Summary of the notifications issued by MCA and SEBI on 05/08/2021 Government relaxes fund raising norms under Companies Act, 2013 for foreign companies in International Financial Services Centres(IFSCs) located in a SEZ. Government exempts applicability of sections 387 to 392 (both inclusive) of the Companies Act to the following:- (a) foreign companies; (b) companies [...]
Summary of the notification issued by SEBI on 03/08/2021 SEBI amends LODR regulations Key highlights of the amendment are: 1. Criteria for ascertaining pecuniary relationship between the Independent Director(ID) and the listed entity, its holding, subsidiary or associate company, or its promoters, or directors is redefined. 2. Shareholders’ approval Appointment of a Director: The [...]
Summary of the circular issued by IBBI on 28/07/2021 IBBI prescribes Minimum and Maximum limits w.r.t imposition of monetary penalty by Disciplinary Committee on an Insolvency Professional Agency (IPA) IBBI requires an IPA to amend its bye-laws, indicating the monetary penalty threshold limits, which can be imposed by its Disciplinary Committee, for various contraventions by [...]
Summary of the Circular issued by SEBI on 23/07/2021 Extension of timeline for holding AGMs by top 100 listed entities by Market Capitalisation SEBI has extended the timeline for conducting AGMs by top-100 listed entities by market capitalization to Six months (as against Five months) from the date of closing of the financial year [...]
Summary of the notifications issued by MCA and IBBI on 22/07/2021 Commencement of an amendment notified with respect to rectification of name of the Company under the Companies Act, 2013 w.e.f 01/09/2021 Company to change its name within a period of 3 months (as against 6 months), upon the receipt of the direction of the [...]
Summary of the circular issued by IBBI on 20/07/2021 IBBI notifies the format of Form CIRP-8 to be filed under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Further to recent amendment to the CIRP Regulations, which requires the Resolution Professional (RP) to file Form CIRP 8 intimating details of his/her opinion [...]
Summary of the notification issued by IBBI on 14/07/2021 IBBI amends IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 with immediate effect Key Highlights of the amendment are as follows: Appointment of an Insolvency Professional (IP) as an Interim Resolution Professional (IRP): An IP shall be eligible to be appointed as an IRP [...]
Summary of the guidance note issued by the Stock Exchange on 09/07/2021 Additional disclosures to Stock Exchanges by companies undergoing Corporate Insolvency Resolution Process(CIRP) under IB Code, 2016 Through this guidance note, the Stock Exchanges, in consultation with SEBI, requires the Insolvency Professional to submit following disclosures to the Exchange, with respect to [...]
Summary of the notifications and clarification issued by MCA and Stock Exchanges on 30/06/2021 and 29/06/2021 respectively MCA extends the timeline for filing certain forms under the Companies Act, 2013 and LLP Act, 2008 MCA has extended the timeline granted vides its earlier circular dated 03/05/2021. Therefore, For forms other than CHG-1, CHG-4 and [...]
Summary of the guidelines issued by IBBI IBBI notifies Technical Standards to be adhered to by the Information Utilities under IBBI (Information Utilities) Regulations, 2017 IBBI has notified the Technical Standards, as prescribed under Regulation 13 of the said Rules, to ensure and enforce the reliability, confidentiality and security of financial information to be [...]