Introduction

Edition 28/21-22

Week – October 11th to October 15th

Quote for the week:

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows” 

  - George Orwell

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 Securities and Exchange Board of India (“SEBI”), 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:

1. SEBI issues Revised Formats for Limited Review/ Audit Report for issuers of nonconvertible securities;

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of October 11, 2021 to October 15, 2021.

Thank you,

Swift team

Table of Contents

 REGULATORY UPDATES

SEBI UPDATES

1. SEBI issues Revised Formats for Limited Review/ Audit Report for issuers of nonconvertible securities vide circular dated October 14, 2021
2. SEBI streamlines the process of issuance of SEBI Complaints Redress System (“SCORES”) Authentication for companies intending to list their securities on SEBI recognized stock exchanges vide Circular dated October 14, 2021

JUDGEMENTS/ ORDERS

NCLT

1. National Company Law Tribunal accepts modified resolution plan filed by Resolution Professional (“RP”) for Corporate Insolvency Resolution Process (“CIRP”) filed against M/s. Bohra Industries Limited

SEBI

1. SEBI disposes the adjudication proceeding against BP Fintrade for alleged violation of provisions of SEB (PFTUTP) regulations

HIGH COURT

1. Morgan Securities and Credits Private Limited files an appeal challenging the Order passed by the Delhi High Court under Section 9 of the Arbitration and Conciliation Act, 1996
2. Dispute arises between parties over Aircraft Charter Agreements (ACAs)