Introduction
Edition 11/20-21
Week – September 28th to October 2nd
Quote for the week:
“If you fail, never give up because FAIL means "First Attempt in Learning.”
- Dr. APJ Abdul Kalam.
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.
In the wake of COVID-19, we all are witnessing many relaxations, exemptions and amendments to the various legislations by regulatory authorities to ease out the operations during this time of crisis.
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 as mentioned below:
- Ministry of Corporate Affairs (“MCA”) circulars on the following
- Extension of Companies Fresh Start Scheme up to December 31, 2020
- Extension of LLP Settlement Scheme up to December 31, 2020
- Relaxation of time for form filing related to creation and modification of charges
- Clarifications regarding passing of ordinary and special resolutions under the Companies Act, 2013
- Clarifications under Section 73(2) of the Companies Act, 2013 and Rule 18 of the Companies (Share Capital and Debenture Rules), 2014
- Relaxations for filings under section 124 and 125 of the Companies Act, 2013
- Amendments to Companies (Appointment and Qualifications of Directors Rules), 2014
- Amendments to Companies (Meetings of Board and its Powers Rules), 2014
- Securities and Exchange Board of India (“SEBI”) circulars on the following:
- Operating Guidelines for Investment Advisors
- Recovery of assets and funds from a defaulting member
- Guidelines for Preferential Issue and Institutional Placement of units by Real Estate Investment Trusts
- Guidelines for Preferential Issue and Institutional Placement of units by Infrastructure Investment Trusts
- Validity of SEBI observations and revision in issue size
- Framework for monitoring Foreign Holding in Depository Receipts
- Relaxation of timelines with respect to compliance with regulatory requirements
- Provisions regarding valuation of Debt and Money Market Instruments
- Standard Operating Procedures for all trading members/Clearing members for submission of the Undertaking cum Indemnity bond
and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”), the National Company Law Appellate Tribunal (“NCLAT”), SEBI, Supreme Court and High Court.
- National Company Law Tribunal (NCLT)
- NCLT Mumbai bench admits the claim of operational creditor against Great Unison Contracts India Private Limited
- NCLT Kochi bench allowed the petition of impleading the auditor in the case of oppression and mismanagement against M/s. Dhanam Publications Private Limited.
- National Company Law Appellate Tribunal (NCLAT)
- NCLAT dismiss the Condonation of Delay of 338 Days.
- Securities Exchange Board of India (SEBI)
- Adjudication Order in the matter of National Stock Exchange of India Limited
- Adjudication Order in Respect of Devendra Gupta in the matter of NIIT Technologies Limited
- High Court
- Appeals filed challenging the judgement and award passed by the Principal District Judge and Motor Accident Claims Tribunal, stands dismissed.
- Civil Appeal was allowed directing the Insurance Company to pay amount as per the Insurance Policy with Clause on ‘Personal Insurance Cover
- High Court sets aside Director’s disqualification & ordered reactivation of Director Identification Number (“DIN”) and Digital Signature Certificate (“DSC”)
- Supreme Court
- Financier directed to pay composite sum to the Complainant towards damages for ‘deficiency’ in service and costs for omission to give proper notice before taking repossession of the vehicle
We have prepared a comprehensive summary for quick reference of such updates and Judgements / orders issued during the week of September 28, 2020 to October 2, 2020.
Thank you,
Swift Team
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