The Monthly Digest- August 2022

September 19, 2022by admin0
https://www.maheshwariandco.com/wp-content/uploads/2021/02/logo-6.png
https://www.maheshwariandco.com/wp-content/uploads/2022/08/news.jpg
RESERVE BANK OF INDIA

Sale of Four Securities

The Government of India (GOI) has announced the sale (re-issue) of four securities for a total amount of ₹32,000 crore. The Government of India will have the option to retain additional subscription up to ₹2,000 crore against each security. The auction will be conducted using uniform price method and multiple price method.
https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR745GSECCC22C17308114033BFCDC93F3C4EDFA3.PDF

Restrictions on American Express Banking Corp.

India has decided to put in place an additional arrangement for invoicing, payment, and settlement The RBI had, by an order, imposed restrictions on American Express Banking Corp. from on-boarding new domestic customers onto its card network for non-compliance with the RBI rules on Storage of Payment System Data.
https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR75532DC7088C22549B7AECE0819069DD9A7.PDF

RBI Releases a New Monetary Policy

The repo rate has been hiked by 50 basis points, to 5.4 percent. The focus has been turned to the withdrawal of accommodation to keep inflation within the set limits. The RBI has maintained its forecast for India’s growth in FY23 at 7.2 percent despite global uncertainty.
https://www.fdi.finance/news/rbi-releases-a-new-monetary-policy

SECURITIES EXCHANGE BOARD OF INDIA

SEBI constitutes FPI Advisory Committee

In order to provide recommendations and advise SEBI on policy matters relating to
Foreign Portfolio Investors (‘FPIs’), SEBI has constituted a Standing Committee for facilitation of FPI investments.
https://www.sebi.gov.in/media/press-releases/aug-2022/sebi-constitutes-fpi-advisory-committee-fac-_61783.html

Prasol Chemicals gets Sebi approval for Rs 800-cr IPO

Specialty chemical company Prasol Chemicals has received capital markets regulator Sebi’s go-ahead to raise as much as Rs 800 crore through an Initial Public Offering (IPO). The IPO comprises a fresh issue of equity shares by existing shareholders, according to the Draft Red Herring Prospectus (DRHP).
https://economictimes.indiatimes.com/markets/ipos/fpos/prasol-chemicals-gets-sebis-nod-to-raise-rs-800-crore-via-ipo/articleshow/93856316.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

SEBI proposes blue bonds concept for sustainable financing activities

Sebi has proposed the concept of blue bonds as a mode of sustainable finance. Such securities can be used for various blue economy-related activities, including oceanic resource mining and sustainable fishing. The proposals are aimed at aligning with the International Capital Market Association’s (ICMA) updated Green Bond Principles (GBP).
https://economictimes.indiatimes.com/markets/stocks/news/sebi-proposes-blue-bonds-concept-for-sustainable-financing-activities/articleshow/93433121.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

SEBI fines eight individuals for breach of insider trading norms

SEBI imposed fines totalling Rs 8 lakh on eight individuals for violation of insider trading norms in the shares of Titan Company Ltd. (NSE 1.9%). The order came after Sebi received a letter from Titan Company Ltd. (TCL) wherein the company intimated the market watchdog about the contravention of PIT (Prohibition of Insider Trading) regulations and the company’s code of conduct by some of its designated persons/employees.
https://economictimes.indiatimes.com/markets/stocks/news/titan-case-sebi-fines-eight-individuals-for-breach-of-insider-trading-norms/articleshow/93758756.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

MINISTRY OF CORPORATE AFFAIRS (MCA)

Claim for Heera Group

After the orders passed by Supreme Court on Heera Group Scam a list of 6788 claims received with deficiencies noticed in the scrutiny of claims, is being posted on the website for the information of investor claimants concerned to submit requisite information/documents for rectification of deficiencies.
https://www.mca.gov.in/bin/dms/getdocument?mds=XD%252FvBLPZRoe8q7Ew1O68Vw%253D%253D&type=open

Tarun Bajaj received additional charge of the post of Secretary

With immediate effect, Revenue secretary Tarun Bajaj received additional charge of the post of Secretary, Ministry of Corporate Affairs, on Monday. Earlier, he was appointed to the post for an interim period between April 14 and April 30 as Seth had gone on leave.
https://economictimes.indiatimes.com/news/india/revenue-secretary-tarun-bajaj-gets-additional-charge-as-secretary-in-ministry-of-corporate-affairs/articleshow/93706674.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Government asks Byju’s reasons for delay in filing audited accounts

The Indian government has asked for an explanation from edtech startup Byju’s for the delay in filing its audited financial accounts. The Ministry of Corporate Affairs sent a letter to Byju’s parent company, Think & Learn, asking them to explain the seventeen-month delay. Byju says it will announce its latest audited financials over the next ten days.
https://economictimes.indiatimes.com/tech/startups/government-asks-byjus-reasons-for-delay-in-filing-audited-accounts-report/articleshow/93783790.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

FOREIGN DIRECT INVESTMENT

Import of 780 Items Banned to Boost Defense Self-Reliance

The Union Government has brought out a list of 780 military components and sub-systems whose imports will be banned in a phased manner between December 2023 and December 2028. The latest move comes as another step to make India self-reliant in the defense manufacturing sector under the ‘Make in India’ initiative.
https://www.fdi.finance/news/import-of-780-items-banned-to-boost-defense-self-reliance

Small Outlets, Online Channel, Mega Stores in India as Part of IKEA’s New Strategy

Swedish furniture retailing giant IKEA plans to open small city outlets in parallel with its standard megastores in India that will be supported by an online channel. The furnishing giant received the government’s nod for its 10,500 crore investment for opening its retail stores in India. It had envisioned setting up 10 furnishing and homeware stores over a decade in the country.
https://www.fdi.finance/news/small-outlets-online-channel-mega-stores-in-india-as-part-of-ikeas-new-strategy

Karnataka Government Aiming for INR 1 Lakh Crore Foreign Investments

Karnataka has been able to attract investments from several countries and in various sectors. The total investments have nearly reached 1 lakh crore with the potential to generate at least 50,000 jobs. The government has asked the department to set up a screening committee to ensure only genuine investment interests make it to the state.
https://www.fdi.finance/news/karnataka-government-aiming-for-inr-1-lakh-crore-foreign-investments

India’s FDI to GDP Ratio Eased to 2.7 percent for FY22s

The government has reduced India’s foreign direct investment (FDI) to gross domestic product (GDP) ratio to 2.7% for the financial year ending March 31, 2022, from 3.1% in the previous fiscal. The government does not fix the targets for FDI inflows as it is mainly dependent on commercial business deals.
https://www.fdi.finance/news/indias-fdi-to-gdp-ratio-eased-to-27-percent-for-fy22

GAMING AND CRYPTO

Reddit Starts Airdrop of Polygon -Based ‘Collectible Avatars’

As the first step toward a larger push to include blockchain technology, Reddit has begun airdropping its polygon-based “Collectible Avatars.” The collectibles were created when a user selected an item from one of the collections. In the past week, some users were asked to select avatars from four collections—”The Singularity,” “Aww Friends,” “Drip Squad,” and “Meme Team.”
https://www.coindesk.com/business/2022/08/25/reddit-starts-airdrop-of-polygon-based- collectible-avatars/

Singapore High Court Recognizes Three Arrows Capital Liquidation Order

Three Arrows Capital liquidators secured a crucial court decision in Singapore, which will give them the ability to probe the local assets of the defunct crypto hedge fund. This means that the court now has to legally recognise the order for liquidation that was filed in the British Virgin Islands.
https://www.coindesk.com/business/2022/08/24/singapore-high-court-recognizes-three-arrows- capital-liquidation-order-report/

5G innovations to catapult Indian gaming industry to new level: Experts

India currently has more than 420 million active online gamers and a 500-million-strong digitally-native, young population. The next phase of growth for gaming in India will be driven by accelerating adoption of 5G, cloud gaming, gamification, and mobile gaming devices, among others, said experts at the ‘India Gaming Conclave 2022’.
https://www.business-standard.com/article/technology/5g-innovations-to-catapult-indian-gaming- industry-to-new-level-experts-122081000836_1.html

INFORMATION AND TECHNOLOGY

Govt issued 105 blocking orders to social media firm under new IT rules:

The new IT rules for social media came into effect in February last year. The data shows that 94 directions to block content were issued to YouTube between December 2021 and April 2022, five to Twitter, and three each to Facebook and Instagram.
https://www.businessworld.in/article/Govt-Issued-105-Blocking-Orders-To-Social- Media-Firms-Under-New-IT-Rules/06-08-2022-440857

Cyber-attacks for ransom spike in H1

Ransomware cyber-attacks against firms globally surged fourfold from a year earlier to 1.2 million per month in the first half of 2022. Ransomware attacks stood at 300,000 per month during January-June 2021, according to Barracuda Networks. https://www.livemint.com/technology/tech-news/cyber-attacks-for-ransom-spike-in-h1- 11661716240178.html

REAL ESTATE

Supertech’s twin towers in Noida demolished

The controversial twin towers, built by real estate company Supertech in Noida’s Sector 93A, were demolished at 2:30 pm on August 28, 2022. The nearly 100-metre-high twin towers were brought to the ground in a matter of 9 seconds, using the “waterfall implosion” technique.
https://housing.com/news/supertechs-twin-towers-in-noida-demolished/

Supreme Court directs Mumbai Metro to strictly abide by ‘no cutting trees’ undertaking in Aarey colony

The Supreme Court on August 24, 2022, directed the Mumbai Metro Rail Corporation Ltd. (MMRCL) to strictly abide by its undertaking of cutting no trees in Mumbai’s Aarey colony. The court warned of strict action in the case of any violation of the directive.
However, according to senior advocate Anitha Shenoy, appearing for the petitioner, clearing and leveling work is going on despite the apex court’s order.
https://housing.com/news/supreme-court-directs-mumbai-metro-to-strictly-abide-by- no-cutting-trees-undertaking-in-aarey-colony/

INFRASTRUCTURE AND CONSTRUCTION

Delhi govt aims to deploy 18,000 EV charging points by 2024

According to the charging/swapping infrastructure action plan for Delhi 2022–25 released by the Department of Transport, Delhi government, the target has been set based on EV sales projections for 2024. The action plan that was released at the Delhi EV Forum calls for 25% of all new vehicles to be electric by 2024.
https://www.livemint.com/industry/infrastructure/delhi-govt-aims-to-deploy-18-000-ev- charging-points-by-2024-11661175678916.html

Cabinet approves extension of urban housing scheme till 2022

The government has extended the deadline for the affordable housing scheme for states and union territories up to December 31, 2024. The original deadline for providing affordable housing with incentives was March 2022. It was launched with the aim of achieving housing for all by 2022. The continuation of the scheme will help in the completion of already sanctioned houses. Up to March 31, 2022, central assistance or subsidy of 1.18 trillion has already been released, and 85,406 crores will be released till December 31, 2024.
https://www.livemint.com/industry/infrastructure/cabinet-approves-extension-of-urban-housing-scheme-till-2024-11660148414526.html

ADB, India sign $96.3 mln loan to improve water supply in HP

The Asian Development Bank (ADB) and the Indian government on Monday signed a $96.3 million loan agreement to provide safe drinking water and to improve water supply and sanitation in Himachal Pradesh. The project is aligned with the objectives of India’s Jal Jeevan Mission, which aims to provide piped water to all rural households by 2024.
https://www.livemint.com/industry/infrastructure/adb-india-sign-96-3-mln-loan-to-improve-water-supply-in-hp-11661175300074.html

ARBITRATION

Lok Sabha passes Bill to rename arbitration Centre

A Bill to rename the New Delhi International Arbitration Centre has been passed by the Lok Sabha. The Union Law Minister, Kiren Rijiju, said the objective of the amendment is to have world-class arbitration in the country. He said that though it is a small bill, sometimes “a small step can be a giant leap”. Arbitration would also help in reducing the pendency of cases in the country.
https://www.newindianexpress.com/nation/2022/aug/08/lok-sabha-passes-bill-to- rename-arbitration-centre-2485435.html

Arbitrator Appointed Under MSCS Act; Fixation Of Fees Is Subject To A&C Act: Madras High Court

The Madras High Court had ruled on the power of the central registrar to appoint an arbitrator and fix the fees of arbitration under the Multi-State Co-operative Societies Act, 1996.
Holding that there is no provision under the MSCS Act where an exemption has been provided with respect to S 38 of the A &C Act, which requires the parties to equally bear the advance costs to be deposited before the Arbitral Tribunal.
https://www.livelaw.in/news-updates/madras-high-court-arbitration-and-conciliation-act-multi-state-co-operative-societies-act-fees-of-arbitration-207468

FOOD AND BEVERAGES

Agmark requirement for imported oil kept in abeyance:

The Food Safety and Standards Authority of India (FSSAI) has issued an advisory saying that the requirement of Agmark certification on imported food consignment, particularly imported blended edible vegetable oil (BEVO), has been kept in ‘abeyance’.
http://www.fnbnews.com/Top-News/agmark-requirement-for-imported-oil-kept-in-abeyance-decision-draws-flak-69993

Leave a Reply

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

@ 2023 Copyright by Maheshwari and Co. All Rights Reserved. | Designed & Developed By V Spark Communications Pvt. Ltd. | Privacy Policy | Terms & Conditions

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

Stay Connect with Us

https://www.maheshwariandco.com/wp-content/uploads/2022/01/1-2.jpg

@ 2023 Copyright by Maheshwari and Co. All Rights Reserved. | Designed & Developed By V Spark Communications Pvt. Ltd. | Privacy Policy | Terms & Conditions

Open chat
Maheshwari & CO. - Corporate Law Firm
Hello,

Can we help you?