January 23, 2020 Summary of circulars issued by SEBI and IBBI on 22/01/2020 1. SEBI notifies revised penalty rates and Standard Operating Procedure (SOP) for suspension and revocation of trading of specified securities for non-compliance by listed entities under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to the amendments to Listing [...]
January 21, 2020 Summary of the circular issued by IBBI on 20/01/2020 1. IBBI notifies the details of the Scheduled Bank account for liquidators to deposit any unclaimed dividend and / or undistributed proceeds of voluntary liquidation process under Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017: In line with the [...]
January 20, 2020 Summary of the circular issued by SEBI on 17/01/2020 1. Listed entities to submit to Stock Exchange a Statement indicating Deviation or Variation in the use of proceeds of issue of listed non-convertible debt securities or listed non-convertible redeemable preference shares (NCRPs) on half-yearly basis: Through this circular, SEBI requires listed [...]
January 16, 2020 Summary of Notifications issued on January 9, 2020 and January 15, 2020 are detailed below: 1. The Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Amendment Rules, 2020: IBBI by this notification has amended the tenure of service of part-time [...]
January 14, 2020 Summary of Notification in SEBI (LODR) Regulations, 2015 issued on January 13, 2020 is detailed below: 1. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2020: SEBI (LODR) (Amendment) Regulations, 2018 modified Regulation 17 by including clause 1B which requires, from April 1, 2020, the top 500 listed entities to ensure “that [...]
January 10, 2020 Summary of Circular in IB Code, 2016 issued on 09.01.2020 is detailed below: 1. Circular on deposit of unclaimed dividends and /or undistributed proceeds of liquidation process as per Regulation 46(1) of the IBBI (Liquidation Process) Regulations 2016: Proviso to Regulation 46(1) provides that IBBI shall open a ‘separate bank account’ with a scheduled bank [...]
January 07, 2020 Summary of notifications issued by MCA and IBBI on 03/01/2020 and 06/01/2020 respectively. 1. MCA notifies amendment on increase in paid-up share capital threshold for appointment of Company Secretary and insertion of a criteria for conducting Secretarial Audit by Companies MCA has amended Rule 8A (Appointment of Company Secretaries in companies not [...]
‘The more things change, the more they remain the same’ is an old proverb that stands the test of time, even in this digital age. Two thousand years ago, Chanakya in Arthashastra- Book II, Chapter VIII, paragraph 67, listed out forty techniques of embezzlement. His intent was not to train embezzlers, instead, it was [...]
Summary of circular issued by MCA on 01/01/2020 is provided below: 1. MCA Circular to extend the last date to March 31, 2020 to file Form BEN-2 on receiving declaration from Significant Beneficial Owners of the Company MCA has further extended the time limit from December 31, 2019 to March 31, 2020 without payment [...]
December 31, 2019 Summary of Circular issued by MCA on 30/12/2019 1. Extension of deadline for filing of Cost Audit Report with the Central Government MCA has extended the deadline for filing of Form CRA-4 (Form for filing Cost Audit Report with the Central Government), from 31/12/2019 to 29/02/2020, for all the eligible companies that are required [...]
