Introduction

Edition 13/20-21

Week – October 12^th to October 16^th

Quote for the week:

"Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma – which is living with the results of other people's thinking."

- Steve Jobs

Introduction

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.

Thank you,

Swift Team

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”):
  • Amendment of the Companies (Prospectus and Allotment of Securities) Rules, 2014
• Securities and Exchange Board of India (“SEBI”):
  • Standardization of procedure to be followed by Debenture Trustee(s) in case of ‘Default’ by Issuers of listed debt securities;
• Ministry of Commerce and Industry:
  • Clarification on Foreign Direct Investment (FDI) Policy for uploading/streaming of news and current affairs through Digital media

The critical judgements and orders passed by the National Company Law Tribunal, Securities and Exchange Board of India, High Court and Supreme Court are as mentioned below.

• National Company Law Tribunal 
  • National Company Law Tribunal Hyderabad bench allows the withdrawal of the petition filed for initiating Corporate Insolvency Resolution Process (CIRP) against SNS Starch Limited
• Securities and Exchange Board of India
  • Adjudication Order in Respect of Osian Industries Limited
• High Court
  • Phonetically generic word (‘DELHIVERY’) being a registered trademark, is no estoppel against law, unless a generic word is held to be distinctive
  • Petitions preferred under Section 11 (6) of the Arbitration and Conciliation Act, 1996 to appoint a sole arbitrator to adjudicate on the disputes between the parties are disposed of.
  • Sole Arbitrator appointed to arbitrate on the disputes between the parties on diagnostic services under Shishu Suraksha Karyakaram (JSSK)
  • Petition filed with Delhi High Court on matters relating to procurement of KN-95 Respiratory Masks, were 30 percent of the total value of the invoice was secured through a bank guarantee
• Supreme Court
  • Supreme Court allowed the civil appeal on such terms and detailed that ‘He who asks for equity must do equity’
  • Applications of lessees of manganese/iron ore mines seeking extension of time for the transportation of the mineral and application filed by the Goa Foundation for clarification/direction was disposed of

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of October 12, 2020 to October 16, 2020.