Introduction

Edition 47th 21-22
Week – February 28th to March 04th

Quote for the week:

"Make every detail perfect and limit the number of details to perfect.”

— Jack Dorsey, co-founder of Twitter.

We welcome you to our weekly newsletter!

The ‘Swift e-Bulletin’ - weekly newsletter, covers all regulatory updates and critical judgements passed during the week. We hope that you liked our previous editions and found it to be of great value in its content. We want this newsletter to be valuable for you so, please share your feedback and suggestions to help us improve.

Further, various regulatory authorities have been proactive in bringing significant regulatory changes in recent challenging times. This week’s newsletter covers various Circulars/notifications issued by certain regulatory authorities such as the Reserve Bank of India (“RBI”) and orders passed by the SEBI, and NCLAT.

The Regulatory authorities provided various updates/relaxations, some of which being:

1. RBI issues notification approving investment in Umbrella Organization (UO) by Primary (Urban) Co-operative Banks.

We have prepared a comprehensive summary for quick reference of the aforesaid update and Judgements / orders issued during the week of February 28, 2022 to March 03, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

RBI

1. RBI issues notification approving investment in Umbrella Organization (UO) by Primary (Urban) Co-operative Banks. JUDGEMENT/ORDERS

SEBI Orders

1. SEBI imposes penalty on employee of the Company on failure to make relevant disclosure under PIT Regulations

NCLAT

1. NCLAT Chennai Tribunal held that a suspended Board of Directors does not have the power under the IBC to replace a RP

HIGH COURT

1. Delhi High Court disposes of application filed by Maithri Aquatech under Order VII Rule 10 read with Section 151 of the Civil Procedure Code 1908

SUPREME COURT

1. Supreme Court concluded that Loop Telecom and Trading Limited was in equal fault The Department of Telecommunications (“DoT”) and the then officials of the Union Government