Introduction

Edition 09/21-22

Week – May 31st to June 04th

Quote for the week:

“You're only given a little spark of madness. You mustn't lose it.” 

  -Robin Williams

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”) and the Securities and Exchange Board of India (“SEBI”), and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”), SEBI and High Court.

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

• MCA updates list of E-forms for providing waiver of additional fees vide an updated list
• SEBI mandates half yearly disclosures regarding loans, guarantees provided to promoters under the Compliance Report on Corporate Governance by listed entities

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of May 31, 2021 to June 04, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA updates list of e-forms for providing waiver of additional fees vide an updated list dated June 03, 2021

SEBI UPDATES

1. SEBI mandates half yearly disclosures regarding loans, guarantees provided to promoters under the Compliance Report on Corporate Governance vide Circular dated May 31, 2021
2. SEBI defers applicability of certain disclosures with respect to certain schemes vide Circular dated May 31, 2021
3. SEBI provides relaxation in compliances pertaining to Alternative Investment Funds (“AIFs”) and Venture Capital Funds (“VCFs”) vide Circular dated May 31, 2021
4. SEBI provides one-time relaxation pertaining to ‘Off-market’ transfer of securities by Foreign Portfolio Investors (“FPI”) vide Circular dated June 01, 2021
5. SEBI streamlines the process of Initial Public Offering (“IPOs”) with Unified Payment Interface (“UPI”) in Application Supported by Blocked Amount (“ASBA”) and redressal of investor grievances vide Circular dated June 02, 2021
6. SEBI enhances Overseas Investment Limits for Mutual Funds vide Circular dated June 03, 2021

JUDGEMENTS/ ORDERS

National Company Law Tribunal

1. National Company Law Tribunal allows the Restoration of M/s Armour Solutions Private Limited

SEBI

1. SEBI banned two Infosys employees from trading in stock market

HIGH COURT

1. Dr. Reddys Laboratories Limited withdraws the present suit to re-file a non-commercial suit
2. Petition filed by Steel Autnority of India against a Singapore based company was dismissed by the Delhi High
3. Petition filed by Indiabulls Commercial Credit Limited was dismissed, as the challenged order was limited to the issue of Section 102 of Cr.P.C (Code of Criminal Procedure)

SUPREME COURT

1. Supreme Court files Suo Motu Writ Petition for distribution of essential supplies and services during pandemic