Introduction

Edition 30/20-21

Week – February 08th to February 12th

Quote for the week:

“The question isn't who is going to let me; it's who is going to stop me.”  

  - Ayn Rand

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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 Reserve Bank of India (“RBI”), 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 08, 2021 to February 12, 2021.

Thank you,

Swift Team

Table of Contents                               

REGULATORY UPDATES.

MCA UPDATES.

1. The Union Minister of State for Finance & Corporate Affairs has informed that Incorporation of Companies in current fiscal increased 21% as compared to corresponding period in previous fiscal vide Press Release dated February 09, 2021
2. The Union Minister of State for Finance & Corporate Affairs informs the Rajya Sabha of the amendments made to Companies Act 2013 to mitigate blow by COVID-19 pandemic vide Press release dated February 09, 2021
3. MCA releases details regarding number of Indian and Foreign companies which have availed the benefits of the Companies Fresh Start Scheme (CFSS), 2020 vide Press Release dated February 09, 2021
4. MCA amends the Producer Companies (General Reserve) Rules, 2003 vide Gazette Notification dated February 11, 2021
5. MCA amends the Companies (Share Capital and Debentures) Rules 2014 to reduce the timeline for acceptance of offer for rights issue under section 62(1)(a)(i) vide Gazette Notification dated February 11, 2021

SEBI UPDATES.

1. SEBI issues revised disclosure formats under Regulation 7 of SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) vide Circular dated February 09, 2021

RBI UPDATES.

1. RBI releases guidelines on Investment in Non-Banking Financial Company (NBFCs) from Financial Action Task Force (FATF) non-compliant jurisdictions vide Notification dated February 12, 2021

JUDGEMENTS/ ORDERS.

NCLT.

1. National Company Law Tribunal passes voluntary liquidation order for M/s. Jubilant Innovation (India) Limited 

SEBI

1. Adjudication order in respect of Jai Ambey Wire Private Limited.

HIGH COURT.

1. Petition filed by ‘Shapoorji Pallonji & Co. Private Limited’ under Section 9 of the Arbitration and Conciliation Act, 1996 was disposed of, by declaring that ‘The Indure Private Limited & ANR.’ May not be in a position repay any of its debts considering its financial position.
2. High Court allows petition filed by Software Moguls India Private Limited for its voluntary winding-up
3. The Court extended the mandate of the learned Arbitral Tribunal, by a period of 12 months, where the petition was filed by the Interim Resolution Professional under Arbitration and Conciliation Act, 1996

SUPREME COURT.

1. The Supreme Court affirmed the conclusion of the judgement taken by the NCLAT in case of an appeal filed under Section 62 of the Insolvency and Bankruptcy Code, 2016 and dismissed the said appeal.