Introduction

Edition 5th 22-23

Week –May 2nd to May 6th

Quote for the week:

“I owe my success to having listened respectfully to the very best advice, and then going away and doing the exact opposite” 

   – G.K. Chesterton

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 Ministry of Corporate Affairs (“MCA”) and Securities and Exchange Board of India (“SEBI”) and orders passed by the SEBI, High Court and Supreme Court.

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

1. MCA issues notification amending Companies (Prospectus and allotment of securities) Rules
2. SEBI issues guidelines on System and Network Audit of Market Infrastructure Institutions (MIIs).

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of May 2nd to May 6th, 2022.

Thank you,

Swift team.

Table of Contents

REGULATORY UPDATES

MCA

1. MCA issues notification amending Companies (Prospectus and allotment of securities) Rules vide circular dated May 05th, 2022. 4
2. MCA issues clarification on the conduct of Annual General Meeting (AGM) and Extra Ordinary General Meeting (EOGM) through audio visual means. 4

SEBI

1. SEBI guidelines on System and Network Audit of Market Infrastructure Institutions (MIIs). 5
2. SEBI constitutes advisory committee on Environmental, Social and Governance (ESG) matters. 5

JUDGEMENTS AND ORDERS

SEBI Order

1. In the matter of Dishman Pharmaceutical and Chemicals Limited the violations alleged against Noticee was disposed of. 6

HIGH COURT

1. Delhi High allows petition filed by Sudhir Power Limited on being satisfied that all efforts were made to initiate pre-arbitration steps. 7

SUPREME COURT

1. Supreme Court finds no errors in the observations made by Delhi High Court in view of the Concession Agreement between Delhi Airport Metro Express and Delhi Metro Rail Corporation. 8