MINISTRY OF CORPORATE AFFAIRS (MCA)

Clarification on holding of annual general meeting (AGM) and EGM through video conference (VC) or other Audio-Visual Means (OAVM) and passing of ordinary and special resolutions by the companies under the companies Act, 2013 read with rules made thereunder-extension of timeline.

It was decided to allow companies whose AGMs are due in the year 2023 or 2024, to conduct their AGMs through VC or OAVM on or before 30^th September 2024 in accordance with the requirements laid down in Para 3 and Para 4 of the general circular No. 20/2020 dates 05.05.2020. Read more

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

1. Redressal of investor grievances through the SEBI Complaint Redressal (SCORES) Platform and linking it to Online Dispute Resolution platform

To enhance the effectiveness of the current system for addressing investor complaints in the securities market via SCORES, the Securities and Exchange Board of India (SEBI) has introduced the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023. These regulations, which were officially updated on August 16, 2023, aim to streamline the grievance resolution process by reducing response times, implementing automatic routing, and escalating complaints as needed. Consequently, there is a need to revamp the existing procedure for resolving investor grievances against entities and establish a mechanism for Designated Bodies, as outlined in ‘Schedule II,’ to oversee the investor grievance resolution process by these entities. Read more

2. Board Nomination rights to unitholders of Real Estate Investment Trusts (REITs)

One of the provisions within the SEBI (Real Estate Investment Trusts) Regulations, 2014 (commonly referred to as the REIT Regulations), specifically Regulation 4(2)(g), states that unitholders who collectively or individually hold at least ten percent of the total outstanding units of the REIT have the right to nominate a director to serve on the Manager’s board of directors. The exact nomination process will be determined by the Board and its specified procedures. Read more

RESERVE BANK OF INDIA (RBI)

1. Display of information – Secured assets possessed under the SARFAESI Act, 2002

The Regulated Entities (REs) of the Reserve Bank which are secured creditors as per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, shall display information in respect of the borrowers whose secured assets have been taken into possession by the REs under the Act. Read more

2. Responsible Lending Conduct – Release of Movable / Immovable Property Documents on Repayment/ Settlement of Personal1 Loans

Regulated Entities (Res) are required to release all movable/immovable property documents upon receiving full repayment and closure of loan account. However, it has been observed that the REs follow divergent practices in release of such movable / immovable property documents leading to customer grievances and disputes. To address the issues faced by the borrowers and towards promoting responsible lending conduct among the Res. Read more

REAL ESTATE

1. Delhi RERA makes it compulsory to register commercial and retail real estate projects being built to lease.

The Real Estate Authority has made it mandatory for developers to register the project even in the case where the intention is to lease the area and not sell it. Delhi RERA on Monday has clarified that the commercial projects both office and retail comes under the ambit of RERA even if the developer wants to lease it. Read more

 

ARBITRATION

 

1. Fast track arbitration, emergency arbitrators and more: IIAC notified the India International Arbitration Centre (Conduct of Arbitration) Regulations, 2023

Regulations to govern the manner in which arbitrations would be conducted by the India International Arbitration Centre (IIAC) titled the India International Arbitration Centre (Conduct of Arbitration) Regulations, 2023 (Regulations) have been notified. Read more

   

 FOOD AND BEVERAGES

 

1. FSSAI Launches Special Category Provision to Promote Gender Equality In Food Business Sector

The Food Safety and Standards Authority of India (FSSAI) has introduced a new provision of ‘Special Category’ in the online Food Safety Compliance System (FoSCoS) portal. The newly launched provision aims at promoting gender equality and equal opportunities for women and transgender entrepreneurs in the food business sector. Read more

 

2. FSSAI emphasises on compliance of safety and quality of edibles and raw materials ahead of festive season

FSSAI convened a meeting with Indian sweets manufacturers to emphasize on the meeting was attended by the sweet manufacturers and associations across the country. The meeting was focused on sensitising the ecosystem regarding the perishable high risk edibles to ensure safe food throughout the touch points including manufacturing, storage, distribution &point of sale to the customer. Read more

INFRASTRUCTRURE AND CONSTRUCTION

 

1. Rajnath Singh inaugurates border infrastructure projects for building Eastern Ladakh Airbase

Defence Minister Rajnath Singh unveiled several crucial border infrastructure initiatives, including the commencement of construction on a strategically positioned airbase in Eastern Ladakh, which will be the nearest military facility to the China border. Additionally, a tunnel along the Tawang route in Arunachal Pradesh was inaugurated to expedite troop movement. Read more

 

MERGER AND ACQUISITION

 

1. Competition commission of India approves the acquisition in Quality Care India Limited by Centella Mauritius Holdings Limited

Commission approves the acquisition of approximately 24.16% of the total equity shareholding in Quality Care India Limited by Centella Mauritius Holdings Limited.  Read more

 

 ENERGY LAW

 

1. Tender for allocation of seabed for development of Offshore Wind Energy Projects

The Ministry of New & Renewable Energy intended to hold bids for the allocation of offshore wind locations along the Tamil Nadu coastline. These will be managed by the ‘National Institute of Wind Energy (NIWE),’ the designated agency, and aim to facilitate the development of offshore wind energy initiatives. These projects can involve selling power through various means such as Open Access Mode, Third Party Sale, Power Exchanges, or for in-house consumption.  Read more

 

FOREIGN DIRECT INVESTMENT POLICY OF INDIA (FDI)

1. India intends to relax FDI norms in space sector in bid to give a boost to satcom

India intends to make its foreign direct investment (FDI) policy more open for the space industry. Under the revised policy, foreign ownership of up to 74% can be obtained through the automatic route, and up to 100% through the government route. The objective is to entice international investors to participate in satellite communication ventures and facilitate Indian firms in acquiring cutting-edge satellite technology for manufacturing and operational purposes.Read more

TAX

1. CBDT Notifies form 6D for furnishing ‘Inventory Valuation Report’ U/s 142 (2A) of Income Tax Act

The Central Board of Direct Taxes (CBDT) has issued a notification regarding Form 6D, which is used to submit an ‘Inventory Valuation Report’ as required by section 142(2A) of the Income Tax Act. A new Rule 14A has been inserted which deals with Forms for a report of an audit or inventory valuation under section 142(2A). Read more

 

INFORMATION AND BROADCASTING

1. Information and Broadcasting ministry working on new Broadcasting Services Bill

The Ministry of Information and Broadcasting (MIB) has plans to introduce the broadcasting service regulation (BSR) Bill,2023, which would replace the existing cable television networks (Regulation) Act,1995. BSR Bill,2023 would regulate the-top (OTT), Cable TV, direct-to-home (DTH), headend-in-the-sky (HITS), internet protocol television (IPTV) and radio. Read more

INFORMATION TECHNOLOGY (IT)

 

1. GOVERNMENT SHOULD CONSIDER BRINGING IN AGE LIMIT FOR USE OF SOCIAL MEDIA: Karnataka HC

The Karnataka High Court had proposed implementing an age restriction for accessing social media platforms, akin to the regulations on the legal drinking age. This suggestion came about during a hearing for X Corp (formerly known as Twitter), who was contesting takedown orders issued by the Ministry of Electronics and Information Technology. Additionally, the court imposed a fine of Rs 50 lakh on X Corp. Read more