December 23, 2020
Summary of the Amendments in Companies Act, 2013, SEBI(LODR), 2015 and IB Code, 2016 issued on 21/12/2020 and 22/12/2020
1. MCA notifies the commencement of specified sections in the Companies (Amendment) Act, 2020
Through this notification, MCA has notified the effective date of 43 specified sections, including Share Capital related provisions, Debentures, Charges in the Companies (Amendment) Act, 2020.
2. SEBI Circular on scheme of arrangement by Listed Entities under Listing Regulations
Through this Master Circular, SEBI has issued a compilation of relevant and updated circulars issued by SEBI which deal with schemes of arrangement.
The Circular lists out the requirements to be fulfilled by Listed Entities desirous of undertaking scheme of arrangement or involved in a scheme of arrangement for sanction by the National Company Law Tribunal (NCLT), Obligations of Stock Exchange(s) and Processing of the Draft Scheme by SEBI under LODR, 2015.
Further, the Circular also details the procedure and conditions precedent to avail relaxation under Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957.
3. Extension of Suspended time period for initiation of Corporate Insolvency Resolution application for defaults arising on or after 25/03/2020 to 25/03/2021
The Central Government has notified that fresh application for initiation of Corporate Insolvency Resolution process under Section 10A of IBC, 2016 for defaults arising on or after 25/03/2020 shall be suspended till 25/03/2021 (as against the earlier revised deadline of 25/12/2020).
These amendments are available for reference on our free to use website www.ca2013.com for your quick reference.