Introduction

Edition 13/21-22

Week – June 28th to July 02nd

Quote for the week:

“The man who does not read good books has no advantage over the man who cannot read them.” 

-Mark Twain

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

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

1. MCA extends timelines and relaxes levying additional fees on filing of certain forms under the Companies Act, 2013 and Limited Liability Partnership (“LLP”) Act, 2008.
2. SEBI introduces cross margin benefit between Commodity Index futures and futures of its underlying constituents or its variants

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of June 28, 2021 to July 02, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA extends timelines and relaxes levying additional fees on filing of certain forms under the Companies Act, 2013 and LLP Act, 2008 vide General Circular No. 11/2021 dated June 30, 2021.
2. MCA extends relaxations in timeline for filing forms related to creation or modification of charges under Companies Act, 2013 vide General Circular No 12/2021 dated June 30, 2021.

SEBI UPDATES

1. SEBI amends, reviews, merges and introduces multiple regulations at its Board Meeting vide Press Release dated June 29, 2021.
2. SEBI introduces cross margin benefit between Commodity Index futures and futures of its underlying constituents or its variants vide Circular dated June 29, 2021.
3. SEBI relaxes timelines for compliance with regulatory requirements vide Circular dated June 30, 2021.
4. SEBI releases Master Circular for Commodity Derivatives Market dated July 01, 2021.

JUDGEMENTS/ ORDERS

NCLAT

1. NCLAT new Delhi set aside the NCLT order and dispensed with the convene the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors.

SEBI

1. SEBI imposed penalty on Company for violations of Clause 35 of the Listing Agreement.

HIGH COURT

1. Three interconnected petitions filed before the Delhi High Court were directed for speedy resolution under the Arbitration and Conciliation Act, 1996.
2. Suit was filed for recovery of payment due from Maharashtra State Police Housing & Welfare Corporation Limited.

SUPREME COURT

1. In view of common issues that arise in two Civil appeals, common judgement was passed by the Supreme Court.