The Monthly Digest- March 2022

April 11, 2022by admin0
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COMPANIES (ACCOUNTS) SECOND AMENDMENT RULES, 2022

A Quick Snapshot

The Ministry of Corporate Affairs have released a notification regarding the amendment in the Companies (Accounts) Second Amendment Rules, 2022. Clause (E) has been added which talks about the exercises conferred by sub-sections (1) and (3) of section 128, sub section (3) of section (129), section 133, section 134, sub-section (4) of section 135, sub-section (1) of section 136, section 137 and section 138 read with section 469 of the Companies Act, 2013 (18 of 2013). Read More

LLP (2 nd AMENDMENT) RULES 2022
The Ministry of Corporate Affairs (MCA) has released a notification regarding the amendment in the Limited Liability Partnership (LLP) Act. The notification has been released under the section 79 (1) & (2) of the Limited Liability Partnership Act, 2008. Read More

NOTICE FOR CLAIM INVITATION OF M/S. SHUKAN CORPORATION PVT. LTD. (IN
LIQUIDAITON)
The Ministry of Corporate Affairs (MCA) has released a notification in the matter of M/S. Shukan Corporation Pvt. Ltd. (In Liqn.). The notice has been released under the Advertisement of notice under Rule, 148 of the Companies (Court) Rules, 1959. Read More

DISSOLUTION NOTICE OF M/S APEX CABLE PVT. LTD. & M/S BIWANI COLD ROLLING MILLS LTD. (COS. IN LIQUIDATION)
A dissolution notice has been released in the hon’ble high court of Punjab and Haryana at Chandigarh regarding the dissolution of M/S. Apex Cable Pvt. Ltd. & B/S Biwani Cold Rolling Mills Ltd. The notice has been given to the Creditors, Contributors, Stakeholders, Shareholders and General Public to file objections. Read More

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

STANDARDISATION OF INDUSTRY CLASSIFICATION-APPLICABILITY TO CREDIT RATING AGENCIES (CRAs)
The Securities and Exchange Board of India (SEBI) has released a notice regarding the standardization of industry classification-Applicability to Credit Rating Agencies (CRAs). The notification talks about the standardized framework that will help bring uniformity in the classifications being used across sectors. Read More

PROHIBITORY ORDER NO. 220/2022 IN THE MATTER OF SUN PLANT AGRO LIMITED
The Security and Exchange Board of India has released a prohibitory order no. 220/2022 in the matter of Sun Plant Agro Limited. The notification has been released under the Rule 16 and 48 of the Second Schedule to the Income Tax Act, 1961 read with section 28A of the Securities and Exchange Board of India Act, 1992. Read More

NOTICE OF DEMAND FOR RECOVERY CERTIFICATE NO. 4597 OF 2022 AGAINST MR. PRAVIN KUMAR JAIN IN THE MATTER OF BETALA GLOBAL SECURITIES LTD.

The Securities and Exchange Board of India has released a notice of demand for the recovery certificate No. 4597 of 2022 against the Mr. Pravin Kumar Jain in the matter of Betala Global Securities Ltd. The notice has been served under the Rule 2 of the second schedule to the Income Tax, Act, 1961 read with section 28A of the Securities and Exchange Board of India Act,
1992. Read More

ADJUDICATION ORDER IN RESPECT OF ASHU GARG IN THE MATTER OF DEALINGS IN ILLIQUID STOCK OPTIONS AT BSE
SEBI through the adjudication order no.: Order/BM/LD/2021-22/15501 has released an adjudicating order in respect of Ashu Garg under the Section-15-I of the Securities and Exchange Board of India Act, 1992 read with the Rule 5 of the Securities and Exchange Board of India (Procedure for holding inquiry and imposing penal tiles) Rules, 1995. Read More

RESERVE BANK OF INDIA (RBI)

INTEREST EQUALISATION SCHEME ON PRE AND POST SHIPMENT RUPEE EXPORT CREDIT-EXTENSION
RBI through circular DOR.STR.REC.93/04.02.001/2021-22 has released a notification for All Scheduled Commercial Banks (excluding RRBs), Small Finance Banks, Primary (Urban) Cooperative Banks (scheduled banks having AD Category-I license) and EXIM Bank. Read More

ISSUE AND REGULATION OF SHARE CAPITAL AND SECURITIES – PRIMARY (URBAN) CO-OPERATIVE BANKS
RBI through the circular DOR.CAP.REC.92/09.18.201/2021-22 released a notification of issue and regulation of share capital and securities-Primary (Urban) Co-operative Banks. The notification described the augmentation of capital funds, refund of share capital, share linking to borrowing norms, repeal and effective date. Read More

RESERVE BANK OF INDIA IMPOSES MONETARY PENALTY ON LIVQUIK TECHNOLOGY(INDIA) PRIVATE LIMITED
The Reserve Bank of India has imposed a monetary penalty of Rs.14,83,000/- on LivQuik Technology (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Direction on the Issuance and Operation of Prepaid Payment Instruments dated October11, 2017. The penalty is imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. Read More

INVESTMENT IN UMBRELLA ORGANISATION (UO) BY PRIMARY (URBAN) CO-OPERATIVE BANKS
The RBI via its notification DOR.REC.MRG.90/16.20.000/2021-22 has released an order regarding investment in umbrella organisation by primary co-operative banks. In the notification it has been released that reference to the circular UBD. (PCB). BPD.Cir.No. 46/16.20.000/2008-09 dated January 30, 2009 shall be made on investments in Non SLR securities by Primary (Urban Co-operative Banks). Read More

INFORMATION TECHNOLOGY (IT)

THE DEPARTMENT OF IT, GOVT. OF BIHAR GOT A PROPOSAL OF MORE THAN RS 800 CRORE
The Information Technology (IT) department of the Government of Bihar has received a proposal of more than Rs. 800 Crores in the 29 th Convergence India Expo, 2022 in which the IT Department of the Government of Bihar participated. The Convergence India Expo has been organised by the India Trade Promotion Organisation (ITPO) in New Delhi. Read More

INDIA & SEMICONDUCTOR MISSION MOVES INTO A CRUCIAL PHASE
The Semiconductor Mission (ISM) of India amounting to approximately Rs. 76,000 Crore has been recently announced by the Ministry of Electronics and IT (MeitY). The decision is aimed to gain a foothold in the $553 billion global semiconductor market. Read More

CORPORATE UPDATES

MERGER OF ASHOK LEYLAND GROUP COMPANIES MAY CREATE VALUE
The merger of Ashok Leyland subsidiary Hinduja Leyland Finance (HLF) with NxtDigital, the media company of the Hinduja Group, is likely to create incremental value for the shareholders of Ashok Leyland. As a result, investor sentiment around the stock of Ashok Leyland, the flagship of the Hinduja Group, is expected to be highly positive. Read More

INDIA INC SPENT ₹1 TRILLION ON CSR OVER SEVEN YEARS
Several Indian companies has taken the various Corporate Social Responsibilities (CSR) in the recent times. The approximate total amount spent of CSR activities is more than Rs 1 trillion since the framework for corporate spending on community came into force in 2014-15. ReadMore

INTELLECTUAL PROPERTY RIGHTS (IPR)

PUBLIC NOTICE FOR SUBMITTING SETTLEMENT DETAILS / WITHDRAWAL REQUEST IN PENDING OPPOSITION MATTERS RELATING TO TRADE MARKS
The office of CGPDTM, Mumbai, Govt. of India has released a public notice for submitting settlement details/withdrawal request in pending opposition matters related to trade marks. The final orders could be issued in such cases due to lack of information at Trade Marks Registry at respective Branch offices. Read More

GOVT LAUNCHES MSME INNOVATIVE SCHEME
The government has launched The Micro, Small and Medium Enterprises (MSME) Innovative Scheme. The scheme is a combination of three components i.e., Incubation, Design and Intellectual Property Rights (IPR). Read More

GOVT SEEKS STAKEHOLDER INPUTS ON IPR ISSUES IN PROPOSED TRADE PACT WITH CANADA
The Department for Promotion of Industry and Internal Trade (DPIIT) said that the two sides are discussing a trade agreement which has a “possibility of an interim agreement” on a wide range of areas of mutual interest. The government on Wednesday sought suggestions from stakeholders and industry bodies on intellectual property rights (IPR) issues in the possible trade agreement between India and Canada. Read More

REAL ESTATE

REAL ESTATE EXPANDING INTO VIRTUAL SPACE WITH PROPTECH
The real estate sector is aiming to enhance the sector through the technological space. PropTech (Property and Technology) has recorded fundraising of $9.5 billion from various venture capital investors. The platform has enhanced the connectivity and bridged the communication gap between the various parties. Read More

INDIA SOTHEBY & REALTY INVESTS RS 5.5 CR IN DATA ANALYTIC FIRM CRE MATRIX
Property consultant India Sotheby's International Realty on Sunday said it has made a strategic equity investment in Mumbai-based data analytic firm CRE Matrix to offer more and better advisory services to its clients. Read More

SUPERTECH INSOLVENCY: WHAT WILL HAPPEN TO FLATS | TOP POINTS
With NCLT declaring Supertech insolvent, nearly 11,000 homebuyers of Supertech & ongoing housing projects in the national capital region (NCR) are trying to ascertain what will happen to their flats now after the real estate developer was declared bankrupt by the National Company Law Tribunal (NCLT). Read More

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