The Monthly Digest- July 2021

August 1, 2021by admin0
https://www.maheshwariandco.com/wp-content/uploads/2021/02/logo-6.png
https://www.maheshwariandco.com/wp-content/uploads/2021/07/news.jpg

MINISTRY OF CORPORATE AFFAIRS

‘INCREASING EFFICIENCY IN DECISION MAKING IN GOVERNMENT

The MCA vide notification dated 05.08.2021 has amended section 2 (1) (c) of Companies (Registration of Foreign Companies) Amendment Rules, 2021. The amendment has been performed by inserting the explanation of electronic based offering of securities, subscription thereof or listing of securities in the International Financial Services Centers. Read More

AMENDMENT OF SECTION 393A OF COMPANIES ACT, 2013

The MCA has amended the section 393 A of the Companies Act, 2013. The said provision now exempts the foreign companies and such other companies that are incorporates or are to be incorporates outside India, from the provisions of section 387 to section 392. Read More

ABOUT US

MAHESHWARI AND CO. is a full service Law Firm that represents its clients in a number of complex and high value transactions. The Firm has an expertise and vast experience across various areas of practise including Corporate & Commercial Law, mergers & acquisitions, intellectual property rights, taxation, Litigation and Arbitration, Insolvency & Bankruptcy and Immigration. The Firm has done extensive work in sectors which includes Automotive, F& B, Pharmaceuticals and Healthcare, Start-ups, e-commerce, Banking and finance, Infrastructure, Real Estate, Information Technology, Power and Telecom.

TRAINING
Ms. Jyotsna Chaturvedi , Head – Corporate Practice

was delighted to be invited to conduct a training program on “Legal Basics for a Successful Business in Germany” along with Markus Hoffmann-von Wolffersdorff, Partner, KNPP (a leading law firm based in Germany) in association with CONOSCOPE(R) GMBH.

INSOLVENCY AND BANKRUPTCY CODE

PASSING OF INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) BILL, 2021

On July 28th, 2021, the Rajya Sabha enacted the Insolvency and Bankruptcy Code (Amendment) Bill, 2021, which provides effective insolvency remedies for micro, small, and medium companies (MSMEs). The bill contains processes that are both cost-effective and beneficial to the stakeholders. The Bill includes the procedures that are cost-effective and value-maximizing for the stakeholders. Read More

ORDER BY THE DISCIPLINARY COMMITTEE OF INSOLVENCY AND BANKRUPTCY BOARD OF
INDIA

The Disciplinary Committee of Insolvency and Bankruptcy Board of India has issued an order dated 22nd July, 2021. This order is in regards with the matter of Mr. Manish Kumar Gupta who is an Insolvency Professional. The violation of Section 208(2) (a) of the Code and various other provisions. Through the order, Mr. Manish Kumar Gupta have been imposed with a penalty and is also restrained from rendering any services under the Code for 12 months. Read More

SECURITIES EXCHANGE BOARD OF INDIA

‘SECURITIES CONTRACTS (REGULATION) SECOND AMENDMENT) RULES, 2021

The Securities Exchange Board of India (SEBI) published the Securities Contracts (Regulation) and Second Amendment) Rules, 2021. The amendment was performed under the Rule 19A of the Act. This Rule 19A provides for the maintenance of minimum public shareholding. The Rule now provides exemption to the listed public sector company from the provisions of this rule. Read More

ADJUDICATION ORDER IN THE CASE OF RITESH INTERNATIONAL LIMITED

In the case of trading/dealings of Ritesh International Limited an order was passed. The adjudicating officer at SEBI ordered a fine of Rs. Two lakh on Rajiv and Anita Arora under the provisions of Section 15A (b) of the Securities Exchange Board of India (SEBI) Act. The fine was imposed because the defendants violated the Regulations 29(2) r/w 29(3) of the SAST Regulations. Read More

SETTLEMENT ORDER

The Securities Exchange Board of India issued a settlement order against Taurus Investment Trust Company. Along with this, five individuals have settled with SEBI. The issue was regarding exposure of the four schemes by the Taurus Investment Trust Company which had defaulted on payments. The Securities Exchange Board of India further agreed to settle the adjudication matter against them. The allegation imposed was that the company had failed to comply the clauses in relation to the investment valuation norms. Read More

https://www.maheshwariandco.com/wp-content/uploads/2021/07/news3.jpg

INSOLVENCY AND BANKRUPTCY CODE

IMPOSITION OF MONETARY PENALTIES

The Insolvency and Bankruptcy Board of India has issued a circular regarding the imposition of monetary penalties. This monetary penalty can be imposed on the professional members of the board under the clause 25(2) (d) of the Schedule to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. This penalty is to be imposed by the Disciplinary Committee. Further, the Bankruptcy Law Reforms Committee provided the flexibility in the imposition to the IP agencies. Read More

REPORT OF THE INSOLVENCY LAW COMMITTEE

The Insolvency Law Committee issued its report on pre-packaged insolvency resolution procedure. This report has several chapters that discuss the Pre-Packed Process and its principles. The report also mentions the eligibility as per Section 29A along with the pre-initiation requirements in different chapters. Read More

NOTIFICATION BY IB BOARD OF INDIA

The Insolvency and Bankruptcy Board of India (IBI) has issued a notification regarding the Model-Bye Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021. With this amendment they substituted the given sub-clause 5 in the clause 24 of the said of Insolvency and Bankruptcy Board of India (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021. Read More

https://www.maheshwariandco.com/wp-content/uploads/2021/07/news4.jpg

REAL ESTATE

OPEN PARKING SPACES IN MUMBAI
The issue is ongoing with the open parking spaces. In Mumbai, Maharashtra, the Maharashtra Real Estate Regulatory Authority (Maha RERA) provided notice to the developers regarding the same. The MahaRERA cleared that the developers are not allowed to sanction the allotted open parking spaces to the homebuyers in the city. Read More

LIC HOUSING FINANCE Q1
The LIC Housing Finance impairment has spiked to Rs 380 crore during the first quarter. The value last year was Rs. 56 crore. LIC HFL continued to expand its loan portfolio despite the additional provisions. In Q1 FY22, total disbursements increased by 143% year on year to 8,652 crore ($3,560 million). Read More

MAJOR INVESTMENT BY THE SIGNATURE GLOBAL GROUP

The Union Commerce & Industry Minister Piyush Goyal stated about the ‘ease of doing businesses in India. Upon reviewing the functioning of the Office of Controller General of Patents, Designs and Trademarks, Piyush Goyal said that with the smooth IPR registration process, the ease of business will develop in the country India. The reduction in filing fee for startups, MSMEs and for women entrepreneurs will help support them to start their entity. Read More

KEY MEMBERS

Mr. Vipul Maheshwari
vm@maheshwariandco.com
Ms. Jyotsna Chaturvedi
jyotsna@maheshwariandco.com

CONTACT US
DELHI

B 7/1, Safdarjung Enclave Extensi
New Delhi 110029
T: +91-11-4135-4615
E: info@maheshwariandco.com

MUMBAI

Level 8, Vibgyor Towers C-62,
Block-G, Bandra Kurla Complex
Mumbai 400098
T: +91-022-40907271

LUCKNOW

2nd Floor, YMCA Building 13,
Rana Pratap Marg. Lucknow
226001
T: +91-522-2205464, 2209390

RESERVE BANK OF INDIA

ANNOUNCEMENT OF OPEN MARKET PURCHASE OF GOVERNMENT OF INDIA SECURITIES

The Reserve Bank of India (RBI) has declared that open market purchases will be conducted. This open market purchase will be for Government of India securities having a value of Rs. 25,000 crores. The event will take place on August 12th, 2021. Read More

NOTIFICATION FOR LOANS AND ADVANCES- REGULATORY RESTRICTIONS

The Reserve Bank of India has issued a notice regarding Loans and Advances-Regulatory Restrictions. This notice is for All Scheduled Commercial Banks, All Small Finance Banks and All Local Area Banks. The notice includes clauses such as proposals for credit facilities, the meaning assigned to the term “personal loan”, “major shareholder” and “control” etc. The notice is undersigned by the Chief General Manager, Mr. Manoranjan Mishra Read More

NOTIFICATION TO NON- BANKS

The notification to the Non-banks has been issued by Reserve Bank of India in regards to the Centralised Payment Systems. The notice contains the contents such as the background, Direct Access for Non-banks to CPS, Eligibility etc. The aim of the Centralised Payment Systems (CPS) is to lower the overall risk in the payments ecosystem. The adaptability of the same will ease the process of payments. Read More

ACTION TAKEN ON MASTERCARD ASIA/PACIFIC PTE. LTD.
The Reserve Bank of India has taken supervisory actions regarding the MasterCard Asia/Pacific Pte. Ltd. The RBI imposed certain restrictions upon the entity. The imposition of restriction occurred because the entity failed to comply with the directions of Storage Payment System Data. According to RBI, the System Providers were directed the time period of six months to store the data in India only to which the entity failed to comply with. This particular order by RBI will not affect the existing customers. Read More

https://www.maheshwariandco.com/wp-content/uploads/2021/07/news5.jpg

INTELLECTUAL PROPERTY RIGHTS

E-REGISTER OF DESIGNS

The E-Register or electronic register for the Designs is now available on the website of the ipindia.gov.in. This register of Designs will simplify the process of searching the registration details of the said designs. Read More

SIMPLIFIED IPR REGISTRATION PROCESS

The Union Commerce & Industry Minister Piyush Goyal stated about the ‘ease of doing businesses in India. Upon reviewing the functioning of the Office of Controller General of Patents, Designs and Trademarks, Piyush Goyal said that with the smooth IPR registration process, the ease of business will develop in the country India. The reduction in filing fee for startups, MSMEs and for women entrepreneurs will help support them to start their entity. Read More

NOTIFICATION TO NON- BANKS

The notification to the Non-banks has been issued by Reserve Bank of India in regards to the Centralised Payment Systems. The notice contains the contents such as the background, Direct Access for Non-banks to CPS, Eligibility etc. The aim of the Centralised Payment Systems (CPS) is to lower the overall risk in the payments ecosystem. The adaptability of the same will ease the process of payments. Read More

ACTION TAKEN ON MASTERCARD ASIA/PACIFIC PTE. LTD.
The Reserve Bank of India has taken supervisory actions regarding the MasterCard Asia/Pacific Pte. Ltd. The RBI imposed certain restrictions upon the entity. The imposition of restriction occurred because the entity failed to comply with the directions of Storage Payment System Data. According to RBI, the System Providers were directed the time period of six months to store the data in India only to which the entity failed to comply with. This particular order by RBI will not affect the existing customers. Read More

https://www.maheshwariandco.com/wp-content/uploads/2021/07/news5.jpg

Thank you for reading!

We will be back in your inbox next month with more updates. Till then, stay safe
and follow us on LinkedIn and Facebook to get regular update

Law Firms in India
B-7/1, Safdarjung Enclave Extn. New Delhi - 110029 INDIA
+91.11.26101906, 41354615

BRANCH OFFICES
Mumbai | Lucknow | Gurugram

NETWORK OFFICES
Bengaluru | Pune | Hyderabad
Chennai | Kolkata

Leave a Reply

Your email address will not be published. Required fields are marked *

OUR LOCATIONSWhere to find Us
https://www.maheshwariandco.com/wp-content/uploads/2021/03/world-map.png

Stay Connect with Us

^ BACK TO TOP

@ 2021 Copyright by Maheshwari and Co. All Rights Reserved. | Designed & Developed By V Spark Communications Pvt. Ltd.

Stay Connect with Us

@ 2021 Copyright by Maheshwariandco.com. All rights reserved.

DISCLAIMER

As per the norms set by the Bar Council of India, law firms are not authorized to solicit work and publicize. All the information, publications and legal commentary provided on www.maheshwariandco.com is for illustrative purposes only and should not be regarded or relied upon as legal advice. While the content provided is accurate as at the date of first publication, it is updated frequently when laws and regulations change. The site clearly states it is not intended to be a source of advertising or solicitation, nor is it an invitation for a lawyer-client relationship, and transmission, receipt or use of the site does not constitute or create a lawyer-client relationship.

By clicking the “I Agree” button and retrieving information from the website, the user accepts that he/she is doing it out of free will and any reliance on the information contained on www.maheshwariandco.comis solely at the user’s own risk. Specific legal advice should always be obtained before acting upon any information or commentary provided on the site. Further, the recipients of content from the site should not act, or refrain from acting, based upon any or all of the contents on the site