Introduction

Edition 27/20-21

Week – January 18th to January 22nd  

Quote for the week:

“Success usually comes to those who are too busy to be looking for it.”

  - Henry David Thoreau

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”), and the International Financial Services Centres Authority (“IFSCA”) 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 January 18, 2021 to January 22, 2021.

Thank you,

Swift Team

Table of Contents

REGULATORY UPDATES.

MCA UPDATES.

1. MCA amends the Companies (Corporate Social Responsibility Policy) Rules, 2014 via Gazette Notification dated January 22, 2021.

SEBI UPDATES.

1. SEBI extends relaxations from strict enforcement of certain Regulations of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, pertaining to Rights Issue opening vide Circular dated January 19, 2021

2. SEBI further amends Securities and Exchange Board of India (Intermediaries) Regulations, 2008 vide Gazette notification dated January 21, 2021.

IFSCA UPDATES.

1.  IFSCA issues clarifications for maintenance of Solvency Margin for IFSC Insurance Offices (IIOs) vide Circular dated January 21, 2021.    

JUDGEMENTS/ ORDERS.

NCLT.

1. National Company Law Tribunal Initiates Corporate Insolvency Resolution Process (“CIRP”) against VRX Hospitality Services Private Limited.

SEBI

1. Adjudication order in respect of Mansoor Khanda and Firoz Khanda in the matter of their non-compliance with the order of disgorgement of SEBI.

HIGH COURT.

1. The Delhi High Court directed the Petitioner to approach the Appellate Tribunal under Section 26 of the Prevention of Money Laundering Act, 2002, to file an application against the adjudicating authority 

2. The Delhi High Court directed the directors of Patanjali Buildcon Private Limited to reactivate their DINs & DSCs and the Company was permitted to file the documents in terms of the Scheme for condonation of delay for companies

SUPREME COURT.

1. The Supreme Court of India set aside the judgement of High Court in case of expansion of National Highway 45-A between Villuppuram to Nagapattinam.     

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