Summary of notification and circular in the Companies Act, 2013 and SEBI(LODR), Regulations, 2015 respectively issued on 17.07.2019 are listed below:
- Designation of Special Court for the State of Maharashtra vide notification:
The Central Government with the concurrence of the Chief Justice of the High Court, Bombay,has designated ‘Court of District Judge-1 and Additional Sessions Judge, Pune’ as special court for the state of Maharashtra to ensure speedy disposal of trials in cases where the offence is punishable with imprisonment of two years or more.
2. Modification of circular dated July 18, 2017 on ‘Disclosure of divergence in the asset classification and provisioning of Banks’ with immediate effect:
In line with the RBI’s modified disclosure requirements, SEBI has also modified the disclosure requirement for banks which have listed specified securities by requiring them to disclose to the stock exchanges ‘divergences in the asset classification and provisioning’, if either or both of the following conditions are satisfied:
the additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions and contingencies for the reference period, (which earlier was 15 per cent of the published net profits after tax for the reference period) and the additional Gross NPAs identified by RBI exceed 15 per cent of the published incremental Gross NPAs for the reference period.