Introduction

Edition 25/20-21

Week – January 04th to January 08th  

Quote for the week:

“You who would accomplish little must sacrifice little; you who would achieve much must sacrifice much; you who would attain highly must sacrifice greatly.”

  - James Allen

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.

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 Insolvency and Bankruptcy Board of India (“IBBI”) and critical judgements and orders passed by 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 January 04, 2021 to January 08, 2021.

Thank you,

Swift Team

Table of Contents

REGULATORY UPDATES. 

SEBI UPDATES.

1. SEBI issues directions regarding refund of security deposit on surrender of membership by Trading Members vide Circular dated January 06, 2021.

RBI UPDATES.

1. RBI issues Directions for Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems Via Circular dated January 05, 2021

IBBI UPDATES.

1. IBBI notifies time period for retention of records pertaining to Corporate Insolvency Resolution Process (CIRP) vide Circular dated January 06, 2021

JUDGEMENTS/ ORDERS.

NCLAT.

1. NCLAT set aside the Impugned Order and remand back the matter to the Adjudicating Authority and requested to consider the Application as per provisions of IBC. 

SEBI 9

1. Adjudication order in respect of Mayur Developments and Leasing Limited Private Limited and in the matter of Spectacle Infotek Limited.

HIGH COURT

1. Suit filed by the Indian Performing Right Society Limited (IPRS) was disposed of and decree was passed against the defendants.
2. Delhi High Court dismissed the petition filed under Section 34 of the Arbitration and Conciliation Act, 1996, by The National Highway Authority of India (NHAI), challenging the Award of the Arbitral Tribunal

SUPREME COURT.

1. Supreme Court allowed the appeal and entitled the appellant to refund the earnest money deposited with the Respondent-Port Trust

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