Introduction

Edition 26/20-21

Week – January 11th to January 15th

Quote for the week:

“The only devils in the world are the ones running in our own hearts. That is where the battle should be fought.”

  - Mahatma Gandhi

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 Ministry of Corporate Affairs (“MCA”), the Securities and Exchange Board of India (“SEBI”) and the Insolvency and Bankruptcy Board of India (“IBBI”), and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”), SEBI, High Court and Supreme Court.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of January 11, 2021 to January 15, 2021.

Thank you,

Swift Team

Table of Contents

REGULATORY UPDATES.

MCA UPDATES.

1. MCA issues clarification on Corporate Social Responsibility (“CSR”) Expenditure for awareness and public outreach on COVID-19 Vaccination programme vide General Circular 01/2021 dated January 13, 2021.
2. MCA issues clarification on holding of Annual General Meeting (AGM) through Video Conferencing (“VC”) or Other Audio Visual Means (“OAVM”) vide General Circular 02/2021 dated January 13, 2021.
3. MCA introduces Scheme for condonation of delay for companies restored on the Register of Companies between December 01, 2020 and December 31, 2020, under Section 252 of the Companies Act, 2013 vide General Circular 03/2021 dated January 15, 2021.

SEBI UPDATES.

1. SEBI repeals the Securities and Exchange Board of India (Central Database of Market Participants) Regulations, 2003 vide Gazette Notification Dated January 13, 2021.
2. SEBI revised the Daily Price Limits (“DPL”) for Commodity Futures Contracts vide Circular dated January 11, 2021.
3. SEBI issues clarification on Volatility Scan Range (“VSR”) for Option contracts in Commodity Derivatives Segment vide Circular dated January 11, 2021.
4. SEBI amends Securities and Exchange Board of India (Investment Advisers) Regulations 2013 vide Gazette Notification dated January 11, 2021.

IBBI UPDATES.

1. IBBI further amends Insolvency and Bankruptcy Board of India (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 vide Gazette Notification dated January 14, 2021.

JUDGEMENTS/ ORDERS.

NCLT.

1. National Company Law Tribunal Initiates Corporate Insolvency Resolution Process (“CIRP”) against Icon Cables Limited.

SEBI.

1. Adjudication Order in respect of Fortis Healthcare Holdings Private Limited.

HIGH COURT.

1. Delhi High Court disposes of the petition filed by M/s. OPG Power Generation Private Limited to approach the Debt Recovery Tribunal under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”).
2. Subject to the compliances of the directions issued by the Delhi High Court, the Petition filed by Paypal Payments Private Limited was ordered to remain stayed.

SUPREME COURT.

1. Supreme Court held that the judgement and order passed by the Bombay High Court was set aside and the Secretary General of this Court was directed to impound the Work Order and forward it to the concerned Collector in Maharashtra for the assessment of the Stamp Duty payable on the said instrument.

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