June 24, 2020 Summary of notifications issued by MCA on 23/06/2020 Extension of deadlines with respect to approval of restricted transactions via Video Conferencing and registration with the data bank by the Independent Directors to 30/09/2020 MCA, vide its notification, has extended the deadlines to 30/09/2020 from 30/06/2020 with respect to [...]
June 23, 2020 Summary of the notification issued by SEBI on 22/06/2020 SEBI relaxes ICDR and Takeover norms with respect to fund raising by Distressed Companies Through this amendment preferential issue by Distressed Companies is exempt from making Open offer under 3(1) and 4 of Takeover Code if they comply with [...]
June 22, 2020 Summary of the circular issued by MCA on 19/06/2020 1. MCA extends the deadline for creation of Deposit Repayment Reserve and Investment of specified amount of maturing debentures under the Companies Act, 2013 and its Rules Through this circular, MCA has further extended the deadline already granted vide [...]
June 17, 2020 Summary of the circular and notification issued by MCA and SEBI on 17/06/2020 and 16/06/2020 respectively 1. MCA condones delay in filing Charge related forms under the Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 with effect from 17/06/2020 Highlights of [...]
June 16, 2020 Summary of the Circular issued by MCA on 15/06/2020 Extension of validity of Circulars issued by MCA on conducting Extra Ordinary General Meeting (EGMs) via Video Conferencing (VC) or transacting items through Postal Ballot to 30 September, 2020 Through this Circular, MCA has extended the applicability of its [...]
June 09, 2020 Summary of the notification issued by MCA dated 05/06/2020 MCA allows startups to issue sweat equity upto ten years from its incorporation date & takes liquidity improvement measures for listed entities making private placement of debentures. Through this notification, - A start-up company, as defined in notification number [...]
June 08, 2020 Summary of the Ordinance passed by the President of India on 05/06/2020 Ordinance to suspend applicability of Insolvency and Bankruptcy Code, 2016 due to CoVID-19 pandemic Citing various reasons including hampering of conduct of business operations and assigning of resolution professionals to recover the defaulting corporates due to [...]
June 03, 2020 Summary of the guidelines issued by IBBI on 02/06/2020 IBBI issues guidelines to be followed with respect to appointment of Panel of Insolvency Professionals (IPs) for the purposes of Corporate and Individual Insolvency applications under IBC, 2016 Through this notification, IBBI has issued detailed guidelines to be followed [...]
May 27, 2020 Summary of the Notification issued by MCA on 26/05/2020 1. MCA amends Schedule VII of the Companies Act, 2013 to include ‘PM CARES Fund’ as an eligible CSR expenditure, with effect from 28/03/2020 Through this notification, MCA has now amended the Schedule VII of the Act, to explicitly include [...]
May 21, 2020 Summary of the circular issued by SEBI on 20/05/2020 1. SEBI issues advisory on disclosure of material impact of CoVID–19 pandemic on listed entities under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR’) Through this advisory, SEBI has emphasized the need for listed entities to ensure the [...]