Introduction

Edition 24/20-21

Week – December 28th to January 1st

Quote for the week:

"For last year's words belong to last year's language. And next year's words await another voice."

  - T.S. Eliot

Wishing our readers, a safe, healthy, and prosperous new year!

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, the various regulatory authorities have been granting many relaxations, exemptions and amendments to the various legislations by regulatory authorities to ease out the operations during this time of crisis.

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 International Financial Service Centres Authority (“IFSCA”), and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”), 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 28, 2020 to January 01, 2021.

Thank you,

Swift Team

Table of Contents

REGULATORY UPDATES.

MCA UPDATES.

1. MCA extends the timeline to conduct Board meetings through video conferencing or other audio visual means vide Gazette Notification dated December 30, 2020.
2. MCA extends timelines to conduct their Extraordinary General Meetings through Video Conferencing or Other Audio-Visual means or transact items through postal ballot in accordance with the framework provided vide General Circular 39/2020 dated December 31, 2020.

SEBI UPDATES.

1. SEBI issues Procedural Guidelines for Proxy Advisors in modification of its earlier Circulars vide Circular dated December 31, 2020.
2. SEBI extends the timeline for applicability of Net Asset Value (NAV) across various schemes upon realization of funds vide Circular dated December 31, 2020.
3. SEBI brings relaxation in timelines for compliance with regulatory requirements by Circulars issued earlier vide Circular dated December 31, 2020.
4. SEBI extends timeline for implementation for creation of Security in issuance of listed debt securities and ‘due diligence’ by debenture trustee(s) vide Circular dated December 31, 2020.

IFSCA UPDATES.

1. IFSCA issues directions for implementation for Transfer of assets through loan participation agreement by Banking Units (“BUs”) under IFSC (Banking) Regulations, 2020 vide Circular dated December 30, 2020

JUDGEMENTS/ ORDERS.

National Company Law Tribunal 

1. National Company Law Tribunal allows the Restoration of M/s Proskill Industrial Solution Limited.

SEBI

1. Adjudication order in respect of Rajnandi Yarns Private Limited in the matter of Spectacle Infotek Limited

HIGH COURT.

1. Delhi High Court considered ad-interim relief in the case of Dabur India Limited.
2. Petition filed by Phelan Energy India R J Private Limited was disposed of on such terms and the bank guarantee be renewed on same terms of the contact between the parties. 

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