The Monthly Digest- May 2022

June 2, 2022by admin0
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MINISTRY OF CORPORATE AFFAIRS (MCA)

REVISED CGEC GUIDELINES FOR FUNDING FOR RESEARCH STUDIES ON CORPORATE GOVERNANCE
The Ministry of Corporate Affairs have released a guideline for funding for research studies on corporate governance. The guidelines contain Scope, Eligibility, Approval process, Quantum of Assistance and Disbursal, Methodology etc. Read More

NOTICE INVITING COMMENTS ON THE REPORT OF THE COMPANY LAW COMMITTEE (2022)
The Ministry of Corporate Affairs (MCA) has released a notice dated 12 th April, 2022 and 21 st April 2022, on the captioned subject, it has been decided to extend the date for submission of comments/suggestions through e-Consultation Platform and the email till 15 th May, 2022. Stakeholders may submit the comments/suggestions accordingly. Read More

SALE NOTICE IN THE MATTER OF DELHI ROHTAS LIGHT RAILWAY CO. LIMITED (IN LIQUIDATION) COMPANY PETITION NO. 01 OF 1996
The Ministry of Corporate Affairs (MCA) has released a sale notice where tenders are invited in the prescribed form for the dale of the mentioned property. The tender has been invited pursuant to the orders of the Hon’ble High Court, Patna. Read More

COMPANIES (INCORPORATION) SECOND AMENDMENT RULES, 2022
The Ministry of Corporate Affairs (MCA) has released the Companies (Incorporation) Second Amendment Rules, 2022. The notice contains various amendments including amendments in Form No. INC-9 and others. Read More

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

CLARIFICATION ON PASSING OF ORDINARY AND SPECIAL RESOLUTIONS BY THE COMPANIED UNDER THE COMPANIES ACT, 2013
The Ministry of Corporate Affairs (MCA) has released a notification of ordinary and special resolutions by the companies under the Companies Act, 2013 read with the rules made thereunder on account of COVID-19 Extension of timeline-reg. Read More

COMPANIES (PROSPECTUS AND ALLOTMENT OF SECURITIES) AMENDMENT RULES, 2022
The Ministry of Corporate Affairs (MCA) has released a notification regarding the Companies (Prospectus and Allotment of Securities) Amendment rules. The notification contains amendment in rule 14 and in sub-rule (1) various insertions in Form PAS-4, in Part-B after serial number (vii). Read More

SIMPLIFICATION OF PROCEDURE AND STANDARDIZATION OF FORMATS OF DOCUMENTS FOR ISSUANCE OF DUPLICATE SECURITIES CERTIFICATES
SEBI has issued a circular regarding the simplification of procedure and standardization of formats of documents for issuance of duplicate securities certificates. The notice was released upon reviewing the process followed by the Registrars to an Issue and Share Transfer Agents (“RTAs”). Read More

MODIFICATION IN CYBER SECURITY AND CYBER RESILIENCE FRAMEWORK OF STOCK EXCHANGES, CLEARING CORPORATIONS AND DEPOSITORIES
SEBI vide circular no. SEBI/CIR/MRD/DP/13/2015 dated July 06, 2015 had prescribed framework for cyber security and cyber resilience for stock exchanges, clearing corporations and depositories. The circular is issued in the exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992. Read More

FOREIGN DIRECT INVESTMENT (FDI)

INDIA RETAINS ITS CHARM FOR FDI INVESTORS
In recent times, a combination of both foreign direct investment (FDI) and foreign portfolio investment (FPI) has occurred. The Gross FDI inflows were at $83.6 billion in FY22, exceeding the $82 billion from a year earlier. More than two-fifth of 1200 global business leaders surveyed in Japan, Singapore, US and the UK. Read More

POST COVID-19 A CRITICAL DEVELOPMENT IN TOURISM ECONOMY IS EXPECTED
In 2029, the Indian travel and tourism industry will be worth $512 billion. This is massive growth from four years prior, in 2022, when it was valued at only $121.9 billion or 4.6 percent of the GDP. The travel and tourism sector in India is expected to reach $243 billion (INR 15.2 lakh Cr) by the year 2028 at a CAGR of 14% over the next decade, according to global reports published this month. Read More

KARNATAKA TOPS THE COUNTRY IN FDI INFLOW
In a statement that the state is ranked number one in welcoming foreign direct investment (FDI), the Minister of Large and Medium Industries said that it's imperative to increase the tempo and approach aspects such as improving infrastructure and logistics besides creating an enabling environment for investors to thrive well. Read More

FOREIGN INVESTMENT RISES FOR FIRST TIME DURING PANDEMIC
OECD report shows that investment in foreign direct products (FDP) was on the rise in 2021. FDI flows reached $1.82trn in 2021, an 88% increase from 2020, which was severely affected by the onset of the Covid-19 pandemic. Read More

RESERVE BANK OF INDIA (RBI)

RBI CONSTITUTES COMMITTEE FOR REVIEW OF CUSTOMER SERVICE STANDARDS IN RBI REGULATED ENTITIES
As part of the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on April 08, 2022, the Reserve Bank of India had announced the setting up of a Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) for examining and reviewing
the state of customer service in the REs and adequacy of customer service regulations and suggest measures to improve customer service. Read More

NEW DEFINITION OF MICRO, SMALL AND MEDIUM ENTERPRISES – CLARIFICATION
RBI through the circular RBI/2022-23/52 FIDD.MSME & NFS.BC.NO. 7/06.02.31/2022-23 has released a notification to clarify the new definition of Micro, Small and Medium Enterprises. The circular contains the revised criteria for classification of Micro, Small and Medium Enterprises. Read More

GOVERNOR, RESERVE BANK OF INDIA MEETS MD & CEOS OF PUBLIC AND PRIVATE SECTOR BANKS
The Governor, Reserve Bank of India held meetings with the MD & CEOs of select Public and Private Sector Banks on May 17 and 18, 2022. Among other matters, issues relating to credit off-take, outlook on asset quality, collection efficiency, consumer grievance redress, setting up of Digital Banking Units, the resilience of IT infrastructure and cyber security defences in banks, etc. were also discussed. Read More

MONETARY POLICY STATEMENT, 2022-23 RESOLUTION OF THE MONETARY POLICY COMMITTEE (MPC) MAY 2 AND 4, 2022
The Reserve Bank of India released the statement from the Monetary Policy Committee (MPC). The committee has decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 40 basis points to 4.40 per cent with immediate effect. Read More

INFORMATION TECHNOLOGY (IT)

MAJOR ACHIEVEMENT OF MeitY FOR THE MONTH OF APRIL, 2022
The Ministry of Electronics and Information Technology has released a set of updates stating the major achievements of MeitY for the month of April. The updates contain the important policy decisions taken and major achievements during the month that includes digital payments, international corporations etc. Read More

INDIA, KOREA MUST DISCUSS BILATERAL COOPERATION ON EVS: AMBASSADOR JAE-BOK
The South Korean Ambassador to India Chang Jae-Bok stated that it is crucial for both the nations to discuss the prospects and potential of bilateral cooperation in the electric vehicle industry. The Ambassador further pointed out that the internal combustion engine regulations are becoming stricter. Read More

REAL ESTATE

MONETARY POLICY IMPACT ON INDIA INC AND REAL ESTATE SECTOR
The real estate sector saw signs of revival since the festive season in the second half of 2021. The unsold inventory utilization increased, leading to new project launches across various parts of the country. Consumer sentiment remained upbeat, with demand picking in all segments, from affordable housing to mid-size homes to luxury apartments. Read More

PE INFLOWS IN REAL ESTATE DOWN 62 PC AT USD 1.18 BN IN MARCH QUARTER
Private equity investments in real estate fell by 62 per cent year-on-year to USD 1.18 billion during January-March period, according to Knight Frank India. The private equity (PE) inflows stood at USD 3.08 billion in the corresponding period of the last year. Read More

OVER 70% ER & D FIRMS IN INDIA TO HIKE SPENDING IN GCCS, ESPS: SURVEY Over 70 per cent of the companies that have their global capability centres (GCC) and engineering services provider arms in India are planning to increase their budget in the range of 10-25 per cent this year, according to a joint survey by Deloitte and industry body Nasscom. Read More

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