Introduction

Edition 17th 22-23

Week – June 25th to July 29th

Quote for the week:

“A business starts small”

– Richard Branson.

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”), Securities Board of India (“SEBI”), Reserve Bank of India (“RBI”) and orders passed by the MCA, NCLAT, High Court and Supreme Court.

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

1. MCA vide circular dated July 26, 2022 issued a clarification on spending CSR funds on Har Ghar Tiranga Campaign.
2. SEBI vide circular dated July 27, 2022 issued further extension for certain clauses of amendment the Know Your Client (KYC) Registration Agency Regulations, 2011.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of July 25 to July 29, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA

1. MCA vide Circular dated July 26, 2022 issued a clarification on spending CSR funds on Har Ghar Tiranga Campaign
2. MCA publishes the CBDT notification dated July 26,2022 on the process of PAN application and allotment for Limited Liability Partnerships (LLPs)

SEBI

1. SEBI vide press release dated July 25, 2022 informs the signing of the MoU with Financial Regulatory Commission, Mongolia (FRC)
2. SEBI vide circular dated July 27, 2022 issued further extension amending certain clauses of the Know Your Client (KYC) Registration Agency Regulations, 2011
3. SEBI vide circular dated July 27, 2022 modified the previous circular issued by it w.r.t. Settlement of Running Accounts of Clients Funds
4. SEBI issued an operational circular on the Non-Convertible Securities, Securitized Debt Instruments and/ or Commercial Paper with respect to the SEBI (LODR) Regulations, 2015

RBI

1. RBI vide circular dated July 28, 2022 reviewed the timeline for submission of application to seek authorization under the Payment and Settlement Systems Act, 2007

JUDGEMENTS AND ORDERS

MCA

1. In the case of M/S Landomus Realty Private Limited MCA imposed on for the use of the designation CEO without being in compliance with the Section 203 of the Companies Act, 2013 (“the Act”)

NCLAT

1. NCLAT disposed the appeal on grounds that resolution should be submitted within the timeline prescribed in IBC, 2016

HIGH COURT

1. Unicon Engineers files petition seeking execution of an order passed by the Micro & Small Enterprises Facilitation Council, Coimbatore Region

SUPREME COURT

1. To avoid further delay in arbitration, Supreme Court appoints a Sole Arbitrator to adjudicate the dispute between the parties in connection to a contract/agreement