Author: Eqwires

Zomato Ltd has officially received shareholder approval to change its corporate name to Eternal Ltd, marking a significant step in the company’s bid to diversify its quick commerce operations. The food-tech giant confirmed the decision in a filing with the stock exchanges. 

However, the change only applies to the corporate entity and not to the Zomato brand or app. The company reassured users that its food delivery service would continue under the same well-known name. 

Shareholders approve name change and document modifications

In addition to the name change, shareholders also approved amendments to Zomato’s Memorandum of Association (MoA) and Articles of Association (AoA). These legal documents will now reflect the new corporate identity.

The approval came through a postal ballot, as stated in the company’s official communication dated February 6 and February 7. The scrutiniser’s report detailing the voting outcome was published on March 9. 

A strategic shift for the company

This rebranding move also aligns with Zomato’s long-term vision as it expands beyond food delivery. Over the years, the company has diversified into various ventures, including Blinkit, Hyperpure, and District, reinforcing its broader tech-driven ambitions.

On February 6, Zomato’s board of directors approved the corporate name change, pending regulatory approvals. This marks a new phase of growth as the company strengthens its position across multiple sectors.

New corporate website and stock ticker

As part of this transition, Zomato will update its corporate website from zomato.com to eternal.com. Additionally, its stock ticker will change from ZOMATO to ETERNAL, aligning with the company’s evolving brand identity. 

CEO Deepinder Goyal explains the move

Zomato’s CEO, Deepinder Goyal, provided insights into the name change in a letter to shareholders. He revealed that after acquiring Blinkit, the company internally started using “Eternal” to distinguish between the corporate entity and the Blinkit brand. 

“The complete criteria for who qualifies for access will be determined at a later stage,” Goyal stated, emphasising that this strategic move reflects the company’s expanding ambitions.

What’s next for Zomato (now Eternal Ltd)?

The rebranding is expected to strengthen Zomato’s market presence and signal its commitment to long-term growth. With a focus on innovation and diversification, the company aims to maintain its leadership in the competitive food-tech and e-commerce ecosystem. 

While the name on legal documents changes, Zomato’s app, service, and brand identity remain unchanged, ensuring a seamless experience for users and partners. Zomato shares were down 1.18 per cent at Rs 214.25 apiece at 11:40 am on Monday, March 10. The stock has declined 22.01 per cent, so far, in calendar year 2025.

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Shares of Gensol Engineering continued their downward trajectory for the eighth consecutive session on Friday, March 7, as the stock plunged by 9.6%, hitting a low of Rs 303 on the BSE. The decline followed the company’s announcement that its Chief Financial Officer (CFO), Ankit Jain, had resigned to “pursue other opportunities.” In an exchange filing, Gensol Engineering confirmed that Jain’s resignation was effective as of March 6, 2025, and expressed its gratitude for his contributions during his tenure.

The company also announced the appointment of Jabirmahendi Mohammedraza Aga as the new CFO. Aga, who has been with the Gensol Group, brings significant experience in corporate finance, risk management, investor relations, and financial reporting, with a proven track record of enhancing profitability and shareholder value.

Jain cited personal reasons and his pursuit of other professional avenues as the reason for his resignation from the post of CFO.

The drop in Gensol Engineering’s share price continued a losing streak that has persisted over the past seven trading sessions. Just a day earlier, on Thursday, the stock had fallen by 10%, hitting its lower circuit limit at Rs 335.35. This slide in stock price came after the company’s credit ratings were downgraded by both ICRA and CARE Ratings.

ICRA downgraded the credit ratings on various loan facilities totaling Rs 2,050 crore, including a long-term fund-based term loan of Rs 925 crore and a fund-based cash credit facility of Rs 718.5 crore, both of which were downgraded from [ICRA]BBB- (Stable) to [ICRA]D. Additionally, long-term and short-term bank guarantee facilities worth Rs 406.5 crore and a sub-limit bank guarantee of Rs 51.3 crore were also downgraded to [ICRA]D.

Similarly, CARE Ratings downgraded the credit ratings for bank facilities totaling Rs 716 crore to CARE D, signaling default or high credit risk. The long-term bank facilities of Rs 639.7 crore were downgraded from CARE BB+ (Stable) to CARE D, while the long-term/short-term bank facilities of Rs 76.3 crore were downgraded from CARE BB+ (Stable)/CARE A4+ to CARE D.

Gensol Engineering’s shares have experienced a dramatic 73% decline over the past nine months, plunging from Rs 1,126 to Rs 303.

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The Supreme Court on Friday put a stay on a recent Bombay High Court order that had barred a Pune-based restaurant from using the name ‘Burger King’, according to a report by Bar and Bench. 

With this stay, the Pune eatery can continue to operate under the disputed name until the High Court issues a final decision.   

A SC bench comprising Justices BV Nagarathna and Satish Chandra Sharma said, “The impugned order shall remain stayed. However, the Bombay High Court can continue to hear the appeal.” 

Earlier, the Bombay High Court overturned a Pune court’s decision, which had dismissed a trademark infringement lawsuit filed by the US-based fast-food giant Burger King Corporation against the local restaurant operating under the same name.  

‘Burger King’ case details

The legal dispute centres around Burger King Corporation, which officially entered the Indian market in 2014, and the Pune-based restaurant, which has been using the ‘Burger King’ name since 2008. The multinational chain argued that the local restaurant’s use of the name was detrimental to its brand reputation and sought a permanent injunction to prevent it from continuing under the same trademark.  

In July 2024, a Pune court ruled in favour of the local establishment, citing its earlier use of the name. The court observed that the Pune eatery had been in operation since the early 1990s, whereas Burger King Corporation registered its trademark for restaurant services in India only in 2006. Declaring the Pune restaurant a “prior and honest user” of the name, the court dismissed the US company’s claims.  

Challenging this verdict, Burger King moved the Bombay High Court, asserting that it had registered the trademark in India as early as 1979, despite launching its operations much later. Meanwhile, the local restaurant’s legal team maintained that it had been using the name since 1992, predating the US chain’s entry into the Indian market.   

Represented by senior advocates Abhishek Manu Singhvi and K Parameshwar, along with advocates Abhijit Sarwate and Anand Dilip Landge, the Pune eatery argued that it had been using the mark long before the US company entered India. They also accused the corporation of ‘squatting’ on the trademark, pointing out that Burger King had initially applied for registration only in relation to paper products, not restaurant services.  

HC’s order stayed amid legal battle

Additionally, they contended that an interim stay against a trial court’s decree could have significant repercussions, as the appeal process could take a considerable amount of time.   

On the other hand, advocate Aditya Verma, representing the US corporation, asserted that the appeal in the Bombay High Court was progressing swiftly, leaving no justification for staying the High Court’s order. He argued that allowing another restaurant to operate under the Burger King name would confuse consumers.   

The apex court, however, granted relief to the Pune-based restaurant, noting that it only operated two outlets in the city, whereas Burger King is a global brand with numerous locations. The court also acknowledged that an interim stay on the trial court’s ruling could negatively impact the affected party. Consequently, it stayed the High Court’s order. 

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JSW Steel Managing Director Sajjan Jindal claimed that Tesla boss Elon Musk will not be able to compete with Indian automakers. He dismissed the expectations of Musk disrupting the Indian market.

“Elon Musk is not here. He is in the US….we Indians are here. He cannot produce what Mahindra can do, what Tata can do—it’s not possible,” Jindal stated at the EY Entrepreneur of the Year awards programme.

He also appreciated Musk’s achievements and credited US President Donald Trump as well.

“He (Musk) can do under Trump’s shadow, in the US. He’s super smart, no question about it. He’s a maverick, doing spacecraft and all that. He’s done amazing work, so I don’t want to take anything from him. But to be successful in India is not an easy job,” Jindal said.

Social media users reacted

Following Jindal’s claim, several social media users have reacted to his statement. Most users have criticised his claim.

One of the users commented, “Good entertainment. How much these companies invest in R&D? One company I see still makes the three wheeler since my childhood day and I am already a confirmed social media until!”

Social media users reacted

Following Jindal’s claim, several social media users have reacted to his statement. Most users have criticised his claim.

One of the users commented, “Good entertainment. How much these companies invest in R&D? One company I see still makes the three wheeler since my childhood day and I am already a confirmed social media until!”

“Decade back, the same doubts were cast on @elonmusk by US industrialists, automakers, and even NASA—and all were proven wrong. You can’t defeat someone who relentlessly pursues their goals despite setbacks. Think twice before forming conclusions,” added another.

“He is right; Babus will not tolerate Musk’s tantrums,” one of the users commented.

“This guy will be proven wrong. That ego will be shattered. Wait and watch,” added one of the users.

Another concerned user, “Happy to hear this take. If we have better cars, why aren’t we able to sell them around the world like Tesla, BYD, Toyota? You can deny the facts and get claps. We should be ready to tackle Tesla in India.”

Some users also echoed Jindal’s sentiment.

One of the users said, “Tesla is exorbitantly expensive. He will be in competition with a different league. Mass Market will be different. A healthy competition will push up our capabilities also. Definitely, we support TATA and Mahindra. Tesla will be only a small market.”

“He could be right. If you think why, then just look into the past. Why General Motors, Ford closed their business in India. For car market Indian are more aligned with Asian cars like Japan or South Koria but not America or Europe (sic),” added one of the users.

Tesla in India

Jindal’s statement comes after Tesla signed a lease agreement for a showroom in Mumbai, according to a report by Reuters. The carmaker has secured a five-year lease starting from February 16, 2025. Tesla has also identified showroom locations in New Delhi and Mumbai. The development comes after Elon Musk met Prime Minister Narendra Modi in the United States last year.

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Tuhin Kanta Pandey, the new chairman of the Securities Exchange Board of India (SEBI) has emphasised the need for transparency regarding conflicts of interest within SEBI’s board.

On Friday, March 7, speaking at Moneycontrol Global Wealth Summit 2025, Pandey announced that the regulator will soon introduce a plan to disclose any conflicts of interest within SEBI’s board to the public.

This would be in line with maintaining trust and transparency, which Pandey said is crucial to the stability and credibility of India’s capital markets.

While speaking at his first exclusive media address after becoming SEBI Chief, he acknowledged that a well-regulated market instills confidence among investors, which is vital for continued growth.

His remarks come at a significant time, as his predecessor, Madhabi Puri Buch, has been under legal scrutiny.

The Bombay High Court recently granted relief to Buch, SEBI Whole-Time Member Ashwani Bhatia, and BSE Chairman Pramod Agarwal, staying an Anti-Corruption Branch (ACB) Court order that had directed the registration of an FIR against them.

The court noted that the ACB’s order was passed “mechanically, without going into details” and failed to attribute specific roles to the individuals involved.

This case stems from a complaint filed by journalist Sapan Srivastava. He alleged that BSE listed Cals Refineries in 1994 without ensuring compliance with SEBI’s listing regulations. The complaint claimed SEBI failed to act against BSE and Cals Refineries, leading to investor losses.

Engagement with Foreign Investors

Meanwhile, Pandey also addressed the role of Foreign Portfolio Investors (FPIs) in India’s financial landscape.

In his remarks, Pandey has assured that the regulator would strive for greater engagement with Foreign Portfolio Investors (FPIs) and Alternative Investment Funds (AIFs) to address their concerns.

While acknowledging that FPIs can be impacted by global events, he pointed out the role of domestic institutional investors in ensuring market stability.

He noted that these investors have filled the gap left by FPIs during times of uncertainty, and emphasised the need for both domestic and foreign capital to support sustainable growth.

SEBI, he said, is committed to engaging with FPIs to ease operations and ensure that foreign investment continues to play a significant role in India’s capital markets.

He further said that reforms do not need to be “big bang.”

He stressed that bold reforms could be achieved through both large and small steps, with SEBI focusing on the right mix to meet its objectives.

Pandey also highlighted that SEBI’s efforts over the last decade have been instrumental in helping Indian companies raise significant funds through the capital markets, averaging ₹2.3 trillion annually. He pointed to the increasing participation of domestic investors, particularly through mutual funds, which have seen investments grow by 2.5 times.

He stressed that SEBI would continue to focus on the four key pillars: Trust, Transparency, Teamwork, and Technology, as it works toward creating a more efficient and inclusive market, with a long-term vision for India’s growth.

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