In its order, the high court had said it had not gone into the merits of the LRs issued by a metropolitan magistrate but found that due procedure was not followed while issuing those.
The Official had further said that they suspect that some staff members received cash from students in lieu of pass marks in 11 subjects.
The food delivery platform’s valuation is now closer to rival Zomato as the latter was valued in July at about $7.7 billion.
Angel tax is imposed when an unlisted firm issues shares to an investor at a price higher than its fair market value (FMV).
The valuation estimate comes as talks related to the listing of Reliance Retail have gathered momentum.
Sources also said the company is in talks with two-three more shareholders and the actual amount of fundraising, valuation and investors will be confirmed in a few days.
The valuation of Infosys jumped Rs 28,862.38 crore to Rs 5,54,091.27 crore, and that of Reliance Industries zoomed Rs 23,984.28 crore to Rs 17,25,704.60 crore.
Mcap of 6 of top-10 most valued domestic firms erodes by Rs 1 lakh crore; Reliance takes biggest hit
The market valuation of Reliance Industries tumbled Rs 40,695.15 crore to Rs 17,01,720.32 crore.
Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank and State Bank of India faced erosion from their market valuations last week.
The remuneration, usually disbursed within 15 days after the camps conclude, has been delayed by over a month and a half with only 30% of the fund released.