audit assignment due to gross negligence and lack of due diligence while...

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UltraTech Cement Ltd made a big splash just last week. Interestingly, the company came into being only two decades back, in July 2004.   Its origins, and the history that preceded its formation, may be of interest to readers who had not followed this development contemporaneously and, hence,...

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Moneylife Digital Team 05 July 2024
US-based Hindenburg Research has made public a show-cause notice (SCN) it received from Securities and Exchange Board of India (SEBI), calling the SCN "an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India." On 24...

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Connectivity is the buzzword today.   Every kind of connectivity is expanding – 5G phones, TV channels, highways, faster trains, more airports, satellite Wi-Fi (coming soon). Billions of rupees are being poured into connectivity.  No, I am not alleging that this is money being thrown away,...

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Moneylife Digital Team 05 July 2024
The directorate of enforcement (ED)'s Goa office has conducted search operations on three companies of the Chowgule group and seven residential premises of Chowgule family members, and the group chartered accountant (CA) and former managing director and chief financial officer (CFO) under the...

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Moneylife Digital Team 05 July 2024
Bharti Airtel Ltd (Airtel) has denied a data breach in its systems that allegedly led to a hacker publishing details of 375mn (million) subscribers of Airtel for sale on the dark web.   In a statement on X, Airtel says, "There has been a report alleging that Airtel customer data has been...

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Moneylife Digital Team 05 July 2024
Securities and Exchange Board of India (SEBI) has introduced significant changes to streamline the operations of credit rating agencies (CRAs) and ensure uniformity. These changes are part of the updated chapter III of the master circular for credit rating agencies, initially issued on 16 May...

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