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Company Law:

1. Supreme court held that appeal for restoration of company’s name can’t be maintained by one whose status as its director is disputed.

Insolvency Law:

1. (IBBI) has issued the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022.

2. NCLAT issues directions for computation of limitation in filing of appeals.

Securities Law:

1. SEBI Penalise   Company   for  failing   to   disclose   updated   policy for determining ‘material subsidiary.

2. SEBI Extends   time   for   entering   details   of   existing   non-Convertible securities into the Distributed Ledger Technology (DLT) system.

3. Structured Digital Database (SDD) Disclosure to stock exchange.

4. SEBI in board meeting has made a decision to put a specific responsibility on Independent directors to justify the pricing in an initial public offering (IPO).

MSME

1. MSMEs shall continue to avail non-tax benefits for 3 years even if there is any upward change in the investment .

POSH

1. Delhi High court held that the Friend with legal background can’t represent man facing sexual harassment at workplace enquiry.

COMPANY LAW

1. Supreme court held that appeal for restoration of company’s name can’t be maintained by one whose status as its director is disputed.

INSOLVENCY LAW 

1. (IBBI) has issued the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022.

2. NCLAT issues directions for computation of limitation in filing of appeals.

  • NCLAT held that applicant has to mandatory file all the applications and appeals in hard copy also along with e-filing receipt. And same is also consider for computation of limitation.

SECURITIES LAW

1. SEBI Penalises Company for failing to disclose updated policy for determining ‘material subsidiary. 

  • SEBI has imposes a penalty of Rs. 5 lakh on a Company for failing to make disclosure in respect of un-updated policy for determining ‘material subsidiary’ and on modification of terms of appointment of auditors of material subsidiaries, thereby violating the provisions of a SEBI Circular and of 4(1)(e) of the LODR Regulations.

Regulatory updates for the Month of October 2022

2.  SEBI Extends time for entering details of existing non- Convertible securities into the Distributed Ledger Technology (DLT) system. 

3. Structured Digital Database (SDD) Disclosure to stock exchange.

  • Reg 3(5) of SEBI (PIT) Regulations, 2015 which required Structured Digital Database (SDD) to be maintained by the company capturing all the details regarding UPSI. In this regard, companies are required to submit a quarterly compliance certificate on the letter head of the company and certified by the compliance officer of the company or Practising Company secretary in the format as provided by the
  • SDD is applicable for trading in equity shares and equity derivative Companies in the process of listing also to maintain SDD.
  • SOP under SEBI (PIT) Regulations, 2015 for compliance with SDD

4.  SEBI in board meeting has made a decision to put a specific responsibility on Independent directors to justify the pricing in an initial public offering (IPO). 

  • Regulator has proposed a committee of independent directors (IDs) justify the IPO-pricing band, using quantitative means. The pricing band will then be compared with the weighted average cost of acquisition of prior primary issuances and secondary transactions in the
  • 14 Key decisions taken by SEBI in its Board Meeting on 30.09.2022

POSH

1. Delhi High court held that the Friend with legal background can’t represent man facing sexual harassment at workplace enquiry. 

  • Delhi High Court held that allowing a person facing a sexual harassment enquiry before a company’s Internal Complaint’s Committee (ICC) to be represented by a “friend” with a “legal background”, who is not registered as an advocate, would be prejudicial to the
  • Intent of rule 7(6) of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rules is to disallow a legal practitioner from representing the parties at any stage of the proceedings

MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT 2006

1. MSMEs shall continue to avail non-tax benefits for 3 years even if there is any upward change in the investment .

Due Dates under various laws 

14/11/2022

1. Regulation 33(3) Financials results along with limited review report/Auditor’s report (For listed Companies)

2. Regulation 33 (5): Financial Results (In case of entity which has listed their specified securities on SME Exchange)

3. Statement of deviation(s) or variation(s)

18/11/2022 1.  Submit the Structured Digital Database (SDD) Compliance Certificate
29/11/2022 1. PAS-6-Reconciliation of share capital audit report-To

be filled by Unlisted public company.

2. MGT 7/7A- Annual Return.

3. MGT 8- Compliance certificate by PCS.(For Listed Company or Companies having PSC ≥ 10 Crores or turnover ≥ 50 crores)

Disclaimer

This newsletter is a compilation of updates prepared and circulated from the academic point of view only and are not intended to constitute professional advice on any matter. The views and opinions expressed in this newsletter are those of the author of this document and are based on the internal research done by the Author.

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