The Monthly Digest- Febuary 2022 – SECURITIES EXCHANGE BOARD OF INDIA (SEBI)

February 28, 2022by admin0
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SECURITIES EXCHANGE BOARD OF INDIA (SEBI)

A Quick Snapshot

RELEASE ORDER FOR KAVVERI TELECOM PRODUCTS LTD.

SEBI has issued a release order in the matter of Kavveri Telecom Products Ltd. stating that SEBI has recovered a sum of Rs. 5,93,548.00 including interest and costs towards full and final settlement. The release order includes release of Bank Accounts/Lockers/Gold, Demat Accounts and Mutual Fund Folios. Read More

ADJUDICATION ORDER IN THE MATTER OF RAVI KUMAR DISTILLERIES LIMITED

SEBI has disposed an adjudication proceeding against the Notices, vide SCN dated February 28,2019. The regulatory body conducted an examination of Ravi Kumar Distilleries Limited, a company listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Read More

MATTER OF SYNERGY BIZCON LIMITED

SEBI conducted an investigation in the trading activities in the scrip of Synergy Bizcon Limited for the period of May 26, 2015 to October 14, 2016. The investigation was for possible violations, if any of the provisions of SEBI Act, 1992 and rules and regulations made thereunder. Read More

CORRIGENDUM TO MASTER CIRCULAR FOR DEPOSITORIES

SEBI with the master circular no. SEBI/HO/MRD2/DDAP/CIR/P/2021/18 notified that in the event of death of Karta of HUF, the name of the deceased Karta in the Beneficial Owner (BO) account shall be replaced by the new Karta appointed by the member of the HUF who in such a case shall be senior most member of the family.Read More

FOREIGN DIRECT INVESTMENT (FDI)

NEW INDUSTRIAL AREAS TO BE SET UP IN EIGHT DISTRICTS: KARNATAKA MINISTER

The Karnataka Minister has stated that new industrial areas are to be set up in eight districts of Karnataka. The decision has been taken this decision as Karnataka attracted 1,02,866 crore investments and remained the top FDI recipient in India. Read More.

SEIZURE ORDER OF FUNDS WORTH Rs. 288 CRORES ISSUED BY FEMA AUTHORITY AGAINST CHINESE-OWNED NBFC

The Foreign Exchange Management Authority has issued a seizure order of funds worth Rs. 288 crore against a Chinese-owned NBFC. The order for seizure of fundswere made by the Chennai commissioner of customs for the ‘full seizure of the funds in the action against Chinese-owned P.C. Financial Services NBFC. Read More

TRADER’S BODY PUSHES FOR TOUGHER E-COMMERCE LAWS

A 14 point charter has been released by the Confederation of All India Traders (CAIT). The charter outlines the need for stricter regulations to govern the e-commerce segment. The CAIT also demanded to set up an independent e-commerce regulatory authority to oversee the operations. Read More

INDIA’S GDP IS EXPECTED TO REACH Rs. 147.5 LAKH CRORE IN THE FINANCIAL YEAR 2022-MINISTRY OF FINANCE

The Ministry of Finance has stated that the country is expected to reach Rs.147.5 Lakh Crore in the FY2022. The projection of GDP that the GDP is to grow at 9.2 percent to the estimated figure of Rs. 147.5 Lakh Crore in FY 2021-22. Read More

MINISTRY OF CORPORATE AFFAIRS (MCA)

RELAXATION ON LEVYING OF ADDITIONAL FEES IN FILING FORMS

The Ministry of Corporate Affairs (MCA) through the general circular No. 01/2022 has relaxed the levying of additional fees in filing of e-forms, AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL and MGT-7/MGT-7A up to 31.03.2021. The normal fees shall be payable during the said period. Read More

PUBLIC NOTICE U/s. 75 OF LLP ACT, 2008 READ WITH RULE 37 (2) OF LLP RULES, 2009

In the matter of Section 75 of the Limited Liability Partnership Act, 2008 a notice has been passed by the Ministry of Corporate Affairs (MCA). The notice contains the list of LLPs that have made an application in the Form 24 for striking off their respective name from the Registrar.Read More

CLAIM NOTICE OF M/S. KHALSA OVERSEAS LIMITED (IN-LIQN)

Notice was served to the Creditors & Ex-Workmen of M/S. Elcaps Capacitators Limited (In-Liqn.) that they are required to submit to the Official Liquidator of the court, the proofs of their respective debts or claims against the above-named company. Read More

INFORMATION TECHNOLOGY (IT)

INDIA BANS 54 CHINESE MOBILE APPLICATIONS

India has banned 54 Chinese mobile applications that includes Sea Ltd.’s marquee game Free Fire citing security concerns. These apps banned by the Ministry of Electronics and Information Technology (MEITY) belonged to large Chinese tech firms such as Tencent, Alibaba, NetEase etc. Read More

INDIAN STAFFING FEDERATION, FUTURESKILLS PRIME

An initiative has been undertaken by the Indian Staffing Federation (ISF), which is the apex body representing the staffing/private employment services in India. The ISF has signed a MoU with FutureSkills Prime that is a MeitY-NASSCOM digital skilling initiative to address the Indian IT/ITes sector’s demand for skilled professionals. Read More

FIVE-YEAR ROADMAP FOR ELECTRONICS SECTOR IN INDIA

The Ministry of Electronics and Information Technology has released a five-year roadmap and vision document for the electronics sector. The roadmap is titled as ‘USD 300 bn Sustainable Electronics Manufacturing & Exports by 2026’. Read More

IT MIN DRAFT PITCH FOR ENRICHED DATA

The Ministry of Electronics and Information Technology (MeitY) has proposed that the government data can now be sold in the open market for appropriate price. This data includes those that are collected at the Central level and has undergone value addition/transformation. Read More

CORPORATE UPDATES

LIST OF TOP 20 BSE 100 COMPANIES HAVING STRONG CORPORATE GOVERNANCE

The findings have shown that 20 companies in the BSE 100 came into the ‘Leadership’ category in the year 2021. The list includes Bharti Airtel, Cipla, Crompton Greaves, Dr. Reddy’s Laboratories, HDFC Life, Hindustan Unilever, HDFC, ICICI Lombard, ICICI Prudential Life Insurance amongst others. Read More

BUSINESS TRAVEL TO CHANGE IN NEW VISA REGIME UNDER INDIA-UAE TRADE DEAL

With the recent Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE), the business travel scenario is set to change. The two countries have entered into a liberalized visa regime as a part of the agreement. Read More

FLIPKART SELLS CLEARTRIP’S MIDDLE EAST BUSINESS TO TRAVEL MARKETPLACE WEGO

The online travel marketplace Wego is acquiring Cleartrip’s Middle East business from Flipkart group. This transaction includes the sale of Flyin.com and a technology co-operation agreement between Wego and Flipkart. Read More

REAL ESTATE

HYDERABAD WITNESSES SECOND HIGHEST GROWTH RATE IN REAL ESTATE PRICES

The real estate sector of Hyderabad holds significant importance to the Indian economy as the sector has performed well. The property prices in Hyderabad registered the second highest rally during the October-December (Q4) 2021 quarter. Read More

REAL ESTATE WILL EXCEED PRE-COVID LEVELS- EXPERTS

As the Reserve Bank of India (RBI) has decided to keep the repo rate and reverse repo rate unchanged at 4 percent and 3.5 percent respectively, experts say that the real estate will exceed pre-covid levels. Read More

INTELLECTUAL PROPERTY RIGHTS (IPR)

MSF URGES RICH NATIONS TO ACCEPT TRIPS WAIVER

The appeal comes ahead of talks on TRIPS waiver at the World Trade Organisation (WTO) this week. A TRIPS waiver would temporarily lift patents and other intellectual-property (IP) monopolies on the much-needed Covid-19 vaccines, treatments, tests and other medical facilities. Read More

NO FURTHER PROBE INTO HFCL FACILITIES, COURT SEEKS RESPONSE ON STL’s PLEA

Following the inspection of HFCL’s Hyderabad’s manufacturing unit last week by court-appointed officials, the Pune-based STL Tuesday sought further probe into the HFCL’s production facilities based in Goa and Chennai for verification and evidence collection related to alleged patent infringement.Read More

SPOTIFY STANDS AGAINST THE REGISTRATION OF TRADEMARK POTIFY

A cannabis dispensary software company made an attempt to register the trademark ‘Potify’ which attracted the ire of a famous music streaming platform named Spotify. The case came back to the drawing board for final decision. The US Trademark Trial and Appeal Board (TTAB) rejected the registration application for ‘Potify’ and decided in favour of Spotify.Read More

HC: CAN’T ALLOW FALSE AND MISLEADING STATEMENTS UNDER GARB OF FREE SPEECH, PERMANENT INJUNCTION INVOKED AGAINST ADS DENIGRATING DABUR

The Calcutta High Court while issuing permanent injunction order against four advertisements by the makers of Baidyanath Chyawanprash Special for being denigrating to all other brands of Chyawanprash including Dabur Chyawanprash has observed that false and misleading statements can’t be allowed under garb of Free Speech.Read More

COMPETITION LAW UPDATES

 

SC TO WAIT FOR NCLAT ORDER ON CCI’S SUSPENSION OF FUTURE COUPONS-AMAZON DEAL

The Supreme Court stated that it will hear a dispute between Amazon and Future Group after an outcome in the National Company Law Appellate Tribunal (NCLAT). Amazon has challenged a December order by the Competition Commission of India (CCI). Read More

CCI IMPOSES INR 1,788 CRORE PENALTY ON APOLLO, MRF AND OTHER TYRE MANUFACTURERS

The Competition Commission of India (CCI) said that the Supreme Court has dismissed a petition filed by the tyre companies. The regulator’s order was challenged imposing penalties totalling over INR 1,788 crore for indulging into cartelization. Read More

COMPETITION COMMISSSION OF INDIA (CCI) SEEKS MORE INFORMATION TO APPROVE PAYU’s $4.7B ACQUISITION OF BILLDESK

CCI is seeking additional information regarding the proposed $4.7 billion acquisition of Indian fintech BillDesk by PayU India. In the notice filed by PayU associated with the acquisition has been classified as ‘Notice Not Valid’ on the CCI website. Read More

CCI FINDS NO EVIDENCE OF PREDATORY PRICING BY E-COMMERCE FIRMS

The Competition Commission of India (CCI) has not found any proof of e-commerce companies having indulged in predatory pricing as informed by the Parliament. It was further added the imposition of unfair or discriminatory prices by a dominant enterprise has been prohibited under the provisions of Competition Act, 2002. Read More

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