SC stays hearings related to Covid-19 vaccines in Delhi and Bombay high courts | India News – Times of India

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NEW DELHI: The Supreme Court on Thursday stayed all the hearings related to Covid-19 vaccines in Delhi and Bombay high courts. The court transferred to itself a case on the coronavirus vaccine which was pending before the Delhi high court.
The apex court issued a notice to Serum Institute, Bharat Biotech on pleas for transfer of cases to top court.
A bench headed by Chief Justice S A Bobde took note of the pleas of the two firms that the high courts are conducting parallel proceedings on vaccine related issues and they need to be transferred to the top court for an authoritative judgement.
It also sought responses from the Centre and others on pleas of the Serum Institute and Bharat Biotech seeking transfer of the cases from the high courts to the apex court.
The vaccine manufacturing firms have said different high courts are seeking data on how many vaccines are produced and when they will give vaccines to all.
( With agency inputs)

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Poonawallas, ICICI Venture, others back Magma HDI – Times of India

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MUMBAI: The Poonawallas of the Serum Institute, together with ICICI Venture and Morgan Stanley PE Asia, have invested Rs 525 crore in Magma HDI General Insurance — part of the Magma Group, which was acquired by the vaccine maker last month.
“I see huge potential in the growth of Magma HDI, which is a young and fast-growing company. We are confident that it can reach its full potential in the next few years,” said Serum Institute CEO Adar Poonawalla. Magma HDI is a joint venture between Magma Group and German insurer HDI. The latest transaction involves the buyout of existing promoters for Rs 275 crore and an infusion of Rs 250-crore fresh equity in the company.
The Poonawallas have invested through group company Cyza Chem and two family offices who are new shareholders in the company. Until recently, Magma HDI’s shares were held by Magma Fincorp (32%), HDI (26%), 18% by Jaguar Advisory Services and by Sanjay Chamria — original promoter of Magma, through investment companies.
After the latest deal, Magma Fincorp will hold 24.2%, HDI 17.1%, ICICI Venture 16.7%, Jaguar Advisory 12%, Morgan Stanley PE nearly 10%, Serum Institute 8.2%, Cyza Chem 5.9% and another 5.9% by others, including family offices and employees.
A statement issued by Magma HDI said that the fresh infusion of Rs 250 crore will provide growth capital to meet the needs of the expanding distribution capabilities of the company. The secondary sale of Rs 275 crore enables Magma Fincorp and its group companies to comply with the RBI’s guidelines for ownership of a stake in insurance companies.
Magma HDI MD & CEO Rajive Kumaraswami said, “The growth capital which the investors bring on board will enable us to expand the business and explore new opportunities. The insurance sector is poised to see exponential growth, given the low penetration and the trigger of the pandemic, which has led people to look at insurance as protection.”

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