Introduction

Edition 19/21-22

Week – August 09th to August 13th

Quote for the week:

“A fundamental concern for others in our individual and community lives would go a long way in making the world the better place we so passionately dreamt of”   

  -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 International Financial Services Centres Authority (“IFSCA”) 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:

• MCA amends Schedule III of Companies Act on disclosure norms in financial statements
• SEBI issues Operational Circular for issue and listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper
• IFSCA issues clarifications regarding International Financial Services Centres Authority (Finance Company) Regulations, 2021

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of August 09, 2021 to August 13, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA amends Schedule III of Companies Act on disclosure norms in financial statements vide Press release dated August 10, 2021

SEBI UPDATES

1. SEBI extends calendar spread margin benefit in commodity futures contracts vide Circular dated August 09, 2021
2. SEBI issues Operational Circular for issue and listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper dated August 10, 2021

IFSCA UPDATES

1. IFSCA issues clarifications regarding International Financial Services Centres Authority (Finance Company) Regulations, 2021 vide Circular dated August 09, 2021
2. IFSCA issues guidelines on Corporate Governance and Disclosure Requirements for a Finance Company vide Circular dated August 09, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal Initiates Corporate Insolvency Resolution Process (“CIRP”) against M/s. Schema Enterprises Private Limited

SEBI

1. SEBI imposes penalty on employee of Infosys Ltd (“Company”) under insider trading regulations. 12

HIGH COURT

1. Bentwood Seating System Private Limited files an appeal under Section 37 of the Arbitration and Conciliation Act, 1996 
2. Delhi High Court directed that that Arbitrator either has to be appointed with the consensus of the parties or by the Court

SUPREME COURT

1. Pratap Technocrats Private Limited files an appeal under Section 62 of the Insolvency and Bankruptcy Code (“IBC”)