Introduction

Edition 23/20-21

Week – December 21st to December 25th

Quote for the week:

“Tell me and I forget. Teach me and I remember. Involve me and I learn.”

  - Benjamin Franklin

Merry Christmas! Wishing your holiday season be filled with sparkles of joy and love.

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 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, the various regulatory authority granting many relaxations, exemptions and making various amendments to the various legislations to ease out the operations during current pandemic time.

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”), the Insolvency and Bankruptcy Board of India (“IBBI”) 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 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 21, 2020 to December 25, 2020.

Thank you,

Swift Team

Table of Contents                                   

REGULATORY UPDATES.

MCA UPDATES.

1. MCA notifies 17 provisions of of the Companies (Amendment) Act, 2020 vide Gazette Notification dated December 21, 2020.
2. MCA amends the Companies (Incorporation) Rules, 2014 and introduces extension of Name reservation in certain cases by the Registrar vide Gazette Notification dated December 24, 2020
3. MCA amends the Companies (Share Capital and Debentures) Rules, 2014 and vide Gazette Notification dated December 24, 2020.

SEBI UPDATES.

1. SEBI reviews inclusion of Historical Scenarios in Stress Testing in Commodity Derivatives Segment vide Circular dated December 21, 2020.

IBBI UPDATES.

1. Central Government notifies further period of three months under Section 10A: Suspension of initiation of corporate insolvency resolution process vide Gazette Notification dated December 22, 2020

IFSCA UPDATES.

1. IFSCA issues instructions and clarifications on circulars issued under the IFSC (Banking) Regulations, 2020 vide Circular dated December 24, 2020:

JUDGEMENTS/ ORDERS.

NCLT

1. National Company Law Tribunal allows the Restoration of M/s Sunrise Ribbon Private Limited 

NCLAT.

1. National Company Law Appellate Tribunal condones the delay in filing of appeal by M/s. Rajgad Placement Private Limited.

SEBI 

1. Adjudicating Order in respect of M/s. Reliance Capital Limited in the matter of Reliance Capital Limited
2. Adjudicating Order in respect of Accolade Holdings Private Limited in the matter of PMC Fincorp Limited.
3. Adjudicating Order in respect of Divya Dealers Limited.

HIGH COURT

1. Writ Petition filed by the DCX Cable Assemlies Private Limited to quash the minutes of the joint lenders meeting was disposed of by the Karnataka High Court.
2. The Delhi High Court declined the grant of interim injunction prayed by Future Retail Limited and disposed of the present application.
3. Application filed by the Indian Agro & Recycled Paper Mills Association under the Code of Civil Procedure Code, 1908 was allowed by the Delhi High Court 

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