Introduction

Edition 25/21-22

Week – September 20th to September 24h

Quote for the week:

“The greatest wealth is to live content with little”   

  - Plato

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”) and the Securities and Exchange Board of India (“SEBI”) 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 grants extension of time for holding of Annual General Meeting (“AGM”) for the financial year ended March 31, 2021;
2. SEBI issues clarifications with respect to alignment of interest of Key Employees (“Designated Employees”) of Asset Management Companies (“AMCs”);

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of September 20, 2021 to September 24, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA grants extension of time for holding of Annual General Meeting (“AGM”) for the financial year ended March 31, 2021

SEBI UPDATES

1. SEBI issues clarifications with respect to alignment of interest of Key Employees (“Designated Employees”) of Asset Management Companies (“AMCs”) vide Circular dated September 20, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal initiates Corporate Insolvency Resolution Process (“CIRP”) against M/s. VVF (India) Limited

SEBI

1. SEBI imposes penalty on the Noticees under SCRA relation to off-market transaction

HIGH COURT

1. Aggrieved by unilateral appointment of a retired Chief Engineer of the Public Works Department, Government of Maharashtra, as the sole arbitrator on the disputes, Larsen and Toubro Limited files Petition

SUPREME COURT

1. Supreme Court quashes the judgement and order passed by the High Court of Punjab and Haryana, in case of allocation of Coal Blocks