Introduction

Edition 34/20-21

Week – March 08th to March 12th 

Quote for the week:

“You only have to do a few things right in your life so long as you don’t do too many things wrong.”  

  - Warren Buffett

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 Ministry of Finance (“MOF”) 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 08, 2021 to March 12, 2021.

Thank you,

Swift Team

Table of Contents

REGULATORY UPDATES

SEBI UPDATES

1. SEBI amends provisions on Unique Client Code (UCC) and mandatory requirement of Permanent Account Number (PAN) vide Circular dated March 08, 2021.
2. SEBI reviews norms regarding investment in debt instruments with special features and issues clarification on valuation of perpetual bonds vide Circular dated March 10, 2021.
3. SEBI rolls out Legal Entity Template for Legal Entities (LE) for uploading the KYC records with the Central KYC Records Registry (CKYCR) vide Circular dated March 10, 2021.
4. SEBI issues additional guidelines for votes cast by Mutual Funds (MF)

MOF UPDATES

1. Ministry of Finance issues press release on Consultation paper on proposed regulations for issuance and listing of various securities in International Financial Services Centres in India known as IFSCA (Issuance and Listing of Securities) Regulations, 2021 by International Financial Services Centres Authority, dated March 10, 2021 

JUDGEMENTS/ ORDERS

NLCT

1. National Company Law Tribunal Initiates Corporate Insolvency Resolution Process (“CIRP”) against Skytone Electricals (India) Limited.

SEBI 

1. Adjudication Order in respect of Ashapura Intimates Fashion Ltd.

HIGH COURT

1. Petition filed by Laxmi Civil Engineering Services Limited under Section 11(6) of the Arbitration and Conciliation Act, 1996 was allowed, in dispute with GAIL (India) Limited. 
2. Writ Petition filed by Ramgad Minerals and Mining Limited was declined to entertain by the Court on the ground of delay and the same was dismissed.

SUPREME COURT

1. Supreme Court upheld the ultimate order of appointing a Sole Arbitrator, who being one of the retired Delhi High Court Judge, setting aside the judgement of the Delhi High Court
2. The Supreme Court allowed the appeals filed by Bharat Sanchar Nigam Limited, by setting aside orders passed by the Delhi High Court and dismissed the application filed by the Respondent – M/s. Nortel Networks India Private Limited, under Section 11 of the Arbitration and Conciliation Act, 1996.