2020-TIOLCORP-NEWS-196| Tuesday September 29, 2020

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TIOL Mail Update
 
COMPANIES LAW
2020-TIOLCORP-43-HC-DEL-CA

Mukul Mittal Vs UoI

Whether DINs and the DSCs should be reactivated of directors so that defaulting company can do the needful to apply for the CFSS - YES: HC

- Case Allowed: DELHI HIGH COURT

 
MISCELLANEOUS
2020-TIOLCORP-133-HC-MUM-MISC

Maharashtra State Co-Operative Bank Ltd Vs Gangapur Sahakari Sakhar Karkhana Ltd

Whether refusal of reasonable request for adjournment precludes Petitioner from placing material on record to demonstrate the existence of the exceptions and is wrong action on part of the Tribunal - YES : HC

- Writ petition allowed: BOMBAY HIGH COURT

 
HIGH LIGHTS (SISTER PORTAL)
  TIOL

Tax Inspectors Without Borders help DCs garner USD 537 mn addl tax revenue

Health Minister launches Vaccine portal, Clinical Registry of COVID-19 & Mobile Stroke Unit

Railways rolls out User Depot Module to ensure digitization of complete supply chain

Rs 2.1 Cr contributed to PM CARES by BVP through MoS

TOG

No plan to increase rate of DAP and NPK fertilizers: IFFCO

TII

Tax Inspectors Without Borders help DCs garner USD 537 mn addl tax revenue

 

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FLASH NEWS
Malaysia's flagship budget airline  AirAsia  Group to layoff hundreds of employees to cope with coronavirus pandemic

Securities and Exchange Commission charged  former finance manager at  Amazon .com, Inc. and her family members with insider trading

Startup SquadStack raises $5 million in  Series A funding round led by Chiratae Ventures

 
CORP BRIEF
PFC signs MoU with Govt detailing targets for FY 2020-21

Facility to apply for Scheme Certificate under EPS, 1995 now available on UMANG

 
MCA CIRCULAR
Clarification with regard to creation of deposit repayment reserve of 20% u/s. 73 (2) (C) of the Companies Act 2013 and to invest or deposit 15% of amount of debentures u/r.18 of Companies (Share capital and Debentures) Rules 2014

Clarification on passing of ordinary and special resolutions by companies under the Companies Act,2013 read with rules made thereunder on account of COVID-19

Extension of time - Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013

Extension of LLP Settlement Scheme, 2020

Extension of Companies Fresh Start Scheme, 2020

 
SEBI CIRCULAR

Relaxation with respect to Validity of SEBI Observations and Revision in issue size

Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT

Amendments to guidelines for preferential issue and institutional placement of units by a listed REIT

Recovery of assets of defaulter member and recovery of funds from debit balance clients of defaulter member for meeting the obligations of clients / Stock Exchange / Clearing Corporation

 

COMPANIES AMENDMENT ACT
The Companies Amendment Act, 2020  

MCA NOTIFICATION

Companies (Meetings of Board and its Powers) Third Amendment Rules, 2020

Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2020

 
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