Introduction

Edition 21/21-22

Week – August 23rd to August 27^th

Quote for the week:

“All that we are is the result of what we have thought”   

  -Buddha

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”), 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 Frequently Asked Questions (FAQ’s) on Corporate Social Responsibility (CSR)
2. SEBI provides for modalities for implementation of the framework for Accredited Investors
3. IFSCA rolls out invitation for applications to set up International Trade Financing Services Platform (‘ITFS’) at International Financial Services Centre (‘IFSC’), GIFT SEZ, GIFT City, Gujarat

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of August 23, 2021 to August 27, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA issues Frequently Asked Questions (“FAQ’s”) on Corporate Social Responsibility (“CSR”) vide General Circular No 14/2021 dated August 25, 2021

SEBI UPDATES

1. SEBI provides for modalities for implementation of the framework for Accredited Investors vide Circular dated August 26, 2021

IFSCA UPDATES

1. IFSCA rolls out invitation for applications to set up International Trade Financing Services Platform (‘ITFS’) at International Financial Services Centre (‘IFSC’), GIFT SEZ, GIFT City, Gujarat vide Circular dated August 23, 2021

JUDGEMENTS/ ORDERS

SEBI

1. SEBI imposed penalty on Six individuals for violating Insider trading regulations
2. SEBI grant exemption from making open offer obligations under Takeover Regulations

HIGH COURT

1. Sole Arbitrator was appointed to resolve the dispute between the parties’ over work of security/guarding services
2. Embassy of India, Washington DC provides BLS with VISA Services, which gives rise to controversy between BLS and Digicall

SUPREME COURT

1. Division Bench of Delhi High Court’s right to refuse to accept a legally valid irrevocable Bank Guarantee, issued by Industrial and Commercial Bank of China (ICBC) was questioned