Introduction

Edition 33/21-22

Week – November 15th to November 19th

Quote for the week:

“Great things never came from comfort zones”  

- Anonymous

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 Insolvency Bankruptcy Board of India (“IBBI”), and critical judgements and orders passed by the SEBI, High Court and Supreme Court.

The Regulatory authorities provided various updates/relaxations, some of which being:

1. SEBI amends Master Circular on framework for Schemes of Arrangement by listed entities
2. IBBI issues clarification regarding obtaining No Objection Certificate or No Dues Certificate from the Income Tax Department during Voluntary Liquidation Process

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of November 15, 2021 to November 19, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

SEBI UPDATES

1. SEBI amends Master Circular on framework for Schemes of Arrangement by listed entities vide Circular dated November 16, 2021 and subsequent addendum dated November 18, 2021
2. SEBI amends the SEBI (Intermediaries) Regulation, 2008 vide Gazette Notification dated November 17, 2021

IBBI UPDATES

1. IBBI issues clarification regarding obtaining No Objection Certificate or No Dues Certificate from the Income Tax Department during Voluntary Liquidation Process

JUDGEMENTS/ ORDERS

1. Disclosure under SEBI SAST Regulation is applicable when shares are transferred pursuant to amalgamation

HIGH COURT

1. M/s. Renewable Energy Systems Limited’ petition was dismissed for want of merit and the claims raised were barred by limitation

SUPREME COURT

1. Supreme Court directs the Oriental Insurance Co. Limited to deposit the amount before the Registry, as it finds no merit in the Civil Appeal