Introduction

Edition 17/20-21

Week – November 9th to November 13th

Quote for the week:

"Life is a long lesson in humility."

  - James M. Barrie

We wish you a very happy and prosperous Diwali and 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, Ministry of Corporate Affairs (“MCA”), the Securities and Exchange Board of India (“SEBI”) and the Ministry of Home Affairs (“MOHA”) and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”), the National Company Law Appellate Tribunal (“NCLAT”), 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 9, 2020 to November 13, 2020.

Thank you,

Swift Team

Table of Contents                                               

 REGULATORY UPDATES

 Ministry of Corporate Affairs 

1. MCA extends applicability of LLP Settlement Scheme, 2020 vide General Circular 37/2020 dated November 09, 2020

Securities and Exchange Board of India

1. SEBI releases new guidelines on monitoring and Disclosures by Debenture Trustee(s) vide Circular dated November 12, 2020

Ministry of Home Affairs

1. Central Government amends the Foreign Contribution (Regulation) Rules, 2011 vide Gazette Notification dated November 10, 2020 

 JUDGEMENTS/ ORDERS

National Company Law Tribunal

1. National Company Law Tribunal allows the Restoration of S M Hyper City Private Limited

National Company Law Appellate Tribunal

1. NCLAT set aside the appeal filed by the petitioner and directed the first Appellant to fulfill with the directions issued in the impugned order of ‘National Company Law Tribunal’, Bengaluru Bench, Bengaluru. 8
2. High Court
3. Sole Arbitrator was appointed to arbitrate on the disputes between the parties as per the mechanism, contained in Clause of the Facility Agreement
4. United News of India challenging the impugned order by the Central Government Industrial Tribunal (‘CGIT’) directing pre-deposit of 25% of the assessed amount of damages
5. Writ Petition filed under Articles 226 and 227 of the Constitution of India was disposed off with such liberty and all contentions
6. Delhi High Court disposed of the petition on merit, were the application for restoration of the appeal was rejected by the Central Government Industrial Tribunal-cum-Labour Court, Delhi-2 (“CGIT”)