Introduction

Edition 16/21-22

Week – July 19th to July 23rd

Quote for the week:

“Why shouldn’t I live every moment to the fullest? Why shouldn’t I admire the beauty in every fragment?”   

  -Atal Bihari Vajpayee

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

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

1. MCA issues new norms for name change pursuant to order of Government
2. SEBI provides relaxation to Debenture Trustees in complying with timelines under various regulatory requirements.
3. International Financial Services Centres Authority (“IFSCA”) issues guidelines for issuance of Certificate of Deposits (“CDs”)
4. Insolvency and Bankruptcy Board of India (“IBBI”) amends Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of July 19, 2021 to July 23, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA issues new norms for name change pursuant to order of Government vide Gazette Notification dated July 22, 2021 
2. MCA Notifies Section 4 of the Companies Amendment Act, 2020 vide Gazette Notification dated July 22, 2021  

SEBI UPDATES

1. SEBI provides relaxation to Debenture Trustees in complying with timelines under various regulatory requirements vide Circular dated July 20, 2021
2. SEBI issues Circular on segregation and monitoring of Collateral at Client Level vide Circular dated July 20, 2021
3. SEBI amends continuous disclosures in compliances by Infrastructure Investment Trusts (“InvITs”) vide circular dated July 22, 2021
4. SEBI amends continuous disclosures in compliances by Real Estate Investment Trusts (“REITs”) vide circular dated July 22, 2021

IFSCA UPDATES

1. IFSCA issues guidelines for issuance of Certificate of Deposits (“CDs”) vide Circular dated July 20, 2021
2. IFSCA issues International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021 vide Gazette Notification

IBBI UPDATES

1. IBBI amends Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 vide Gazette Notification dated July 22, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal Initiates Corporate Insolvency Resolution Process (“CIRP”) against M/s. Rajesh Estates and Nirman Private Limited

SEBI

1. SEBI imposes penalty on the promoters of M/s Geodesic Limited (“Company”) on account of failure to make event based disclosures under Takeover Code and Insider Trading Regulations

HIGH COURT

1. Suit filed by Snapdeal against Futuretimes Techonologies was decreed in its favour
2. The dispute between Indian Ocean Energy Pte Limited and Bumi Geo Engineering Limited was referred to Singapore International Arbitration Centre (SIAC) to arbitrate

SUPREME COURT

1. Supreme Court partly allows the appeal filed by the Builder - M/s. Laureate Buildwell Private Limited