Summary of the General Circular issued by MCA dated 25/08/2021 MCA issues FAQs to clarify certain provisions with respect to Corporate Social Responsibility (CSR) The FAQs cover CSR applicability, its framework, expenditure, implementation, treatment of unspent amount and excess spend, disclosures and the enforcement of these provisions. Key highlights of the revised FAQ issued [...]
Summary of the notifications issued by MCA on 19/08/2021 Exemptions for specified persons willing to be appointed as an independent director from passing online proficiency test under Companies Act, 2013 and its Rules MCA has exempted the following candidates who are willing to be appointed as an Independent Director from passing the online proficiency [...]
August 12, 2021 Summary of the notification issued by the Central Government on 11/08/2021 Pre-Packaged Insolvency Resolution Process(IRP) for distressed Micro, Small and Medium Enterprises (MSMEs) under IBC, 2016 w.e.f 04/04/2021 The ordinance issued on 04/04/2021 w.r.t Pre-Packaged Insolvency Resolution Process(IRP) for distressed Micro, Small and Medium Enterprises (MSMEs) under IBC, 2016 has been [...]
Summary of the notifications and circulars issued by SEBI on 13/08/2021 SEBI amends disclosure requirements under Takeover Code w.e.f 01/04/2022 Listed entities are no longer required to file the details of the shareholding and voting rights of the promoter and/or by person, together with persons acting in concert with him/her, as on 31st March of every [...]
Summary of the Corrigendum issued by SEBI on 06/08/2021 SEBI extends the applicability of the amendments to LODR regulations to 01/01/2022 SEBI has extended the applicability of the amendments made to LODR Regulations vide its notification dated 03/08/2021 to 01/01/2022 (as against the earlier effective date of 03/08/2021). The gist of the amendment notification is reproduced here [...]
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 [...]