Introduction

Edition 33/20-21

Week – March 01st to March 05th

Quote for the week:

“Formal education will make you a living; self-education will make you a fortune.”  

  - Jim Rohn

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”), Securities and Exchange Board of India (“SEBI”), the Reserve Bank of India (“RBI”) and the Insolvency and Bankruptcy Board of India (“IBBI”) 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 March 01, 2021 to March 05, 2021.

Thank you,

Swift Team

Table of Contents                               

REGULATORY UPDATES

MCA UPDATES

1. MCA amends Companies (Management and Administration) Rules, 2014 by adding new forms for filing of annual returns for One Person Company and Small Company vide Notification dated March 05, 2021
2. MCA amends the Companies (Incorporation) Rules, 2014 vide Notification dated March 05, 2021
3. MCA notifies commencement of provisions of (Companies Amendment) Act, 2017 (1 of 2018) vide Notification dated March 05, 2021

SEBI UPDATES

1. SEBI issues Master Circular on surveillance of securities market dated March 01, 2021
2. SEBI directs applicability of Code of Conduct and Institutional Mechanism for prevention of fraud or market abuse to Stock Exchanges, Clearing Corporations and Depositories vide Circular dated March 03, 2021
3. SEBI issues modifications in various Circulars issued under Mutual Funds Regulations earlier vide Circular dated March 04, 2021
4. SEBI extends the timeline for conducting meeting(s) of unitholders of REITs and InvITs through Video Conferencing (“VC”) or through Other Audio-Visual Means (“OAVM”) facility

RBI UPDATES

1. RBI issues relaxations with respect to FPI investments in Non-Convertible Debentures (“NCDs”)/bonds which are under default

IBBI UPDATES

1. IBBI amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 vide Gazette notification dated March 04, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal Initiates Corporate Insolvency Resolution Process (“CIRP”) against Banyantree Developers Private Limited

SEBI

1. Adjudication Order in the matter of Solitaire Machine Tools Limited.

HIGH COURT

1. Delhi High Court dismisses the petition basis the observations made by the Hon’ble Supreme Court in Mehmood Ul Rehman (Supra)
2. Delhi High Court allows the suit to arbitration in accordance with the covenants of the Family Settlement Agreement (FSA) and Trade Mark and Name Agreement (TMNA) 
3. Court held that no appeal is permitted under Section 37 against the order passed by a learned Single Judge in an application for stay of the arbitral award.

SUPREME COURT

1. Supreme Court held that West Bengal Mineral Development and Trading Corporation Ltd (WBMDTCL), being a “State” within the meaning of Article 12 of the Constitution of India, has continued in unlawful possession of the Premises and orders to vacate the premises with four months