Introduction

Edition 35/20-21

Week – March 15th to March 19th

Quote for the week:

“No matter how good you get you can always get better, and that’s the exciting part.”  

  - Tiger Woods

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”), Department for Promotion of Industry and Internal Trade (“DPIIT”) and Insolvency and Bankruptcy Board of India (“IBBI”) and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”), SEBI, 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 15, 2021 to March 19, 2021.

Thank you,

Swift Team

Table of Contents               

REGULATORY UPDATES

MCA UPDATES

1. MCA issues commencement notification for certain sections of the Companies (Amendment) Act, 2020 (No 29 of 2020) vide Gazette Notification dated March 18, 2021
2. MCA amends Schedule V of the Companies Act, 2013 relating to remuneration vide Gazette Notification dated March 18, 2021
3. Central Government establishes a Central Scrutiny Centre (CSC) for carrying out scrutiny of Straight Through Processes (STP) e-forms filed by the companies under the Act and the rules made thereunder vide Gazette Notification dated March 18, 2021

SEBI UPDATES

1. SEBI streamlines the process of IPOs with Unified Payment Interface (UPI) in Application supported by Blocked Amount (ASBA) and redressal of investor grievances vide Circular dated March 16, 2021

DPIIT UPDATES

1. Government of India issues clarification on Downstream Investments vide Press Note No 1 (2021 series) dated March 19, 2021

IBBI UPDATES

1. IBBI issues guidelines on reporting of status of ongoing Corporate Insolvency Resolution Process (CIRP) vide Circular dated March 18, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal allows the Restoration of M/s. Sterling RHE Printographics Private Limited

SEBI

1. Adjudication Order in respect of Tradebulls Securities Private Limited in the matter of Dealing in Illiquid Stock Options at BSE

HIGH COURT

1. Proceedings under section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was initiated by Jammu and Kashmir Bank Limited against the Trans Asian Industries Exposition Private Limited
2. Banquet hall owners were permitted by the Delhi High Court to make an application under Section 66 of the Disaster Management Act, 2005, for determining the compensation, if any, where the banquet hall were requisitioned for converting them into makeshift COVID-19 designated hospitals/zones
3. Petition filed by the Indian Oil Corporation Limited challenging the Arbitral Award was dismissed as the Court finds no ground for interference
4. Future Coupons Private Limited and Future Retail Limited were directed by the Delhi High Court to not to take any further action in violation of the interim order passed by the Emergency Arbitrator, where the petition application was filed by Amazon.Com NV Investment Holdings LLC