Introduction

Edition 16/20-21

Week – November 2nd to November 6th

Quote for the week:

"If you really look closely, most overnight successes took a long time."

  - 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.

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 Securities and Exchange Board of India (“SEBI”), the Reserve Bank of India (“RBI”) and the Press Information Bureau (“PIB”), 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 November 2, 2020 to November 6, 2020.

Thank you,

Swift Team

Table of Contents                               

REGULATORY UPDATES.

Securities and Exchange Board of India.

1. SEBI releases new guidelines on Creation of Security in issuance of listed debt securities and ‘Due Diligence’ by debenture trustee(s) vide Circular dated November 03, 2020

2. SEBI amends the framework for schemes of Arrangement by Listed Entities and relaxation under the Securities Contracts (Regulations) Rules, 1957 vide Circular dated November 03, 2020

3. SEBI issues advisory for Financial Sector Organizations regarding Software as a Service (SaaS) based solutions vide Circular dated November 03, 2020

4. SEBI releases new guidelines on rights issue of units by an unlisted Infrastructure Investment Trust (InvIT) vide Circular dated November 04, 2020

5. SEBI enhances Overseas Investment limits for Mutual Funds vide Circular dated November 05, 2020

Reserve Bank of India.

1. RBI issues guidelines on Co-Lending by Banks and NBFCs to Priority Sector vide Circular dated November 05, 2020

Press Information Bureau.

1. Government of India (Ministry of Communications) issues liberalized guidelines to improve ease of doing business for Business Process Outsourcing (BPO) and IT Enabled Services vide press release dated November 05, 2020

JUDGEMENTS/ ORDERS.

National Company Law Tribunal

1. National Company Law Tribunal Initiates Corporate Insolvency Resolution Process (“CIRP”) against CMM Infraprojects Limited

National Company Law Appellate Tribunal.

1. National Company Law Appellate Tribunal set aside the impugned order dated February 13, 2020 passed by National Company Law Tribunal, Chennai

Securities Exchange Board of India.

1. Adjudication Order in the matter of UV Boards Limited

High Court

1. No injunction was granted and the captioned Patent applications were dismissed.

2. Appointment of an Advocate as Sole Arbitrator, stood vitiated on account of Section 12(5) of the Arbitration and Conciliation Amendment Act and the petition was dismissed.

3. Appeal was ruled in favour of the revenue, and against the appellant, as under Section 23(1) of the Income Tax Act, 1961, intermediate profits, and interest on intermediate profits, constitute revenue receipt.

4. Appeal was filed under Section 37 of the Arbitration and Conciliation Act, 1996, stands dismissed and the accompanying stay application is also dismissed with no orders as to costs.

Supreme Court.

1. Submissions advanced by the Appellant was rejected and the appeals were dismissed affirming the view taken by the National Consumer Disputes Redressal Commission, New Delhi

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