The Monthly Digest- Oct 2021

November 19, 2021by admin0
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MINISTRY OF CORPORATE AFFAIRS

  1. Relaxation in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency)

The Ministry of Corporate Affairs have extended the timeline for filing the Statement of Account and Solvency without paying the additional fees by the Limited Liability Partnerships (LLPs). The step was taken because of the challenges faced by the LLPs during COVID-19. The last date now is 30th December, 2021. [1]

  1. Relaxation on levy of additional fees in filing of e-forms AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4, Non-XBRL and MGT-7/MGT-7A for the financial year

The Ministry of Corporate Affairs has relaxed the levy of additional fees for the annual financial statement filings that are required to be done for the financial year ending on 31st October 2021. Only normal fees shall be payable till the said date.[2]

  1. Extension of the last date of Cost Audit Report to the BOD

The Ministry of Corporate Affairs have extended the last date of filing the Cost Audit Report to the Board of Directors under the Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014-reg. The date has now been 30th November, 2021. [3]

  1. Revision of Form MGT-7/MGT-7A

The Form MGT-7/MGT-7A is likely to be revised. This revision will be reflected on the MCA21 Company Forms Download page effective from 14th October, 2021.[4]

*RESERVE BANK OF INDIA*

  1. Scale Based Regulation (SBR): A Revised Framework for NBFCs

A notice has been issued by the Reserve Bank of India (RBI) to implement the revised regulatory framework for Non-Banking Financial Company (NBFCs).The notice was issued for public comments on January 22, 2021 and the decision to implement has been taken on those comments.[5]

  1. Release of Master Direction on Prudential Regulation for AFIs-2021

Reserve Bank of India has placed the Draft Reserve Bank of India (Prudential Regulations on Basel III Capital Framework, Expose Norms Significant Investments, Classification, Valuation and Operation of Investment Portfolio Norms and Resource Raising Norms for All India Financial Institutions.) Directions, 2021.[6]

  1. RBI imposes monetary penalty on Vasai VikarSahakari Bank Ltd., Vasai, Maharashtra

With the order dated October 26th, 2021 the Reserve Bank of India imposed a monetary penalty amounting to INR 90 lakh on Vasai Vikas Sahakari Bank Ltd., Vasai, Maharashtra. The penalty was imposed due to non-compliance with the directions issued by the RBI on ‘Management of Advances – UCBs”, “Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’.[7]

  1. Priority Sector Lending-Banks’ lending to NBFCs for on-lending-Extension of facilities

The facility of bank lending to NBFCs has been extended till March 31 2022. The extension was notified through the Master Directions (MD) on PSL dated September 4th, 2020. The extension decision took place keeping in view the increased traction observed in delivering the credit to the underserved segments of the economy. The notice also stated that the bank loans to HFCs for on-lending for housing will continue.[8]

*SECURITIES AND EXCHANGE BOARD OF INDIA *

  1. Adjudication order- M/S Jaypee Capital Service Limited

SEBI released an adjudicating order in respect of M/S Jaypee Capital Service Limited. The order states that the adjudicating proceeding against Noticee viz. Jaypee Capital Services Limited, initiated vide the Show Cause notice, stands disposed of without imposition of any penalty.[9]

  1. Exemption order under regulation 11 of SEBI (SAST) Regulations, 2011

In the matter of Supreme Court Holdings & Hospitality (India) Limited, the Securities Exchange Board of India has shared an exemption order. The order states that exemption has been granted on five certain conditions. Further, it has been stated that the exemptions granted is limited to the requirements and shall not be construed as exemption from the disclosure requirements of any other applicable acts.[10]

  1. Adjudication order- Meeta Kapoor

SEBI released an adjudicating order in respect of Meeta Kapoor. In the matter of investigation in the scrip of Golden Capital Services Limited, a penalty of Rs. One lakh was imposed on the noticee This order was imposed in terms of Section 15 A(b) of the SEBI Act for failure to make disclosures in the terms provided in Regulation 29(2) read with Regulation 29(3) of SAST Regulations.[11]

  1. Order released regarding recovery proceedings against Annex Tradelinks Pvt. Ltd.

In the matter of illiquid stock options at BSE, an order was imposed to release the Bank accounts, Demat accounts and mutual fund folios. A recovery certificate was also drawn up by the Recovery Officer in the proceedings. SEBI has recovered the amount of INR 10,54,809 that includes interest and costs towards the full settlement.[12]

  1. Notice of attachment of Bank Accounts and Demat Accounts

A notice has been sent to the defaulter Arihant Threads Ltd. towards the penalty of sum of Rs. 5,84,671. The penalty is imposed in the matter of Non-Redressal of Investor Grievances along with the interest. The notice of attachment was issued under the Section 28A(1)(b), 11(2) (ia) of SEBI Act, 1992. [13]

  1. Remittance advice in the matter of Delight Handicrafts Palace Ltd.

Remittance advice was issued in the matter of Delight Handicrafts Palace Ltd. The advice was issued to remit the amount to the extent of Rs. 5,41,066. This order was issued in exercise of the powers conferred under Section 28A of the SEBI Act, 1992 read with the Section 226(3) of the Income Tax Act, 1961.[14]

*INTELLECTUAL PROPERTY RIGHTS *

  1. Extension of deadline to submit comments on Delhi High Court Intellectual Property Rights Division Rules, 2021

The Delhi High Court extended the deadline for the submission of the suggestions and comments on the proposed Delhi High Court Intellectual Property Rights Division Rules, 2021. The new deadline for the submission is 10th November 2021.[15]

  1. Public Notice

A public notice was issued by the Office of CGPDTM, Mumbai in the matter of Suo Motu Writ Petition (civil) No. 3 of 2020. The Supreme Court imposed directions regarding computing period of limitation for any suit, appeal, application; expiration of limitation period and the exclusion of the said period.[16]

 

*FOREGIN DIRECT INVESTMENT*

  1. FDI inflows grows 62% during the first four months of current Financial Year

The FDI policy was reformed through certain measures taken by the Government to reform the investment facilitation and ease of doing business. This resulted in the increased FDI inflows into the country. The FDI equity inflows was +112% over same period.[17]

  1. Government to start and institutionalise a 24 hours helpline for assistance to exporters

The Minister of Commerce & Industry, Shir Piyush Goyal announced to start a 24-hour helpline for the assistance of exporters and resolution of issues. This decision was taken in the light of the Azadi ka Amrit Mahotsav to help investments in India.[18]

  1. Government receives Maximum FDI proposals from nations sharing-borders with India

The Government of India received maximum proposals from neighbouring countries for FDI proposals. Most of the proposals were inclined towards certain industries such as manufacturing of heavy equipment, automobiles and auto components, computer software and hardware etc. The interested neighbouring countries are China, Bangladesh, Pakistan, Bhutan, Nepal etc.[19]

  1. Telecom licensing rules to be revamped

The Government has stated that they will now focus on rationalizing the regulatory licensing for the telecom sector. The process of the same has begun and the Government is focused to ease the procedure. The Department of Telecommunication (DoT) is also likely to drop the lawsuit against the telecom providers over spectrum changes charges.[20]

*INFORMATION TECHNOLOGY*

  1. Delhi High Court orders Twitter to remove objectionable content related to Hindu Goddess

The High Court of Delhi ordered social media platform Twitter to remove the objectionable content related to Hindu Goddess. The petition was filed by a lawyer against such objectionable posts stating that the posts have shaken the collective conscience of the followers and practitioners of Hinduism. An appropriate action under the Information Technology Act, 2000 has been sought by the petitioner.[21]

  1. Organisation of a panel on ‘AI PeCharcha’ by the Government

The Government of India is organizing a session of ‘AI PeCharcha’ that involves a series of panel discussions with industry leaders. The discussion will take place around ‘AI for Data-Driven Governance’. The notification was announced by the Union Ministry of Electronics and information technology (MeitY).[22]

  1. Karnataka gambling law case

The Karnataka legislature passed a legislation in order to amend the Karnataka Police Act, 1963. The amendment was made to make all forms of gambling including online a cognizable and non-bailable offence. A similar law was introduced in Tamil Nadu, Kerala and Telangana. Further, an FIR was registered against sports platform Dream 11 for running a gaming house. [23]

[1] https://www.mca.gov.in/bin/dms/getdocument?mds=D6JwDgXJxJkSj9vnkrkNZw%253D%253D&type=open

[2] https://www.mca.gov.in/bin/dms/getdocument?mds=osdCvwS9QzyTDgXk3q%252BtPQ%253D%253D&type=open

[3] https://www.mca.gov.in/bin/dms/getdocument?mds=EtMvdSMh0MUZEEuy06J%252FHw%253D%253D&type=open

[4] https://www.mca.gov.in/content/mca/global/en/notifications-tender/news-updates/updates.html

[5] https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12179&Mode=0

[6] https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52452

[7] https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52465

[8] https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12177&Mode=0

[9] https://www.sebi.gov.in/enforcement/orders/oct-2021/adjudication-order-in-respect-of-m-s-jaypee-capital-services-limited-_53658.html

[10] https://www.sebi.gov.in/enforcement/orders/oct-2021/exemption-order-under-regulation-11-of-sebi-sast-regulations-2011-in-the-matter-of-supreme-holdings-and-hospitality-india-limited_53653.html

[11] https://www.sebi.gov.in/enforcement/orders/oct-2021/adjudication-order-in-respect-of-meeta-kapoor-in-the-matter-of-investigation-in-the-scrip-of-golden-capital-services-limited_53642.html

[12] https://www.sebi.gov.in/enforcement/recovery-proceedings/oct-2021/rc-no-2537-release-order-dated-29-10-2021-recovery-proceedings-under-r-c-no-2537-against-annex-tradelinks-pvt-ltd-now-known-as-sunnyside-trading-pvt-ltd-in-the-matter-of-illiquid-stock-opti-_53621.html

[13] https://www.sebi.gov.in/enforcement/recovery-proceedings/oct-2021/notice-of-attachment-of-bank-accounts-and-demat-accounts-7622-and-7623-dated-october-28-2021-against-arihant-threads-ltd-defaulter-pan-not-available-in-the-matter-of-non-redressal-of-investor-grie-_53599.html

[14] https://www.sebi.gov.in/enforcement/recovery-proceedings/oct-2021/remittance-advice-delight-handicrafts-palace-ltd-in-the-matter-of-delight-handicrafts-palace-ltd-_53556.html

[15] https://spicyip.com/2021/10/delhi-high-court-extends-the-deadline-to-submit-comments-on-delhi-high-court-intellectual-property-rights-division-rules-2021.html

[16] https://ipindia.gov.in/writereaddata/Portal/News/759_1_Public_Notice_03-10-2021.pdf

[17] https://dpiit.gov.in/sites/default/files/pressRelease_FDI_22Septermber2021.pdf

[18] https://dpiit.gov.in/sites/default/files/pressRelease_BrandIndia_20September2021.pdf

[19] https://www.fdi.finance/news/indian-govt-receives-max-fdi-proposals-from-nations-sharing-borders-with-india

[20] https://www.fdi.finance/news/telecom-licensing-rules-to-be-revamped

[21] https://www.siasat.com/delhi-hc-asks-twitter-to-remove-objectionable-content-related-to-hindu-goddess-2216844/

[22] https://www.hindustantimes.com/india-news/ai-pe-charcha-centre-organises-session-to-discuss-ai-driven-governance-101635399350548.html

[23] https://indianexpress.com/article/explained/karnataka-gambling-law-ambit-hc-challenge-online-gambling-7598101/

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