Introduction

Edition 21/20-21

Week – December 7th to December 11th

Quote for the week:

“If people like you, they’ll listen to you, but if they trust you, they’ll do business with you.”

  - Zig Ziglar

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 Ministry of Finance (“MOF”) and the International Financial Service 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 December 07, 2020 to December 11, 2020.

Thank you,

Swift Team

Table of Contents                               

 REGULATORY UPDATES

 SEBI UPDATES

1. SEBI introduces Additional Payment Mechanism (i.e. ASBA, etc.) for Payment of Balance Money in Calls for partly paid specified securities issued by the listed entity vide Circular dated December 08, 2020.
2. SEBI enables e-Voting facility provided by Listed Entities to all the Demat account holders, by way of a single login credential, through their demat accounts/ websites of Depositories/ Depository Participants vide Circular dated December 09, 2020. 

 MOF UPDATES. 

1. Ministry of Finance amends the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 vide Gazette Notification dated December 08, 2020

IFSCA UPDATES.

1. IFSCA amends guidelines for Alternative Investment Funds (AIFs) in International Financial Services Centres (IFSC) vide Circular dated December 09, 2020: 10

JUDGEMENTS/ ORDERS. 

National Company Law Tribunal

1. National Company Law Tribunal allows the Restoration of M/s Dethlefsen and Balk (South India) Private Limited

National Company Law Appellate Tribunal

1. NCLAT states that by swearing an affidavit in the nature of NOC by the shareholders, compliance is made with the requirements to consider and approve the Scheme of Amalgamation, which warrants dispensing with the convening of the meeting of the shareholders of the transferor and transferee companies.

SEBI

1. Adjudication Order in respect of Ms. Sushila Devi in the matter of Maithan Alloys Limited    

 High Court

1. Appeal filed challenging the order passed in the Arbitration Case passed by the Court of Principal District Judge, Raichur, was allowed.
2. Petition filed by Nissan Motor India Private Limited was dismissed for want of merit

Supreme Court.

1. Supreme Court found no merit in the objections to One-Man Committee’s Concluding Report 1