INSIGNIA – Distinguished Details Delivered – March 2023

March 2023

Ministry of Corporate Affairs

Government to set up Centre for Processing Accelerated Corporate Exit

The Indian government has announced plans to set up a Centre for Processing Accelerated Corporate Exit (PACE) to facilitate the expedited closure of unviable companies. The PACE will act as a single-window clearance system for companies seeking to wind up their operations, with the aim of reducing the burden on the legal system and freeing up resources. The move is expected to help streamline the process of corporate closures in India and promote greater efficiency in the business sector. Read more

E-Auction Notice in the Hon’ble High Court of Kerala at Ernakulam in the matter of M/s. Libra Steels Private Limited

In a recent notice, the Ministry of Corporate Affairs (MCA) has issued E-auction notice wherein it is inviting online competitive bids for sale of moveable assets belonging to M/S Libra Steels Private Limited. Read more

Reserve Bank of India

Revised Regulatory Framework for Urban Co-operative Banks (UCBs) – Net Worth and Capital Adequacy

Recently, a notification has been released by the Reserve Bank of India (RBI) which is applicable to all Urban Co-operative Banks (UCBs) wherein it has been notified that ‘Revised Regulatory Framework for Urban Co-operative Banks (UCBs) – Net Worth and Capital Adequacy shall come into effect from March 31, 2023. Read More

Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021 – Disclosures for State Co-operative Banks and Central Cooperative Banks

As per the Reserve Bank of India, in consultation with the National Bank for Agriculture and Rural Development (NABARD), it has now been decided to make this Master Direction also applicable to State Cooperative Banks and Central Cooperative Banks (also referred to as ‘District Central Co-operative Banks’). Read more

Implementation of Section 51A of UAPA,1967

A notification has been issued to all the Chairpersons/CEOs of all the Regulated Entities wherein they are advised to refer to Section 51 of the Master Direction on Know Your Customer dated February 25, 2016. Further Ministry of External Affairs (MEA) has informed about UNSC press release wherein the Security Council Committee approved amendment to 102 entries. REs are advised to take appropriate action in terms of sections 51, 52 and 53 of the MD on KYC and strictly follow the procedure laid down in the UAPA Order. Updated lists of individuals and entities linked to ISIL (Da’esh), Al-Qaida and Taliban are available in notification. Read more

Securities and Exchange Board of India

Review of time limit for disclosure of NAV of Mutual fund schemes investing overseas

Capital markets regulator SEBI came out with a new time limit for disclosure of net asset value (NAV) of mutual fund schemes investing overseas due to differences in time zones and market hours. Under the rule, mutual funds are mandated to disclose the NAVs of all schemes within a given outer time limit. The new timeline will come into force from July 1, 2023, the Securities and Exchange Board of India (SEBI) said in a circular. Read more

Nomination for Mutual Fund Unit Holders – Extension of timelines

The capital markets regulator, SEBI, has extended the last date for mutual fund nominations to 30th September 2023. The regulatory guidelines require investors to mention nominees for their fund folios or else inform the fund house that they wish to opt out of nominations by September 30. Read more

Norms for Scheme of arrangement by unlisted Stock Exchanges, Clearing Corporations and Depositories

SEBI vide circular dated March 28, 2023 has issued Norms for Scheme of Arrangement by unlisted Stock Exchanges, Clearing Corporations and Depositories. The detailed framework for scheme of arrangement by unlisted market infrastructure institutions has been provided in the circular. Read more

Foreign Direct Investment

Government Nod Required by Paytm About Aggregator License’s FDI

Government approval will be required by Paytm Payments Services regarding investments from its parent company One97 Communications for receiving a payment aggregator license from the RBI. Read more

Lack of FDI Limit for OTTs brings clarity to broadcasters

The Broadcasting Ministry has announced that the 26% foreign direct investment limit on digital media will not apply to OTT platforms (over-the-top) streaming news has provided clarity for broadcasters such as Zee Entertainment Enterprises and Viacom18 Media Pvt Ltd. While general entertainment, and not news, remains the biggest draw on streaming platforms, the decision paves the way for another distribution channel. Read more

Real Estate

Interest waiver helps ULBs in Andhra Pradesh to earn 40% more in property tax

The state government’s decision to grant interest waiver on property tax dues in urban areas has helped civic bodies pocket huge revenues in the last few days of the fiscal. The urban local bodies have collected nearly 40 per cent additional revenue during the current fiscal over the last year’s tax collections. The state government’s decision to grant interest waiver on property tax dues in urban areas has helped civic bodies pocket huge revenues in the last few days of the fiscal. Read more

Onus to finish realty projects not on banks: Delhi HC

Delhi High Court has said that banks cannot be loaded with the responsibility of getting real estate projects completed and they cannot assume the role of a builder to complete the project. The court has stated that the responsibility for completing real estate projects lies with the developers, rather than the banks or financial institutions that have lent money for these projects. This decision is likely to give homebuyers greater confidence that their investments will be completed as per the promised timelines. Additionally, the court has ordered that the money lent by banks should be used for completing the projects and not for any other purpose, which could further boost homebuyers’ confidence in the process. Read More

Information Technology (IT)

Centre to reconsider ‘safe harbour’ clause in IT law

The Union government on 9th March 2023 formally outlined the Digital India Act, 2023 which is a broad overhaul of the decades-old Information Technology Act, 2000. Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, announced the changes in a presentation in Bengaluru. The government is reconsidering a key aspect of cyberspace — ‘safe harbour’, which is the principle that so-called ‘intermediaries’ on the internet are not responsible for what third parties post on their website. This is the principle that allows social media platforms to avoid liability for posts made by users. Read more

HC for content regulation, says vulgar language on social media needs to be taken seriously

Framing rules and guidelines to regulate the content on social media and OTT platforms needs urgent attention, the Delhi High Court has said, underlining the need for taking seriously the use of vulgar language in public domain and on social media platforms which are open to children of tender age. Coming down heavily on the language used in TVF web series ‘College Romance’, the high court said the use of obscenities in the form of foul language degrades women so they may feel victims as the expletives and obscenities refer to women being objects of sex. Read More


Delhi HC upholds dismissal of arbitral award to Devas

The Delhi High Court has upheld a single judge order which had set aside a 2015 arbitral award under which government owned Antrix Corporation Limited was asked to pay more than $ 562.5 million to the Devas Multimedia Private Limited. A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad referred to the judgment of the Supreme Court of January 17, 2022, upholding a May 25, 2021, order of the National Company Law Tribunal (NCLT) to liquidate Devas on the ground that the firm was created under fraudulent circumstances. Read more

Bar Council allows foreign lawyers, law firms to practice in India

The BCI has notified the Bar Council of India Rules for Registration and Regulation of Foreign Lawyers and Foreign Law Firms in India, 2022. As per the rules, foreign lawyers and law firms will be entitled to practice only in non-litigious matters. The three broad areas which have been opened up for them include foreign law, international legal issues and arbitration matters. Read more

Food and Beverages

Committee for scrutinization of Rapid Analytical Food Testing (RAFT) Kits/Equipment/ Methods Applications

FSSAI had constituted a committee vide Order No. File No. 11014/05/2019-QA dated 15.06.2020 for scrutinization of Rapid Analytical Food Testing (RAFT) Kits/Equipment/Methods Applications received by FSSAI under its RAFT scheme. The details of the members are provided in the order. Read more

Clearance of Imported consignments of Food Grains including Pulses and Crude oil

Food Safety and Standards Authority of India has notified that in view of references received from Department of Consumer Affairs and Ministry of Agriculture regarding Indian pulses production, consumption scenario and import requirements, the imported consignment of Food Grains including Pulses and Crude oil (edible grade) are to be facilitated to ensure timely processing and clearance. Accordingly, all FSSAI has directed regional directors and authorized officers to clear imported consignments of pulses and edible oils in a timely manner at the country’s ports. Read more

Request to carry out special enforcement drive to check the quality/safety of the Nutraceuticals/Health Supplements Products

On 7th March, 2023, FSSAI issued an advisory regarding special enforcement drives to check the compliance of Nutraceuticals and Health supplements. This is on grounds of the sale of non-compliant Nutraceutical and Health supplements products in the market and their false misleading label/health claims. Henceforth, the Food Authority will ensure a tight vigil on the manufacturing and sale of these products and carry out enforcement drives to check the compliance of the products with respect to the FSSAI regulations and take strict action against non-compliant FBOs. Read more

Infrastructure and Construction

Japan commits Rs 7,084 crore for three infrastructure projects in India

Japan recently committed Rs 7,084.5 crore to India for three infrastructure projects, including Patna Metro Rail Construction Project and Rajasthan Water Sector Livelihood Improvement Project. India and Japan have had a long and fruitful history of bilateral development cooperation since 1958. In the last few years, the economic cooperation between India and Japan has steadily progressed, it said, adding, this further consolidates and strengthens the Strategic and Global Partnership between India and Japan. Read more


Amazon sues sellers for submitting fake takedown requests against competitors

E-commerce giant Amazon has filed three lawsuits against bad actors that pretended to be legitimate copyright owners in an attempt to remove products from the Amazon store. Amazon’s Counterfeit Crimes Unit (CCU) filed lawsuits against multiple groups that submitted thousands of false copyright infringement claims against Amazon’s selling partners in an effort to have those sellers and their products removed from the Amazon store. Read more

FTP aims to spur e-commerce exports with series of measures

The Foreign Trade Policy (FTP) 2023 has outlined a slew of measures like extending all FTP benefits to e-commerce exports, and doubling the value limit for exports through courier to Rs 10 lakh per consignment, with estimates pegging the potential of growth in e-commerce exports to USD 200-300 billion by 2030. It also proposes to create a designated zone with a warehousing facility, to help e-commerce aggregators towards easy stocking, customs clearance and returns processing.Read More

Mergers and Acquisitions

Crompton Greaves Consumer Electricals and kitchen appliance maker Butterfly announce merger

Crompton Greaves Consumer Electricals Ltd (CGCEL) and Butterfly Gandhimathi Appliances have announced a merger to accelerate and smoothen the realization of synergies of the combined business. This will also simplify corporate and governance structure and convergence of public shareholders of Butterfly at the parent level and align interests for shareholders of both companies. Read more

Information and Broadcasting

UIDAI seeds 10.97 million Aadhar with mobile numbers in February, 93% more than January

The Ministry of Electrics and IT has informed that over 10.97 million mobile numbers were seeded in Aadhaar following requests from residents in the month of February 2023, a jump of more than 93 per cent over the previous month. According to the Unique Identification Authority of India (UIDAI), while 5.67 million mobile numbers were seeded following residents’ application, the number saw a significant climb in February. Read more

Relaxation of minimum net worth requirement under the Policy Guidelines for Uplinking and Downlinking of Satellite Television Channels in India

This Ministry has received representations from broadcasters who are facing difficulties in meeting the minimum net worth requirement as per the revised Guidelines for Up linking and Downlinking of Satellite Television Channels in India, 2022 issued on 09.11.2022. In the Policy Guidelines of 2011, relaxation was provided to the existing permission holders, allowing them to be governed by the terms and conditions of the Policy Guidelines, 2005 regarding the minimum net worth requirement. However, no such relaxation has been provided in the current guidelines. After examining the matter, the Ministry has decided to provide certain relaxations to remove the genuine difficulties being faced by various entities in respect of the requirement of increasing the net worth in a short period of time. Read more

Gaming & Cryptocurrency

TDS on all winnings from online gaming to come into effect from April 1: Budget 2023

Apart from making changes in taxation of debt mutual funds and offering marginal relief to small taxpayers with income exceeding Rs 7 lakh, the Budget 2023 has made an amendment to the TDS threshold applicable to online gaming. As per the amendment made in Finance Bill, 2023, the TDS on online gaming will be effective from April 1, 2023 instead of July 1, 2023 as proposed earlier.Read More

Govt brings crypto under money laundering law

The government has imposed anti-money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. In a gazette notification, the Finance Ministry said the anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services. After this, Indian crypto exchanges will have to report suspicious activity to the Financial Intelligence Unit India (FIU-IND). Read More

Energy Law

Govt seeks comments on draft carbon credit trading scheme

The Indian government has taken a significant step towards addressing climate change by releasing a draft proposal for a carbon credit trading scheme. The scheme would allow companies to buy and sell carbon credits to offset their carbon emissions, which is a major step forward in reducing India’s overall carbon footprint. By seeking comments from stakeholders, the government is also showing a willingness to engage with industry and the public to ensure that the scheme is effective and sustainable. Read More

PNGRB amends regulation to allow unified tariff for natural gas pipelines

The Petroleum and Natural Gas Regulatory Board (PNGRB) of India has amended its regulations to allow for a unified tariff for natural gas pipelines. This means that the tariff for transporting natural gas through multiple pipelines will now be consolidated into a single tariff, which is expected to simplify the tariff structure and make it more transparent. The move is aimed at promoting competition and efficiency in the natural gas pipeline sector, and is expected to benefit both consumers and pipeline operators. The PNGRB has stated that the unified tariff will be applicable from April 1, 2023. Read More


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