Introduction

Edition 15/20-21

Week – October 26th to October 30th

Quote for the week:

"The greatest glory in living lies not in never falling, but in rising every time we fall."

  - Nelson Mandela

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 the Ministry of Corporate Affairs (“MCA”), the Securities and Exchange Board of India (“SEBI”), the Ministry of Commerce and Industry (“MCI”) ,the Reserve Bank of India (“RBI”) and the International Financial Services Centres Authority (“IFSCA”), 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.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of October 26, 2020 to October 30, 2020.

Thank you,

Swift Team

Table of Contents

REGULATORY UPDATES.

Ministry of Corporate Affairs.

1. MCA issues notice on provisions related to Nidhi Companies under the Companies Act, 2013 for the purpose of sensitizing general public about Nidhi Companies dated October 26, 2020.

Securities and Exchange Board of India.

1. SEBI Chairman interacts with investors and other stakeholders from USA vide Press Release No 57/2020 dated October 28, 2020.
2. SEBI releases FAQ’s on Portfolio Managers under SEBI (Portfolio Managers) Regulations, 2020 dated October 28, 2020
3. SEBI amends the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 vide Gazette Notification dated October 29, 2020

Ministry of Commerce and Industry

1. Department for Promotion of Industry and Internal Trade, Ministry of commerce and Industry Government of India has notified the ‘’Consolidated FDI Policy’’ which shall be effective from October 15, 2020

Reserve Bank of India.

1. RBI notifies scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts vide Notification dated October 26, 2020
2. RBI amends Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 

International Financial Services Centres Authority.

1. International Financial Services Centres Authority (“IFSCA”), prescribes the regulatory framework for listing of Depository Receipts (DRs) vide Circular dated October 28, 2020.

JUDGEMENTS/ ORDERS.

National Company Law Tribunal

1. National Company Law Tribunal accepts the Interlocutory Application filed by Bank of India for appointment of Resolution Professional (“RP”) of the Salelink Ecom Private Limited.

National Company Law Appellate Tribunal

1. National Company Law Appellate Tribunal set aside the impugned order dated 6th July, 2020 passed by National Company Law Tribunal, Mumbai.

Securities and Exchange Board of India.

1. Adjudication Order in respect of Mr. P. Ravishankar in the matter of Biocon Limited.

High Court

1. Writ Petition was disposed of with directions, as the Court observed that even prior to considering the stay petition, recovery steps were taken against the petitioner for recovery of the amounts.
2. Sole Arbitrator was appointed to arbitrate on the dispute arisen on breach of the terms of the Concession Agreement
3. Appeal filed challenging an ex-parte interim order granted by the Trial Court was disposed of

Supreme Court.

1. Aggrieved by the judgement of High Court, appeal filed by the appellant was allowed by the Supreme Court, who was arrested under Narcotic Drugs and Psychotropic Substances Act, 1985 (“NDPS Act.”),
2. Supreme Court quashed the judgement of Karnataka High Court under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”)

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