Introduction

Edition 18th 22-23

Week – August 1th to August 5th

Quote for the week:

“The only way to do great work is to love what you do”

– Steve Jobs.           

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”), Securities Board of India (“SEBI”) and orders passed by the SEBI and IBBI.

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

1. RBI issues notification on Liberalization of External Commercial Borrowings (ECB) Policy dated August 01, 2022.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of August 01 to August 05, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

RBI

1. RBI issued notification on Liberalization of External Commercial Borrowings (ECB) Policy dated August 01, 2022

SEBI

1. SEBI vide circular dated August 04, 2022 issued guidelines for the debenture trustees and the listed issuer companies on security creation and initial due diligence

JUDGEMENTS AND ORDERS

SEBI

1. In the matter of Ejecta Marketing Limited the SEBI imposed total of INR 16,00,000/- on Noticees for violation of provisions of SEBI Act, 1992 regulations

IBBI

1. In the case of Asset Reconstruction Company (India) Limited Vs. Tulip Star Hotels Limited & Ors. [Civil Appeal Nos. 84-85 of 2020] supreme court observed that NCLAT has erred the law in holding that the books of account of a company could not be treated as acknowledgement of liability in respect of debt payable to a Financial Creditor (FC)