Introduction

Edition 17/21-22

Week – July 26th to July 30th

Quote for the week:

“Lead from the back – and let others believe they are in front”   

  -Nelson Mandela

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 Insolvency and Bankruptcy Board of India (“IBBI”), and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”), 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 issues Clarification on spending of CSR funds for COVID-19 vaccination
2. SEBI mandates Registrar and Transfer Agents of Mutual Funds (“RTAs”) to implement inter operable platforms
3. IBBI directs Insolvency Professional Agencies (“IPA”) to amend their bye laws in respect to provisions regarding monetary penalty

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of July 26, 2021 to July 30, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA issues Clarification on spending of CSR funds for COVID-19 vaccination vide General Circular No 13/2021 dated July 30, 2021

SEBI UPDATES

1. SEBI mandates Registrar and Transfer Agents of Mutual Funds (“RTAs”) to implement inter operable platforms vide Circular dated July 26, 2021
2. SEBI brings modifications in Deployment of unclaimed redemption and dividend amounts and Instant Access Facility in Overnight Funds vide Circular dated July 30, 2021
3. SEBI issues clarification with respect to Intra-Day Net Asset Value (NAV) for transactions in units of Exchange Traded Funds directly with Asset Management Companies vide Circular dated July 30, 2021
4. SEBI amends the SEBI (Infrastructure Investment Trusts) Regulations, 2014 vide Gazette Notification dated July 30, 2021
5. SEBI amends the SEBI (Real Estate Investment Trusts) (“REIT”) Regulations, 2014 vide Gazette Notification dated July 30, 2021
6. SEBI amends the SEBI (Bankers to an Issue) Regulations, 1994 vide Gazette Notification dated July 30, 2021
7. SEBI issues relaxations in timelines for compliance with regulatory requirements vide Circular dated July 30, 2021

IBBI UPDATES

1. IBBI amends Guidelines for Technical Standards for the Performance of core services and other services vide Notification dated July 26, 2021
2. IBBI directs Insolvency Professional Agencies (“IPA”) to amend their bye laws in respect to provisions regarding monetary penalty vide Circular dated July 28, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal allows the Restoration of M/s Dawar Builders Private Limited

NCLAT

1. National Company Law Appellate Tribunal (NCLAT) New Delhi dismisses the appeal made ANR International Pvt. Ltd. (Corporate Debtor) under section 61 of Insolvency and Bankruptcy Code, 2016 (Code)

SEBI

1. SEBI imposes penalty on M/s. ABT Investments (India) Private Limited (“Company”) on account of failure to make disclosures under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR 2015”)

HIGH COURT

1. Delhi High Court refers dispute between Altrade Hospitality and VA Tech Ventures to Delhi International Arbitration Centre (DIAC)
2. Larsen & Toubro Limited files petition in grievance of erroneous interpretation of Section 28 of the Contract Act, 1872

SUPREME COURT

1. Orator Marketing Private Limited preferred an appeal to the Supreme Court under Section 62 of the Insovency and Bankruptcy Code, 2016, against the final judgment and order of the National Company Law Appellate Tribunal (NCLAT), New Delhi