Introduction

Edition 29/20-21

Week – February 01st to February 05th 

Quote for the week:

“Tough times never last, but tough people do”  

  - Robert H Schuller

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 it also contains Overview of Budget 2021 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 February 01, 2021 to February 05, 2021.

Thank you,

Swift Team

Table of Contents                                   

REGULATORY UPDATES.

MCA UPDATES.

1. MCA amends the Companies (Specification of Definitions Details) Rules, 2014 vide Gazette Notification dated February 01, 2021
2. MCA amends Companies (Incorporation) Rules, 2014 vide Gazette notification dated February 01, 2021
3. MCA amends Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 vide Gazette notification dated February 01, 2021
4. MCA initiates process of De-criminalization of Compoundable offence under Limited Liability Partnership Act, 2008 (“LLP Act, 2008”) vide Press Release dated February 03, 2021

SEBI UPDATES.

1. SEBI prescribes setting up of Limited Purpose        Clearing Corporation (“LPCC”) by Asset Management Companies (“AMCs”) of Mutual Funds vide Circular dated February 02, 2021
2. SEBI prescribes revised framework for Innovation Sandbox vide Circular dated February 02, 2021

OVERVIEW OF BUDGET 2021

JUDGEMENTS/ ORDERS.

NCLT.

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

SEBI

1. Adjudication Order in respect of Ms. Manisha Makhija in the matter of Illiquid Stock Options on the BSE

HIGH COURT.

1. National Highways Authority of India issues notice for debarment of personnel for incorrect disclosures in their “Curriculum Vitae”.

SUPREME COURT.

1. Supreme Court concluded that due to the collusive nature of transactions alleged to be a financial debt, the members of the Committee of Creditors in relation to the Corporate Insolvency Resolution Process (“CIRP”) cannot be labelled as financial creditors.
2. Supreme Court directed to defreeze the bank accounts of the OPTO Circuit India Limited and to honour the payments towards statutory dues.

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