On 25th March, 2020, the entire country went into a lockdown as directed by the Central Government in order to contain the spread of the novel coronavirus (Covid-19). As a precautionary measure, the courts, the Hon’ble National Company Law Tribunal included, closed its doors to any fresh filings and accordingly, hearings were curtailed from 16th March, 2020 onwards.
There was a time when food, textiles and petroleum were considered among essential commodities. Laptops, mobile phones and webcams may well replace them as essential commodities. Essential for survival. Join in for our latest edition of the Law Tree even as the nation is peaking in its combat with is neighbour that introduced the virus and intruded our land border - China.
SEBI: Treading the middle path
With the onset of Covid 19 in India and the consequent mammoth India lockdown, businesses in the country went into a slump. A series of measures were announced by the Indian Government through various regulators. Major relaxations were introduced by the Securities and Exchange Board of India (SEBI). A look at the various notification issued by SEBI in light of the Covid pandemic.
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
State Bank of India v. Enfield Solar Energy Ltd. 354 / 2018
To initiate CIRP against the Corporate Debtor
Bookitfree.com Pvt Ltd. v. Ajanta Offset & Packaging Ltd. & Ors. 60 / 2020
Application disposed, as CIRP against the corporate debtor already initiated
Langlai Tea and Industries Ltd., Mr. Sanjay Kumar Agrawal v. State Bank of India and Others 10 / 2019
The Application IA No. 03 of 2020 filed by RP for approval of Resolution Plan has been allowed by the Tribunal
Governance in Indian Commercial Banks: Discussion Paper-RBI
On 12th June 2020, the Reserve Bank of India (RBI) made available to the public, a discussion paper on “governance in commercial banks in India”. The paper seeks to set higher aspirational governance standards for entities engaged in financial intermediation. The discussion paper is open for public comments on or before 15th July 2020.
A look at the several suggestions and recommendations for the Board of the Bank’s governance.
Circulars & Notifications
May 18, 2020
Risk Management and Inter-bank Dealings – Hedging of Foreign Exchange Risk-Date of Implementation
May 19, 2020
Extending Master Direction – Know Your Customer (KYC) Direction, 2016 to Housing Finance Companies
May 22, 2020
Import of goods and services- Extension of time limits for Settlement of import payment
May 22, 2020
Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt – relaxations
May 23, 2020
COVID-19 – Regulatory Package
May 23, 2020
Pre-shipment and Post-shipment Export Credit – Extension of Period of Advance
May 27, 2020
Cessation of 7.75% Savings (Taxable) Bonds, 2018
May 29, 2020
Recovery of Penal Interest on delayed remittance of Government Receipts into Government Account
May 03, 2020
SEBI Notification on COVID-19 dated May 03, 2020
May 06, 2020
Relaxations relating to procedural matters – Issues and Listing
May 12, 2020
Additional relaxation in relation to compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 – Covid-19 pandemic
May 12, 2020
Relaxation from compliance with certain provisions of the SAST Regulations, 2011 due to the COVID-19 pandemic
May 14, 2020
Relaxation from the applicability of SEBI Circular dated October 10, 2017 on non-compliance with the Minimum Public Shareholding (MPS) requirements
May 14, 2020
Relaxations relating to procedural matters – Takeovers and Buy-back
May 15, 2020
Relaxation in timelines for compliance with regulatory requirements
May 20, 2020
Advisory on disclosure of material impact of COVID-19 pandemic on listed entities under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
May 20, 2020
Circular on Listing of Mutual Fund schemes that are in the process of winding up
May 25, 2020
Implementation of Circular on ‘Margin obligations to be given by way of Pledge / Re-pledge in the Depository System’ – Extension
May 26, 2020
Guidelines for identification and selection of location as a delivery centre(s) for commodity derivatives contract
May 29, 2020
Implementation of provision regarding Power of Attorney in circular dated February 25, 2020 – Extension
May 12, 2020
12 May, 2020 – Order of NCLT to file default record from the IU for application under Section 7 of the Code
Circulation of UPSI
In November 2017 certain news articles surfaced in the print media referring to circulation of UPSI through private WhatsApp groups about certain companies’ performance before the Company’s submission to the stock exchanges on which they were listed.
On the basis of news paper reports, Securities and Exchange Board of India (“SEBI”) initiated a preliminary examination in the matter. Search and seizure operations and on further examination, it was found that financial information / data of around 12 companies was leaked in the Whats App group.
Politics of the Pandemic -
It is obvious that the World Health Organization (hereinafter WHO) is currently under a microscope and being a specialized agency of the United Nations that is solely responsible for international public health, the Body is doing all that it can to keep the citizens of the world safe. But, this is not the only reason for it to be under a microscope. The WHO has announced that the Indian Union Health Minister, Dr. Harsh Vardhan is set to take charge as the chairman of the 34 elected-member Executive Board of the WHO from May 22, 2020.
A lawful man; a good and lawful man. A juror.
To have license to settle a litigation amicably; to obtain delay for adjustment.
Kin or kindred
Relation or relationship by blood or consanguinity. Relatives by blood: by birth.
In Civil law, to order, director command. The word jubeo(I order), in a will, was called a “word of direction”, as distinguished from “precatory words”. To assure or promise. To decree or pass a law.
Mine Your Act
Government bans drones from food delivery
Attention: Legal – ease
Witness for the Prosecution (1957)
A 1957 American classic, this is the first movie adaption of a play of the legendary English detective novelist Agatha Christie. When the affable Leonard Vole (played by Tyrone Power) is arrested for murder of a rich widow who willed Leo her property, there is strong circumstantial evidence to prove he is indeed the murderer. But ailing Barrister Sir Wilfrid Roberts (portrayed brilliantly by Charles Laughton) thinks Leo is innocent. When Barrister Wil speaks to Leo’s wife Christine (Marlene Dietrich), he finds her cold and haughty. However, he does manage to get an ailibi from her. However, events get dramatic when Christine becomes a witness for the prosecution and testifies that Leo indeed was the murdered. Things get even murkier when Barrister Wil receives a letter from an anonymous source about the alleged affair of Christine with another man. Basis that, he argues that Christine had malice in testifying that Leo was a murderer. Basis this argument, the Old Bailey court rules that Leo is innocent. And then Barrister Wilfrid Roberts discovers the truth. Watch the literary brilliance of Agatha Christie unfold theatrically. The movie which received 6 Academy nominations was remade in 1982. Don’t miss!
by Jodi Picoult (2001)
Published in 2001, Plain truth is the seventh novel from the American award winning author Jodi Picoult. The story unfolds on Amish farms. The Amish religion and culture whose origin is traced in Switzerland and Germany are deeply conservative community whose belief and faith is based on God’s call for simple thinking, living helping the needy.
When a dead infant is found on an Amish farm, the police conclude it was a still born child at birth. However, when they investigate deeper, they find minute yet stark evidence on the body of the infant that it was a murder. Immediately, the baby’s mother Katie is charged with murder. But Katie denies even being pregnant. Ellie a lawyer and distant relative of Katie reluctantly agrees to defend the case. Meanwhile, a doctor determines that the infant could have died premature due to an infection caused by Katie drinking unpasteurised milk from the Amish farm. With conflicting statements and evidence, it is upto Ellie to prove the innocence (or otherwise) of Katie. Read the novel to know the finale.
City Homicide (2007-2011)
If you are a lover of crime thrillers and detective investigation, then you must watch this Australian legal drama series set in Melbourne. City Homicide centres on homicide detectives, their equation with their senior officers and how and they solve murder cases and ensure justice is delivered. With a total of 4 seasons and 1 additional season with miniseries (titled the Great Honour), the series telecast a total of 84 episodes over 5 seasons and received commercial and critical acclaim.