Introduction

Edition 36th 21-22

Week –December 06th to December 10th

Quote for the week:

“Remember, today is the tomorrow you worried about yesterday”  

  - Dale Carnegie

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 Securities and Exchange Board of India (“SEBI and critical judgements and orders passed by High Court and Supreme Court.

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

1. MCA issues clarification on conducting Annual General Meeting (“AGM”) through Video Conferencing (“VC”) or Other Audio Visual Means (“OAVM”)
2. SEBI mandates Transaction in Corporate Bonds through Request for Quote platform by Portfolio Management Services (“PMS”)

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of December 06, 2021 to December 10, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA issues clarification on conducting Annual General Meeting (“AGM”) through Video Conferencing (“VC”) or Other Audio Visual Means (“OAVM”) vide Circular dated December 08, 2021
2. MCA issues clarification on conducting Extraordinary General Meeting (‘EGM”) through Video Conferencing (“VC”) or Other Audio Visual Means (“OAVM”) vide Circular dated December 08, 2021

SEBI UPDATES

1. SEBI amends and issues Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2021 vide Notification date December 06,2021
2. SEBI mandates transaction in Corporate Bonds through request for quote platform by Portfolio Management Services (“PMS”) vide Circular dated December 09, 2021
3. SEBI issues clarification on usage of pool accounts by the Mutual Funds vide Circular dated December 10, 2021
4. SEBI issues clarification regarding amendment to SEBI (Portfolio Managers) Regulations, 2020 (“PMS regulations”) vide circular dated December 10, 2021

JUDGEMENTS/ ORDERS

SEBI

1. If a Company gets dissolved/strucked off the adjudication cannot be proceeded and should be disposed off

HIGH COURT

1. Arbitrator was requested to decide the petition filed by Aditya Birla Finance Limited under Section 17 of the Arbitration and Conciliation Act, 1996

SUPREME COURT

1. Supreme Court directs that the additional surcharge already recovered from the captive consumers/captive users shall be adjusted in the future wheeling charges bills