Introduction

Edition 18/20-21

Week – November 16th to November 20th

Quote for the week:

"Success is walking from failure to failure with no loss of enthusiasm."

  - Winston Churchill

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 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 November 16, 2020 to November 20, 2020.

Thank you,

Swift Team

Table of Contents                                               

 REGULATORY UPDATES. 

Securities and Exchange Board of India.

1. SEBI amends guidelines for preferential issue and institutional placement of units by a listed Infrastructure Investment Trusts (“InvITs”) vide Circular dated November 17, 2020.
2. SEBI lays down a uniform structure for imposing fines for non-compliance with provisions related to continuous disclosure requirements:

Reserve Bank of India.

1. RBI issues amendments in Directions / Notifications / Circulars on Compounding of Contraventions under Compounding of Contraventions under FEMA, 1999 vide Circular dated November 17, 2020:
2. RBI Issues list of discontinued Returns/Reports under Foreign Exchange Management Act, 1999:
3. RBI releases the Report of the Internal Working Group to Review Extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks vide Press release dated November 20, 2020:

International Financial Services Centers Authority.

1. Government of India notifies International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020:

JUDGEMENTS/ ORDERS.

National Company Law Tribunal

1. National Company Law Tribunal allows the Restoration of Fuoco Chits Private Limited and activates Directors Identification Number of its directors.

National Company Law Appellate Tribunal

1. NCLAT uphold the Order of NCLT, Bengaluru Bench and dismissed the present Appeal Preferred under Section 421 read With Section 58 & 241 of the Companies Act, 2013.

Securities and Exchange Board of India.

1. Adjudication Order in respect of 4 Entities in the matter of Focus Industrial Resources Limited

High Court

1. Petition stands dismissed for being incompetent for want of territorial jurisdiction and without entering into the merits of the relief sought in the petition.
2. Delhi High Court held that the objection raised on the maintainability of the petition needs to be accepted and directed the Registry to return the petition, to present the same before the appropriate court of jurisdiction in accordance with law.
3. Appeal filed by Edelweiss was maintainable by the Delhi High Court and objection to maintainability, as advanced by the respondent was rejected.

Supreme Court

1. Supreme Court disposed of the applications filed in the case where CBI conducted a joint surprise raid in factory premises of Fertico Marketing and Investment Private Limited and found that the coal purchased under the Fuel Supply Agreement (FSA) was sold in the black market
2. Financial Creditor’s appeal was allowed, who was aggrieved by the order passed by the Company Court (High Court of Allahabad), refusing to transfer the winding up petition pending before the National Company Law Tribunal (NCLT)