Ministry of Corporate affairs
The new MCA portal simplifies filing
For quicker and faster filing, the Minister of Corporate Affairs (MCA) has made more than 46 forms available on the current version-3 of its portal. The Companies Incorporation Rules, 2014, and the Companies – Authorized to Register Rules, 2014, have been amended. In the most recent version, instead of a physical copy of the memorandum of association (MOA) and articles of association (AOA), simply an e-MOA and e-AOA must be filed in all situations of conversion of companies. Read more.
Ministry Of Corporate Affairs Invites Public Comments On Proposed Changes In IBC
The Ministry of Corporate Affairs has issued a circular which invites comments from the public on the proposed changes which are to be made in the Insolvency and Bankruptcy Code and thus these changes are in reference to the admission of corporate insolvency resolution process (“CIRP”) applications, streamlining the insolvency resolution process, recasting the liquidation process, and the role of service providers under the IBC. Read more
Reserve Bank of India
The inaugural issue of the RBI’s green bonds.
The first sovereign green bond (SGrB) auction, held on 25th January. The RBI on Friday said that maiden Sovereign Green Bonds (SGrBs) would be issued in two tranches of Rs 8,000 crore each on January 25 and February 9. The 5-year and 10-year green bonds were valued more than comparable existing maturity sovereign regular bonds. Read more.
Securities and Exchange Board of India (SEBI)
Reports suggest that SEBI has increased its scrutiny on the Adani group
According to two sources with knowledge on the matter, India’s market regulator has increased scrutiny of deals by the Adani Group over the past year and will review a report released by short-seller Hindenburg Research to supplement its own ongoing preliminary investigation into the group’s foreign portfolio investors. Read more
SAT sets aside SEBI’s Rs 625 crore disgorgement order in NSE co-location case
The Securities Appellate Tribunal has overturned a SEBI ruling that had required the exchange to pay the regulator Rs 100 crore for failing to do adequate due diligence in the co-location issue but granted relief to NSE. In April 2019, SEBI issued a directive requiring the National Stock Exchange (NSE) to forfeit profits of more than Rs 687 crore, including an initial sum of Rs 625 crore and 12 percent annual interest. Read more
Names of the companies/intermediaries/MIIs having complaints pending for more than 3 months on SCORES
A notification has been released by the SEBI wherein list of the companies/intermediaries/MIIs have been mentioned having complaints pending for more than 3 months on SCORES as on December 31, 2022. Read more
Status of SCORES complaints
According to a notification, the status of SCORES complaints have been issued by SEBI as on December 31, 2022. Read more
Foreign Direct Investment
P-note investment in the capital markets falls to Rs 96,292 crore in December 2022 due to profit-taking
Due to a greater valuation of domestic markets, participation in the Indian capital markets through participatory notes slightly decreased to Rs 96,292 crore at the end of December 2022 from the previous month. Due to a drop in the price of oil and other commodities as well as the relative outperformance of Indian equities markets, investment through the channel had been increasing prior to the collapse. Read more
FPIs coming from tax-friendly countries asked to pay tax on dividend
One of the key amendments proposed is to reduce the time limit for approval of combinations to 150 days from the current 210 days and another is that the Competition Commission of India (CCI) has to form a prima facie opinion within 20 days for expeditious approval of combinations. Read more
Delhi Court Issues Summons To Supertech, MD in Case Alleging Fraudulent Booking Of Flat
A Court of Metropolitan Magistrate, Patiala House Court has issued summons to Supertech Ltd. and its Managing Director in case which is in relation to the fraudulent booking of a flat in one of the projects of the real estate company. Read more
The government announces incentives for encouraging PoS, e-commerce transactions using Rupay, or BHIM
This incentive plan would encourage digital payments by incentivizing banks to create a healthy digital payments ecosystem and to promote RuPay debit cards and BHIM-UPI as low-cost digital payment modes across all industries and population segments. In accordance with the Budget declaration, the plan will also promote UPI Lite and UPI 123PAY as cost-effective and user-friendly digital payment options. Read more.
IT powerhouses report 14-20% top-line growth in Q3 as caution and optimism characterize mixed earnings
The topline of India’s IT services heavyweights increased by 14-20% year on year in the December quarter, as they raised their guard against global uncertainties and choppy verticals, but remained optimistic that cost and business considerations will drive tech demand. Read more.
The option to work from home included in the Centre’s proposed model standing orders for the service sector
The Ministry of Labour and Employment has released Draft Model Standing Orders for the Service, Manufacturing, and Mining Sectors. Work from Home Option is included in the proposed Model Standing Orders for the Service Sector. It specifies that an employer may allow a worker to work from home if the requirements of the appointment or agreement between the employer and the worker are met. Read more.
Supreme Court Dismisses Centre’s Plea Alleging Bias Against Foreign Arbitrators In Reliance Industries Arbitration
The Supreme Court bench that comprised of Chief Justice DY Chandrachud and Justice PS Narasimha had dismissed the appeal of Central Government had sought to cease arbitration proceedings which was initiated by Reliance Industries, BP Exploration, and Niko Resources against the Ministry of Petroleum and Natural Gas.Read more
Order Passed Under S. 36 Of Arbitration Act Not Appealable Under S. 13 Of Commercial Courts Act: Delhi High Court
In a recent case, the Delhi High Court has ruled that an appeal under the High Court’s order which is passed under Section 36 of the Arbitration and Conciliation Act is not maintainable under Section 13 (1A) of the Commercial Courts Act, 2015. Read more
Food and Beverage industry
India’s soymeal exports will increase as Argentine supplies is reduced by drought, according to industry officials
According to four industry officials, India’s soymeal exports could more than double in the 2022/23 marketing year as drought in top exporter Argentina raised worldwide prices, leading customers to resort to the south Asian country with lower rates. Read more
Notice for seeking public comments on recent recommended methods by Scientific Panel on Methods of Sampling & Analysis
FSSAI has released a notice for seeking public comments on the recently recommended methods of Sampling & Analysis. The comments / suggestions; if any, should be furnished to FSSAI in the prescribed format within a period of 30 days of the publication of this notice on the website. Read more
Insolvency and Bankruptcy Code
The Centre considering decriminalizing some minor IBC offences.
To improve the ease of doing business and speed up corporate failure resolution, the government has proposed decriminalizing several violations under the Insolvency and Bankruptcy Code (IBC). The ministry of corporate affairs proposed in a discussion paper to give National Company Law Tribunals (NCLTs) and Debt Recovery Tribunals (DRTs) the authority to penalize anyone who violates the IBC. Special courts are currently handling these violations through criminal proceedings. Read more.
Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies
Certain guidelines have been issued by the Reserve Bank of India and to be read along with the Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023 and applicable provisions of the Banking Regulation Act, 1949. Read more
Merger and Acquisitions
VIAS3D explores EV industry business and acquires CADmarC Software
VIAS3D, a specialized provider of digital engineering solutions based in Houston, and its subsidiary in India, have announced the purchase of Trivandrum-based CADmarC Software. This is VIAS3D’s first acquisition in India. CADmarC Software is a specialized engineering firm that provides businesses, notably the automotive industry, with customised design-based solutions. Among its clientele are Toyota Boshoku Automotive India, Saint-Gobain, Aisin, Kawasaki, and Desmaco Engineering. Read More.
Vedanta will sell its foreign zinc business to India unit for $2.98 billion.
Vedanta will sell its international zinc assets to Hindustan Zinc for $2.98 billion in cash to help integrate the businesses and reduce debt for Vedanta Resources, the company’s ultimate parent. Hindustan Zinc, situated in Rajasthan, India, would buy the assets of THL Zinc. Mauritius from its parent over a period of around 18 months, subject to regulatory approvals. Read More.
NGT observes continuance of huge gaps in compliance with Bio-Medical Waste Management Rules
The National Green Tribunal has noted that there are still significant gaps in the statutory Bio-Medical Waste Management Rules’ compliance. The tribunal modified the specifications for a new Common Bio-Medical Waste Treatment Facility and stated that environmental training programs were desirable for district magistrates, highlighting the need for “planned” corrective measures. Read more
NGT imposes a fine of Rs. 68 crore on stone crushers in Charkhi, Mahendergarh
The National Green Tribunal (NGT) has ordered the stone crushing facilities operating in Mahendergarh and Charkhi Dadri districts of Haryana to pay a compensation of around Rs 68 crore after finding gross violations of environmental rules by stone crushers in these two districts. Read more