Introduction

Edition 22/20-21

Week – December 14th to December 18th

Quote for the week:

"Things work out best for those who make the best of how things work out."

  - John Wooden

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 Ministry of Corporate Affairs (“MCA”), the Securities and Exchange Board of India (“SEBI”) and the Reserve Bank of India (“RBI”), and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”), 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 14, 2020 to December 18, 2020.

Thank you,

Swift Team

Table of Contents

REGULATORY UPDATES.

MCA UPDATES.

1. MCA amends the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 vide Gazette Notification dated December 17, 2020
2. MCA amends the Companies (Appointment and Qualification of Directors) Rules, 2014 vide Gazette Notification dated December 18, 2020

SEBI UPDATES.

1. SEBI board met to discuss various issues, the results of which were shared vide Press Release No. 61/2020 dated December 16, 2020
2. SEBI revises Framework for issue of Depository Receipts vide circular dated December 18, 2020 

RBI UPDATES

1. Reserve Bank announces opening of Second Cohort under the Regulatory Sandbox vide Press Release dated December 16, 2020.

JUDGEMENTS/ ORDERS.

National Company Law Tribunal

1. National Company Law Tribunal allows the Restoration of M/s Axon Tradelinks Private Limited

Securities and Exchange Board of India.

1. Adjudicating Order in respect of below in the matter of Synergy Bizcon Limited
2. Adjudicating Order in respect of Adesh Jain (PAN/DIN: AEGPJ3902G) in the matter of M/s. MPS Infotecnics Limited (Earlier known as Visesh Inforenics Limited)
3. Adjudicating Order in respect of Sinew Developers Private Limited
4. Adjudication Order in respect of Silver Stallion Limited in the matter of Birla Pacific Medspa Limited

High Court

1. Petition filed by Brace Iron and Steel Private Limited was allowed and Tata Steel BSL Limited was directed to pay the arrears of lease rent
2. Petition filed by Track and Towers Infratech Private Limited was dismissed as meritless 

Supreme Court.

1. Civil appeal filed by Action ISPAT and Power Private Limited was dismissed by the Supreme Court by upholding the judgement of the Division Bench of the Delhi High Court