Introduction

Edition 20/21-22

Week – August 16th to August 20h

Quote for the week:

“Those who dare to fail miserably can achieve greatly” 

  -John F. Kennedy

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:

• MCA amends Companies (Appointment and Qualification of Directors) Rules, 2014
• SEBI issues new guidelines on Penalty for Repeated Delivery Default
• IFSCA issues Guidelines on Factoring and Forfaiting of Receivables

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of August 16, 2021 to August 20, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA amends Companies (Appointment and Qualification of Directors) Rules, 2014 vide Gazette Notification dated August 19, 2021
2. MCA amends Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019 vide Gazette Notification dated August 19, 2021

SEBI UPDATES

1. SEBI issues new guidelines on Penalty for Repeated Delivery Default vide Circular dated August 17, 2021

IFSCA UPDATES

1. IFSCA issues Guidelines on Factoring and Forfaiting of Receivables vide Circular dated August 17, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal allows the Restoration of M/s. Collective Growth Realty Private Limited

SEBI

1. SEBI withdrawn the proceeding under PFUTP Regulations as the Noticee was struck off by the Registrar of Companies

HIGH COURT

1. Dispute between SAIL and L&T arose which led to invocation of Arbitration clause as contained in the Agreement
2. Sprint Cars Private Limited denied the existence of invoices as also any liability to pay, Valo Automotive Private Limited was allowed to file amended plaint along with the documents and statement of truth