Introduction

Edition 37/20-21

Week – March 29th to April 2nd 

Quote for the week:

“You have to grow from the inside out. None can teach you, none can make you spiritual. There is no other teacher but your own soul.”  

  - Swami Vivekananda

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 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 March 29, 2021 to April 02, 2021.

Thank you,

Swift Team

Table of Contents               

REGULATORY UPDATES

MCA UPDATES

1. MCA further amends the Companies (Accounts) Rules, 2014 vide Gazette Notification dated April 01, 2021.
2. MCA further amends the Companies (Audit and Auditors) Rules, 2014 vide Gazette Notification dated April 01, 2021.

SEBI UPDATES

1. SEBI issues guidelines pertaining to surrender of Foreign Portfolio Investors (FPI) registration vide Circular dated March 30, 2021.
2. SEBI repeals the Securities and Exchange Board of India (Underwriters) Regulations, 1993 vide Gazette Notification dated March 30, 2021.
3. SEBI amends the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 vide Gazette Notification dated March 30, 2021.
4. SEBI amends the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992 vide Gazette Notification dated March 30, 2021.
5. SEBI reduces timelines for refund of the monies to the investors in case of non-receipt of minimum subscription vide Circular dated March 31, 2021.

IFSCA UPDATES

1. IFSCA issues International Financial Services Centres Authority (Finance Company) Regulations, 2021.
2. IFSCA amends International Financial Services Centres Authority (Banking) Regulations, 2020.

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal allows the Restoration of M/s. Pritonics Auto Private Limited.

SEBI

1. Adjudication Order in respect of Ozone Projects Pvt. Ltd. in the matter of delayed submission/non-submission of financial results for financial year ended March 31, 2019.

HIGH COURT

1. Reserve Bank of India’s contentions in its appeal to the Delhi High Court were not agreed in its case against Jindal Steel and Power Limited.

SUPREME COURT

1. Tata Sons Private Limited challenged the final order passed by the National Company Law Appellate Tribunal (NCLAT).