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Trilegal Advises JM Financial on Lloyds Metals and Energy’s INR 1,218 Crore QIP

Trilegal served as the legal advisor to JM Financial Ltd, the placement agent, for the INR 1,218 crore qualified institutions placement of equity shares of Lloyds Metals and Energy Ltd.

As of March 31, 2024, the company is one of the largest iron ore miners by volume in India and ranks among the top five merchant miners in the country (Source: CRISIL Report).

The Trilegal Capital Markets team was led by Partners Bhakta Patnaik and Albin George Thomas, and comprised attorneys Sowmya Khandelwal, Aditya Dsouza, Jahanvi J., Akanksha Goel, Divya Shah, and Mukund Bali.

Lloyds Metals and Energy Limited is an India-based company engaged in iron ore mining, sponge iron manufacturing, and power generation. It operates through three segments: Sponge Iron, Mining, and Power. The Sponge Iron segment focuses on the production and manufacturing of sponge iron. The Mining segment covers the extraction and production of iron ore, while the Power segment involves generating electricity.

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SAM and Khaitan & Co acted on Emcure Pharmaceuticals’ IPO Oversubscribed by 68.50 Times

SAM and Khaitan & Co acted on Emcure Pharmaceuticals’ IPO Oversubscribed by 68.50 Times

SAM advised Emcure Pharmaceuticals Limited, a leading Indian pharmaceutical company, for its recently concluded USD 234 million IPO

Khaitan & Co served as legal advisors to the Book Running Lead Managers—KOTAK MAHINDRA CAPITAL COMPANY LIMITED, Axis Capital Ltd., Jefferies India Private Limited, and J.P. Morgan India—in Emcure Pharmaceuticals Limited’s IPO

The IPO featured a fresh issue of equity shares amounting to INR 8,000 million and an offer for sale totaling INR 11,520.27 million.

Impressively, the IPO was oversubscribed by 68.50 times overall, with the QIB segment seeing an oversubscription of 190.88 times.

SAM’s team comprised Nikhil Naredi (Partner) with assistance from Priya Awasthi (Partner), Rakshita Poddar (Associate) and Manish Soni(Associate).

The KhaitanCo deal team comprised Chirayu Chandani, Aditya George Cheriyan, Tishita Mukherjee, Hrithik Khurana, Kaushlendra Singh Palawat, and Shreya Iyer.

Emcure Pharmaceuticals Limited, based in Pune, India, is a multinational pharmaceutical company with a diverse product portfolio. Their offerings include tablets, softgel and hard-gel capsules, and injectables. The company specializes in drugs for gynecology, cardiovascular health, oncology, blood therapeutics, HIV antivirals, other anti-infectives, as well as vitamins and minerals.

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Trump Survives Assassination Attempt at Campaign Rally, FBI Identifies Suspect

The Federal Bureau of Investigation (FBI) has identified Thomas Matthew Crooks as the suspect in the attempted assassination of former US President Donald Trump, according to a statement released today

Attack Details and Suspect’s Background

Crooks, 20, was killed by security personnel after allegedly opening fire at the 78-year-old Republican presidential candidate during a campaign rally in Butler, Pennsylvania. Trump sustained an ear injury in the attack. According to state voter records, Crooks was registered as a Republican.

“The FBI has identified Thomas Matthew Crooks, 20, of Bethel Park, Pennsylvania, as the individual involved in the assassination attempt on former President Donald Trump on July 13, in Butler, Pennsylvania,” read the FBI statement, as reported by NBC and CBS.

Investigation and Motive

Earlier, law enforcement officials had indicated that they had tentatively identified the suspect but were not yet ready to release his name publicly. The motive for the attack remains unclear. The FBI, leading the federal investigation, is treating the incident as an “assassination attempt” against the former president.

Incident Impact and Immediate Response

Trump was struck in the ear during the shocking incident, which resulted in the death of a bystander and left two others critically injured. Secret Service agents swiftly escorted Trump off the stage, with visible blood on his face. The gunfire erupted just as Trump began speaking at his final rally before the Republican National Convention, with thousands of his supporters in attendance. The incident was broadcast live on various news channels.

Trump’s Account of the Attack

In his first detailed account of the attack, Trump stated, “I was shot with a bullet that pierced the upper part of my right ear.” He shared on his Truth Social site, “I immediately heard a whizzing sound and felt the bullet tearing through the skin. There was significant bleeding, and I quickly realized what was happening.” He expressed gratitude to the Secret Service and law enforcement for their “rapid response.” “It is incredible that such an act can take place in our country,” Trump remarked.

Upcoming Election and Security Concerns

The incident occurred less than four months before the November 5 US presidential election, in which Trump is slated to face Democratic President Joe Biden in a rematch.

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Rohit Arya Joins BJP : Former Madhya Pradesh High Court Judge Justice

Former Madhya Pradesh High Court Judge Justice Rohit Arya Joins BJP

Almost three months after his retirement, former Madhya Pradesh High Court judge Justice Rohit Arya joined the Bharatiya Janata Party (BJP) on Saturday. He received his BJP membership from BJP Madhya Pradesh Chief Dr. Raghavendra Sharma at a program held at the BJP State Office in Bhopal.

Career and Background

Born in 1962, Justice Arya enrolled as an advocate in 1984. He was designated as a senior advocate by the Madhya Pradesh High Court in 2003. His major practice areas included civil law, commercial law, arbitration, administrative law, service law, labor law, and tax law. He also represented prominent bodies such as the Central Government, State Bank of India, Telecom Department, BSNL, Employees State Insurance Corporation, and the Income Tax Department.

Justice Arya was elevated to the position of Judge of the High Court in 2013 and was sworn in as a permanent Judge in 2015. He retired on April 27, 2024.

Notable Judgments

In 2021, Justice Arya denied bail to comedian Munawar Faruqui and Nalin Yadav, who were accused of hurting religious sentiments. In his order, Justice Arya emphasized the constitutional duty of every citizen and the State to promote harmony and the spirit of common brotherhood, irrespective of religious, linguistic, sectional, and regional diversities, as stipulated under Article 51A(e) and (f) of the Constitution. “The State must endeavor to ensure that this ecosystem and sustenance of coexistence in our welfare society is not polluted by negative forces,” he had said. The Supreme Court later granted bail to Faruqui, setting aside the High Court’s order.

In 2020, Justice Arya faced criticism for granting bail to a man accused of outraging the modesty of a woman, with the condition that he present himself before the complainant on Raksha Bandhan day. He was to request the complainant to tie a Rakhi on his wrist and make a promise to protect her. This direction was subsequently set aside by the Supreme Court, which strongly criticized the bail conditions and issued a series of directions for lower courts to follow in cases related to crimes against women.

Justice Arya’s decision to join the BJP marks a significant move in his post-judicial career, aligning him with the political landscape of Madhya Pradesh.

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Jammu & Kashmir Police Detains Senior Advocate NA Ronga at Midnight

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Family claims that NA Ronga has been detained under the Jammu and Kashmir Public Safety Act

The Jammu and Kashmir Police detained Senior Advocate Nazir Ahmed Ronga at his residence in Srinagar early Thursday morning.

His son, Umair Ronga, informed Bar & Bench that a police team arrived at their home at around 1:10 AM to arrest his father. When asked for the reason behind the senior lawyer’s arrest, the police responded with “uper se order hai” (the order has come from higher-ups).

The arrival of the police team and Ronga’s detention were captured on CCTV footage. Umair Ronga shared the footage on Twitter, expressing concern over the arrest without an arrest warrant.

“My father, Adv. N.A. Ronga, the Chairman of the J&K High Court Bar Association, has just been arrested in a deeply disturbing turn of events. At 1:10 am, a contingent of J&K Police arrived at our home without any arrest warrant, merely stating, ‘It’s an order from above’ (‘uper…),” he tweeted.

The family claims that Ronga has been detained under the Jammu and Kashmir Public Safety Act, although there has been no official confirmation or statement from the police. Reliable sources indicate that Ronga has been moved to Kot Bhalwal Jail in Jammu.

Attempts to contact the office of Senior Superintendent of Police, Srinagar Ashish Mishra for details about Ronga’s arrest or detention were unsuccessful.

Ronga, who serves as Chairman of the High Court Bar Association Srinagar, has previously served as President of the Association multiple times. In 2023, he was one of several leaders detained under the J&K Public Safety Act a day before the abrogation of Article 370 of the Constitution, to prevent protests against the move.

Last month, former President and Senior Advocate Mian Qayoom was arrested and remanded to 15 days judicial custody in connection with the murder of Advocate Babar Qadri.

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Punjab and Haryana High Court Directs NLU Sonipat VC, Registrar to Pay ₹1 Lakh for “Illegal Action”

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Punjab and Haryana High Court Finds Repatriation of Deputy Registrar Illegal and In Violation of University Act

The Punjab and Haryana High Court recently imposed a cost of ₹1 lakh on the Vice Chancellor (VC) and Registrar of Dr. BR Ambedkar National Law University, Sonipat, for unlawfully repatriating the varsity’s Deputy Registrar to the Directorate of Secondary Education [Dr. Veena Singh v. Dr. BR Ambedkar National Law University, Sonepat and Ors].

Justice Tribhuvan Dahiya deemed the decision illegal and in violation of the Dr. BR Ambedkar National Law University, Haryana Act.

“The petitioner has been forced to file this petition due to illegal action taken by the Registrar with the Vice Chancellor’s approval in complete derogation of the University Act, which they are bound to protect and uphold. Accordingly, she is held entitled to costs of the litigation which are quantified as ₹1,00,000 (one lakh only),” the Court ordered.

The Court directed the VC and Registrar to pay the costs out of their own pockets, ₹50,000 each, within two weeks.

Dr. Veena Singh, appointed as a Principal of a Government Senior Secondary School in 2008, applied for the post of Deputy Registrar on deputation at the National Law University (NLU) in 2020. Her request was accepted due to her qualifications, work experience, and the official work’s urgency, leading to her absorption as Deputy Registrar after approval from the Executive Council (EC).

However, in March this year, the Registrar repatriated Singh to her parent department, the Directorate of School Education in Panchkula. She challenged this decision before the High Court.

The Court observed that once the EC decided to absorb Singh as the Deputy Registrar on a sanctioned post, she became a permanent employee of the varsity.

“The EC Resolution to that effect was never modified or recalled at any stage. Accordingly, there was no occasion for the Registrar to treat the petitioner on deputation, and repatriate her to the parent Department,” it added.

The Court found that the Registrar’s official note asking for Singh’s repatriation was approved by the VC the same day, and the repatriation order was issued the next day.

“The aforesaid facts establish that the affairs of the University have been run in violation of the statutory provisions. The EC is the Chief Executive Authority under the University Act. The Vice-Chancellor and other officers have been enjoined powers to ensure due observance of statutory provisions, as also decisions taken by the authorities. However, in passing the impugned order of repatriation, dated 01.03.2024, the Vice-Chancellor and the Registrar have arbitrarily treated the petitioner as a deputationist and ignored the decision taken by the highest executive authority approving her absorption in University service, vide Resolution dated 10.09.2022.”

The Court also noted that the Registrar claimed he acted on the VC’s directives but refused to delve into the statement’s veracity.

“Without going into the veracity of the statement made by the Registrar to the extent he attributes the recording of noting for petitioner’s repatriation to the dictates of the Vice-Chancellor, it is apparent from notings on the file that these senior-most officers, instead of exercising the administrative powers to ensure compliance of the decision taken by the EC, have acted in derogation thereof in repatriating the petitioner to the parent Department.”

The Court further criticized the “sham explanation” that the NOC issued by Singh’s parent department could not be placed before the EC due to lack of quorum and that the decision on Singh’s repatriation had to be taken in an emergency.

“The NOC was sent by the Directorate on the Vice-Chancellor’s request, vide letter dated 06.03.2023, based upon the EC approval to petitioner’s absorption as Deputy Registrar against a sanctioned post with effect from 02.03.2021, vide Resolution, dated 10.09.2022. The NOC, therefore, cannot have the effect of undoing the petitioner’s absorption in service, since it was sought only as a consequence thereof,” it said.

The Court ruled that the Registrar was not the competent authority to pass any order on Singh’s repatriation, as she had been absorbed in service pursuant to the EC Resolution.

“Under Section 18(6)(g) of the Act, only the Vice Chancellor has the emergency power to take a decision, which is meant to be taken by the EC, in anticipation of its approval; and such decision is to be placed before the authority in its next meeting. The impugned order was, however, passed by the Registrar by usurping the power vested in the EC, admittedly, with the approval of the Vice Chancellor,” the Court said.

The Court set aside the Registrar’s order and directed NLU Sonipat to allow Singh to join the service immediately upon being relieved from the Directorate of Secondary Education.

Senior Advocate RK Malik and Advocate Anshul Labana represented the petitioner Dr. Veena Singh. Advocate Rajesh K Sheoran represented Dr. BR Ambedkar National Law University, and Additional Advocate General Ravinder Singh Budhwar represented the State.

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Supreme Court Judges Raise Alarm on Climate Change; Advocate for Establishment of Climate Commission

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Supreme Court Judges Highlight Urgent Climate Change Issues

At a recent event, four Supreme Court judges, including three future Chief Justices of India, voiced their concerns about climate change and suggested proactive measures to address the crisis. Justices Surya Kant, PS Narasimha, Sanjay Karol, and KV Viswanathan emphasized the urgent need to tackle climate issues during the launch of the book “Climate Change: The Policy, Law and Practice” by advocate Jatinder Cheema.

Justice PS Narasimha bluntly stated that “unless and until people change internally, there would be no use of law and people would be only filing petitions at the NGT.”

Call for a Climate Commission

Justice KV Viswanathan highlighted the need for a dedicated climate commission in India, akin to the NITI Aayog, to address climate change from multiple angles. He stressed that simply focusing on carbon emissions reduction may not be sufficient for a developing country like India. He pointed to scientific reports indicating that the years 2011 to 2024 have been the warmest in the last 100,000 years, underscoring the existential threat posed by climate change. He referenced the Supreme Court’s Ranjeet Singh judgment, which affirmed citizens’ rights to protect themselves from the adverse effects of climate change.

Environmental Violations by Developed Countries

Justice Surya Kant criticized developed countries for exporting plastic waste to developing nations and pointed out that their environmental violations often go unnoticed. He commended India and other developing countries for taking steps to prevent ecological damage and reduce carbon emissions. He expressed hope that the Indian legislature would take significant measures to combat climate change.

Impact on Agriculture and Water Resources

Justice Sanjay Karol noted the detrimental effects of overusing fertilizers and excessive groundwater irrigation on climate change and agriculture. He remarked on the ongoing efforts to clean the Ganges and the challenges that remain.

Internal Change and Legal Action

Justice PS Narasimha reiterated the importance of internal change among people, stating that without it, legal measures would be ineffective, and the National Green Tribunal would be overwhelmed with petitions. He highlighted the severe consequences of climate change, including extreme temperatures, contamination of drinking water, and rising sea levels, which impact human, plant, and animal life.

About the Book

Author Jatinder Cheema explained that his book goes beyond environmental laws, compiling national and international legal frameworks related to climate change, adaptation, resilience, and mitigation. It aims to be a valuable resource for policymakers, activists, legal scholars, and practitioners. The book’s foreword was written by Justice Dalveer Bhandari, a judge at the International Court of Justice in The Hague.

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Israeli Strike Targets Hamas Leader Mohammed Deif in Gaza

The Israeli military confirmed that Mohammed Deif, the head of Hamas’ military wing, was the target of a strike on Saturday in Khan Younis, southern Gaza, which resulted in at least 71 deaths and 289 injuries

An Israeli official, speaking anonymously pending a formal announcement, indicated that Rafa Salama, another senior Hamas official, was also targeted in the strike, according to an AP report.

Mohammed Deif, widely regarded as the mastermind behind the October 7 attack in southern Israel that sparked the Israel-Hamas war, has long been at the top of Israel’s most-wanted list and has survived several assassination attempts by Israeli forces.

Following the strike, Israeli Prime Minister Benjamin Netanyahu’s office announced that he would be holding security consultations throughout the day.

The Gaza Health Ministry reported that many of the injured and deceased were transported to Nasser Hospital in the vicinity.

Earlier, Israeli Army Radio stated that it was unclear whether Mohammed Deif had been killed in the strike.

Israel’s military campaign in Gaza was launched in response to the October 7 Hamas attack, during which militants killed approximately 1,200 people, mostly civilians, and abducted around 250 individuals.

Since the onset of Israel’s operations in Gaza, over 38,300 people have been killed and more than 88,000 injured, according to the Gaza Health Ministry.

(With inputs from agencies)

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Zomato’s Share price Shares Reach New High of ₹221.31 Amid Bullish UBS Rating

The rise in Zomato’s share price follows a bullish outlook from global brokerage firm UBS, which has maintained its “buy” rating for the food delivery giant and raised the target price to ₹260 from ₹250

This new target suggests an upside of approximately 20% from the stock’s previous closing price of ₹217.14.

In June, industry volumes grew by about 1% month-on-month when adjusted for the number of days. Analysts noted a competitive push-and-pull dynamic between Zomato and Swiggy during Q1FY25. UBS estimates Zomato’s gross merchandise value (GMV) to have grown around 9% quarter-on-quarter for Q1FY25.

Last month, Zomato confirmed ongoing discussions with Paytm about a potential deal, though no binding decisions have been made yet. The acquisition talks are intended to strengthen Zomato’s “going-out” business, aligning with its strategic focus on four key areas.

Price Action: As of early trading on Friday, Zomato’s share price had risen by 0.90%, trading at ₹219.10.

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Anant Ambani and Radhika Merchant’s ₹5,000 Crore Wedding: A Showcase of Extravagance

In one of the most extravagant events the country has seen in recent times, the highly anticipated wedding of Anant Ambani and Radhika Merchant has commenced after several months of festivities

Reports suggest that Mukesh Ambani has spent a staggering ₹5,000 crore on the celebration, causing a flurry of reactions on social media over its opulence.

While many were captivated by the lavishness of the Ambani wedding, some criticized India’s wealthiest family for the excessive expenditure.

The wedding drew some of the world’s wealthiest and most famous individuals, including Microsoft co-founder Bill Gates, Meta Platforms co-founder Mark Zuckerberg, former U.K. Prime Minister Tony Blair, and U.S. Ambassador to India Eric Garcetti, among others.

In addition to Bollywood celebrities, Hollywood stars and music icons also attended the event. Notable attendees included Nick Jonas and Priyanka Chopra Jonas, Rihanna, Justin Bieber, Drake, and John Cena.

The extravagant event, reportedly costing ₹5,000 crore, amounts to just 0.5% of Mukesh Ambani’s net worth, making the expense relatively insignificant for India’s richest person.

The Scale of the Ambani Wedding Expenditure

Hosting 10 Oscars

Hosting 10 Oscars
Credit: Needpix

The cost of hosting an Oscars ceremony is estimated at $57 million. With ₹5,000 crore, Ambani could host 10 Oscars and still have funds left over.

Three Boeing 787 Dreamliners

Three Boeing 787 Dreamliners
Credit: Wikimedia

A Boeing 787-8 Dreamliner costs around $212 million. At current exchange rates, ₹5,000 crore equates to approximately $600 million, enough to buy three Boeing 787-8 Dreamliners with some extra expenditure.

Acquiring a Cement Manufacturer

Acquiring a Cement Manufacturer
Credit: Sanghi Industries

Sanghi Industries, a cement manufacturer, was acquired by the Adani Group for an enterprise value of ₹5,000 crore. The amount spent on the Anant-Radhika wedding could have funded a similar acquisition.

Six Months of Cosmetic Purchases by Indians

Six Months of Cosmetic Purchases by Indians
Credit: Needpix

According to Kantar Worldpanel, Indians spent around ₹5,000 crore on cosmetics over six months in 2023. The wedding’s cost could have covered this expenditure entirely.

Funding India AI Mission to Buy Nvidia GPUs

Funding India AI Mission to Buy Nvidia GPUs
Credit: Nvidia

The Indian government plans to spend at least ₹5,000 crore under the India AI Mission to purchase Nvidia GPUs, aimed at providing subsidized computing power to startups in the country.

These comparisons put into perspective the scale of the wedding’s expenditure and its relative impact on various sectors.

With inputs from Agency

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