Introduction

Edition 32/20-21

Week – February 22nd to February 26th

Quote for the week:

“Freedom is not worth having if it does not include the freedom to make mistakes.”  

  - 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 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 February 22, 2021 to February 26, 2021.

Thank you,

Swift Team

Table of Contents

REGULATORY UPDATES.

MCA UPDATES.

1. MCA amends Companies (Specification of definitions details) Rules, 2014 vide Notification dated February 19, 2021

SEBI UPDATES.

1. SEBI imposes Pre-expiry Margin on commodities under the Alternate Risk Management Framework vide Circular dated February 23, 2021

IFSCA UPDATES.

1. IFSCA enacts mechanism for recognition of a Custodian of Assets/Securities vide Circular dated February 24, 2021 

JUDGEMENTS/ ORDERS.

NCLT.

1. National Company Law Tribunal allows the Restoration of M/s. ACMOS India Private Limited 

SEBI

1. Order in the matter of Vayaa Builder and Developers Private Limited and Two Directors 

HIGH COURT.

1. Central Electricity Regulatory Commission (CERC) was directed by the Delhi High Court to consider and dispose of the application filed by Clean Solar Power Bhadla Private Limited.
2. Court dismissed the appeal filed by Hindustan Zinc Limited considering it in the category of extreme cases where the provision of CPC should be applied. 

SUPREME COURT.

1. Madras High Court Arbitration Centre issued Order directing that, the Application filed by the Contractor under the MSMED Act, will stand closed by the Facilitation Council, Pune.
2. Supreme Court modified the Order of the High Court to the extent all disputes arising out of the Contract Agreement shall be conducted in accordance with the Alternative Dispute Resolution Act of Bhutan, 2013 with the seat of arbitration at Thimphu.