Introduction

Edition 05/21-22

Week – May 03rd to May 07th

Quote for the week:

“Do not follow where the path may lead. Go instead where there is no path and leave a trail.” 

  -Harold R. Mcalindon 

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.

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”), National Company Law Appellate Tribunal (“NCLAT”) SEBI, Supreme Court and High Court.

The Regulatory authorities provided various updates/relaxations, some of which being:

• Relaxation by MCA on levying additional fees on filing of certain forms by Companies / LLPs
• Relaxation in timelines for compliance with regulatory requirements by Debenture trustees
• General and Specific Guidelines for Finance Companies (“FC”) and Finance Units (“FU”) on distribution of mutual funds and insurance products by IFSCA

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of May 03, 2021 to May 07, 2021.

Thank you,

Swift team

Updates from Ministry of Corporate Affairs (“MCA”) corner

1. MCA provides relaxations on levying additional fees on filing of certain Forms under the Companies Act, 2013 and LLP Act, 2008
2. MCA provides relaxations in timeline for filing forms related to creation or modification of charges under Companies Act, 2013
3. MCA extends time gap for holding of board meeting under Section 173 Companies Act, 2013
4. MCA Provides Clarification on spending of Corporate Social Responsibility (“CSR”) funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants

Updates from Securities and exchange Board of India (“SEBI”) corner

1. SEBI allows relaxations in timelines for compliance with regulatory requirements by Debenture trustees.
2. SEBI amends SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
3. SEBI amends SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
4. SEBI amends SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
5. SEBI amends SEBI (Intermediaries) Regulations, 2008
6. SEBI amends SEBI (Alternative Investment Funds) Regulations, 2012

Updates from International Financial Services Center (“IFSCA”) corner

1. IFSCA issues General and Specific Guidelines for Finance Companies (“FC”) and Finance Units (“FU”) on distribution of mutual funds and insurance products.
2. IFSCA issues Circular pertaining to Prudent Regulations and Activity Specific Guidelines for FC/FU