Introduction

Edition 06/21-22

Week – May 10th to May 14th

Quote for the week:

“If you want the rainbow, you have to put up with the rain.” 

  -Dolly Parton

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 Securities and Ministry of Corporate Affairs (“MCA”), the Exchange Board of India (“SEBI”), the Reserve Bank of India (“RBI”), 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:

1. MCA provides list of forms for providing waiver of additional fees;
2. SEBI introduces new reporting requirements on Environmental, Social and Governance issues (“ESG”) called the Business Responsibility and Sustainability Report (“BRSR”);
3. RBI issues clarifications in relation to Sponsor Contribution to an Alternative Investment Fund (“AIF”) set up in Overseas Jurisdiction, including International Financial Services Centres (“IFSCs”);
4. IFSCA issues guidelines for issuance of Certificate of Deposits (“CDs”) by Banking Units (“BUs”).

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of May 10, 2021 to May 14, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA provides list of E-forms for providing waiver of additional fees.

SEBI UPDATES

1. SEBI introduces new reporting requirements on Environment, Social and Governance (“ESG”) parameters called the Business Responsibility and Sustainability Report (“BRSR”) vide Circular dated May 10, 2021.
2. SEBI outlines the procedure for seeking prior approval for change in control of SEBI registered Portfolio Managers in light of amendments brought forth by SEBI (Portfolio Managers) (Second Amendment) Regulations, 2021 vide Circular dated May 12, 2021.

RBI UPDATES.

1. RBI issues clarifications in relation to Sponsor Contribution to an AIF set up in Overseas Jurisdiction, including IFSCs vide Circular dated May 12, 2021.

IFSCA UPDATES

1. IFSCA issues guidelines for issuance of Certificate of Deposits  (“CDs”) by Business Units (“BU’s”)  vide Circular dated May 10, 2021.

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal allows the Restoration of M/s Spike Organice Private Limited

SEBI

1. SEBI imposed penalty on PC Jeweller promoters for insider trading.

HIGH COURT

1. Appeal filed by National Highways Authority of India (NHAI) was allowed setting aside the judgement/order allowed under Section 9 of the Arbitration and Conciliation Act, 1996.
2. Kamdhenu Limited files suit against Aashiana Rolling Mills Limited seeking injunction against alleged infringement of its registered design under the Design Act, 2000.
3. Autometers Alliance Limited filed petition, praying to quash the notice of termination issued by the Rail Vikas Nigam Limited.

SUPREME COURT

1. Uttar Pradesh Power Transmission Corporation Limited files Special Leave Petition agaisnt the final order passed by the Lucknow Bench.