Introduction

Edition 10/21-22

Week – June 07th to June 11th

Quote for the week:

“Most people can't. Most people don't even know it's out there, but it is.” 

  -Ken Miles

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”), SEBI and High Court.

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

1. The facility of Shops and Establishment Registration introduced through the addition of Form AGILE – PRO – S. Thus, Shops and Establishment Registration needs to be obtained at the time of Incorporation only.
2. SEBI mandates Mutual Funds to classify debt schemes on credit, interest rate risk basis to help investors to make an informed decision while investing in a mutual fund schemes
3. IFSCA issues clarification on framework for enabling ancillary services at International Financial Services Centres

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of June 07, 2021 to June 11, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA amends Companies (Incorporation) Rules, 2014 vide Gazette Notification dated June 07, 2021

SEBI UPDATES

1. SEBI mandates Mutual Funds to classify debt schemes on credit, interest rate risk basis vide Circular dated June 07, 2021

IFSCA UPDATES

1. International Financial Services Centres Authority (“IFSCA”) issues clarification on framework for enabling ancillary services at International Financial Services Centres  vide Circular dated June 10, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal allows the petition and orders wind-up of Devas Multimedia Private Limited

SEBI

1. SEBI imposed penalty on Noticees who acted as person acting in concert for not making disclosures under SAST regulations

HIGH COURT

1. Delhi High Court allows the suit and refers the parties to the dispute for Arbitration as per the Arbitration Agreement
2. Thar Camps Private Limited urges the Delhi High Court to “lift the corporate veil” in its Petition