SEBI held that invocation of pledged shares may be treated similarly to sale transactions since beneficial ownership changes upon invocation. The guidance explains that contra trade restrictions may apply depending on transactions undertaken within the six-month period.
ROC Patna imposed penalties on a Nidhi company and its Managing Director for failure to file the annual return under Section 92 of the Companies Act, 2013. The annual return remained unfiled despite issuance of adjudication notice and hearing opportunity.
The amended directions permit commercial banks to recognize current year profits for CRAR calculations on a quarterly basis. RBI also prescribed audit and limited review requirements for such recognition.
RBI amended the capital adequacy norms for Small Finance Banks by revising provisions governing inclusion of quarterly profits in CET1 capital. The new framework prescribes audit requirements and a revised profit eligibility formula.
RBI amended the capital adequacy norms for Payments Banks by revising rules for inclusion of quarterly profits in CET1 capital. The new framework allows quarterly profit recognition subject to audit and prescribed deductions.
IFSCA amended its TechFin and Ancillary Services Regulations to create a separate regulatory framework for Trust and Company Services Providers in IFSCs. The amendment introduces registration, governance, compliance, and reporting requirements for TCSP entities.
Madras High Court directed authorities to defer GST proceedings relating to royalty and seigniorage fees for quarrying minerals until the Supreme Court decides the larger dispute. The petitions were disposed of on terms similar to earlier cases.
Gauhati High Court held that proceedings initiated through a time-barred show cause notice under Section 73(1) of the Finance Act were without jurisdiction. The adjudication order was consequently quashed.
ROC Delhi held that failure to regularize an Additional Director at the next AGM violated Section 161(1) of the Companies Act. Since the default continued for 2,721 days, maximum penalties were imposed on the company and directors.
The ROC found that the company failed to timely record cessation of an Additional Director whose office had automatically vacated by law. Delayed filing of DIR-12 resulted in severe penalties under Section 172.
