Corporate Compliance Calendar for January, 2022

This article contains various Compliance requirements for the Month of January, 2022 under various Statutory Laws. Compliance means “adhering to rules and regulations. ”Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.

If you think compliance is expensive, try non‐ compliance”

Compliance Requirement Under

1.Income Tax Act, 1961

2.Goods & Services Tax Act, 2017 (GST)and Important Updates / Circulars

3. Companies Act, 2013 & LLP Compliance (MCA/ROC Compliance) and Notifications

4.Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications

5.Other Statutory Lawsand Updates

6.SEBI (Listing Obligations &DisclosureRequirements) (LODR) Regulations, 2015

7. SEBI Takeover Regulations 2011

8.SEBI (Prohibition of Insider Trading) Regulations, 2015

9.SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

10.SEBI (Buyback of Securities) Regulations, 2018

11. SEBI (Depositories and Participants) Regulations 2018) and Circulars

12.Insolvency and Bankruptcy Board of India (IBBI) Updates

13. NBFC Compliance Overview

14.NCLT & NCLAT Updates

15. Competition Commission of India

16. IRDAI – Insurance Sector Updates

17. Cabinet Decisions / New Acts

  1. Compliance requirement under Income Tax act, 1961
  Sl.  Compliance Particulars  Due Dates  
1Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for previous month.07.01.2022
2.Due date for deposit of TDS for the period October 2021 to December 2021 when Assessing Officer has permitted quarterly deposit of TDS under section 192, section 194A, section 194D or section 194H.    07.01.2022
  3Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2021.     14.01.2022
  4Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of November, 2021.     14.01.2022
5Due date for issue of TDS Certificate for tax deducted under section 194M in the month of November, 2021.       14.01.2022
  6Due date for filing of audit report under section 44AB for the assessment year 2021-22 in the case of a corporate-assessee or non-corporate assessee (who was required to submit his/its return of income on October 31, 2021) – extended date  15.01.2022
  7Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of December, 2021 has been paid without the production of a challan.    15.01.2022
8Quarterly statement of TCS for the quarter ending December 31,2021.15-01-2022
  9Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending December, 2021.15-01-2022
10Due date for furnishing of Form 15G/15H declarations received during the quarter ending December, 2021.15-01-2022
11Quarterly TCS certificate in respect of quarter ending December 31, 2021.30-01-2022
12Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of December, 2021.30-01-2022
13Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of December, 2021.30-01-2022
14Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of December, 2021.30-01-2022
15Quarterly statement of TDS for the quarter ending December 31, 2021.31-01-2022
16Quarterly return of non-deduction at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2021.31-01-2022
17Intimation under section 286(1) in Form No. 3CEAC, by a resident constituent entity of an international group whose parent is non-resident.31-01-2022
          18Audit report under section 44AB for the assessment year 2021-22 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under section 92E.   The due date for furnishing of audit report for Assessment Year 2021-22 has been extended from October 31, 2021 to November 30, 2021 vide Circular no. 9/2021, dated 20-05-2021.   The due date for furnishing of audit report for Assessment Year 2021-22 has been further extended from November 30, 2021 to January 31, 2022 vide Circular no. 17/2021, dated 09-09-2021.          31-01-2022
  • Income Tax Due Date – Extensions
Sl.Nature of ExtensionProvisions / Forms of IT Act 1961Earlier  Due DateExtended Due Date
1The application in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc.,Under Section 10 (23C), 12AB, 35 (1) (ii) /(iia) / (iii) and 80G of the Act    30.06.2021    31.03.2022
2Return of income for the assessment year 2021-22 in the case of an assessee if he/it is required to submit a report under section 92E pertaining to international or specified domestic transaction(s)    under section 92E    31.12.202128.02.2022
  3Filing of belated/revised return of income for the assessment year 2021-22 for all assessee (provided assessment has not been completed before December 31, 2021).Belated/revised return of income for the assessment year 2021-2231.01.202231.03.2022
  • Importatnt updates – December, 2021:

1. Pay zero income tax on Rs 10 lakh salary; check calculation to save money

Taxpayers earning above Rs 10 lakh usually cough up thousands of rupees as income tax, if not lakhs. However, by investing in the right tools, you won’t have to pay a single penny.

axpayers earning above Rs 10 lakh cough up thousands of rupees as income tax. However, there are several methods using which taxpayers can save big on income tax even if the salary is a bit more than Rs 10 lakh. If you use all the right income tax saving options, you may not need to pay a single penny. For taking full advantage of the tax exemption options available to the taxpayers, you will need to calculate the savings and expenses properly. The best part is that you don’t even need a financial manager for this as you can learn the art of saving on income tax by yourself.

How you can save Tax:

  1. Deduct Rs.50000 as the standard tax deduction
  2. You can save up to a maximum of Rs 1.5 lakh by putting your money in investment tools such as EPF, PPF, ELSS, NSC and up to Rs 1.5 lakh annually in the form of tuition fees for two children.
  3. Invest up to Rs 50,000 annually in the National Pension System (NPS) scheme to get a rebate under section 80CCD (1B) of the Income Tax Act.
  4. If you have a home loan to repay and your annual interest is over Rs 2 lakhs, then you can save up to a maximum of Rs 2 lakh under section 24B of income tax.
  5. Further, you can claim a return of up to Rs 25,000 for health insurance premiums. You can save on the premiums of preventive healthcare check-up for spouse, children and yourself under Section 80D of the Income Tax. Moreover, buying health insurance for parents can help you avail of an additional deduction of up to Rs 50,000 if parents should be senior citizens.

2. ITR filing: Why taxpayers need to give quarter-wise breakup of dividend income?

ITR filing last date for AY 2021-22: Last date for income tax return (ITR) filing for assessment year 2021-22 is 31st December.Income tax return: In order to calculate the interest for the default in payment of advance tax liability, taxpayers are now required to give a quarter-wise breakup of dividend income received while filing ITR for AY 2021-22.

Last date for income tax return (ITR) filing for assessment year 2021-22 is 31st December. So, income taxpayers are advised to keep some changes made by the income tax department in mind while ITR filing. Reporting of dividend income while filing ITR is one such change that a taxpayer can’t afford to miss while filing ITR for AY 2021-22. Now, taxpayers need to give quarter-wise breakup of their dividend income. It will help them save income tax outgo.

In order to avoid rejection of one’s ITR form, the taxpayer needs to report dividend income breakup for the span of:

1] 1st April 2020 to 15th June 2020;

2] 16th June 2020 to 15th September;

3] 16th September 2020 to 15th December 2020;

4] 16th December 2020 to 15th March 2021; and

5] 16th March 2021 to 31st March 2021.

3. PAN card holders may get fined up to ₹10,000 after 31st March. Details here

PAN card holders are advised to link their Permanent Account Number (PAN) with their Aadhaar card number by 31st March 2022. Failing to do this by given deadline will not only lead to their PAN card becoming invalid but it would require a fee of ₹1,000 for PAN Aadhaar linking. The problem of the PAN card holder won’t end here only as the individual won’t be able to invest in mutual funds, stocks, open a bank account, etc. where furnishing a PAN card is must. Apart from this, if the person furnishes the PAN Card, which is no more valid, then under Section 272N of the Income Tax Act 1961, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees.

Under Section 272B of the Income Tax Act, failing to link PAN with one’s Aadhaar will lead to higher TDS and a penalty of ₹10,000. (To know more: Click Here)

  • Important Notifications – For the month of December – 2021:
Sl.Particulars of the Notification(s)File No. / Circular No.Link(s)
1.Income Tax Department conducts search operations in RajasthanPress Release ID 1776742Click Here
  2.Income Tax Department conducts search operations in Pune, MaharashtraPress Release ID 1777165Click Here
  3.More than 3 crore Income Tax Returns filed on new e-Filing portal of Income Tax Department; Taxpayers who are yet to file their ITRs for AY 2021-22 advised to file at the earliest  Press Release ID 1778222  Click Here
  4.Income Tax Department conducts search operations on two major real estate developers of LudhianaPress Release ID 1775545Click Here
  5.TheCentral Government hereby specifies the JeevanAkshay-VIIPlan of the LICNotification No. 134/2021Click Here
  6.Protocol amending the Agreement between the Government of the Republic of India and theGovernment of the Kyrgyz Republic for the Avoidance of Double Taxation and for the Prevention of Fiscal Evasion with respect to taxes on income signed at New Delhi on 13th April, 1999.    Notification No. 135/2021/      Click Here
  7Income Tax Department conducts search operations in West BengalPress Release ID 1780051Click Here
8More than 3 crore Income Tax Returns filed on new e-Filing portal of Income Tax Department; Taxpayers who are yet to file their ITRs for AY 2021-22 advised to file at the earliest  Press Release ID 1778222  Click Here
9Income Tax Department conducts searches in Uttar Pradesh and KarnatakaPress Release ID 1783951  Click Here
10Income Tax Department conducts searches in Tamil NaduPress Release ID 1783884Click Here
11Income Tax Department conducts searches in West BengalPress Release ID 1783764Click Here
12Rs 4,55,069 crore collected as taxes and cess on petrol and diesel in 2020-21Press Release ID1783429  Click Here
13Advance Tax collections for the F.Y. 2021-22 (Till 3rd Installment) stand at Rs. 4,59,917.10 crore as on 16.12.2021 which shows a growth of approximately 53.50%Press Release ID 1782792  Click Here
143.59 crore Income Tax Returns filed on the new e-filing portal of the Income Tax DepartmentPress Release ID 1782371Click Here
15Income Tax Department conducts searches in MumbaiPress Release ID 1781842Click Here
16TheIncome-tax (33rd Amendment)Rules, 2021Notification No. 136/2021  Click Here
17Thee-Verification Scheme, 2021.Notification No. 137 /2021Click Here
18TheIncome-tax (34th Amendment)Rules, 2021Notification No. 138/2021Click Here
19TheFaceless Appeal Scheme, 2021.Notification No. 139/2021  Click Here
20TheIncome-tax (35th Amendment)Rules, 2021Notification No. 140/2021  Click Here

2. Compliance Requirement under GST, 2017

A. Filing of GSTR –3B

a) Taxpayers having aggregate turnover >Rs. 5 Cr. in preceding FY

Tax periodDue DateNo interest payable tillParticulars
December, 202120thJanuary, 2022Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year

b). Taxpayers having aggregate turnover uptoRs. 5 crores in preceding FY (Group A)

Tax periodDue DateNo interest payable tillParticulars
December, 202122nd January, 2022 Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep

c). Taxpayers having aggregate turnover uptoRs. 5 crores in preceding FY (Group B)

Tax periodDue DateNo interest payable tillParticulars
December, 202124thJanuary, 2022  
Group B States:Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi

B. Filing Form GSTR-1:

Tax periodDue DateRemarks
Monthly return (December, 2021)11.01.2022“1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceeding year.   2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP”

C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers

Form No.Compliance ParticularsTimeline Due Date
GSTR-5 & 5ANon-resident ODIAR services provider file Monthly GST Return20th of succeeding month           20.01.2022
  GSTR -6Every Input Service Distributor (ISD)  13th of succeeding month  13.01.2022
  GSTR -7Return for Tax Deducted at source to be filed by Tax Deductor  10th of succeeding month  10.01.2022
  GSTR -8E-Commerce operator registered under GST liable to TCS10th of succeeding month10.01.2022

D. GSTR – 1 QRMP monthly / Quarterly return

Form No.Compliance ParticularsTimeline Due Date
Details of outward supply-IFF& Summary of outward supplies by taxpayers who have opted for the QRMP scheme.GST QRMP monthly return due date for the month of December, 2021 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore.   Summary of outward supplies by taxpayers who have opted for the QRMP scheme.           13th of succeeding month            – Monthly   Quarterly Return        13.01.2022

E. GST Refund:

Form No.Compliance ParticularsDue Date  
RFD -10Refund of Tax to Certain Persons18 Months after the end of quarter for which refund is to be claimed

F. Other Returns:

Form No.Compliance ParticularsTimeline Due Date
    CMP – 08Quarterly challan-cum-statement to be furnished by composition taxpayers. Oct-Dec’21.          Quarterly – Oct. to Dec 2021    18.01.2022
ITC – 04GST ITC-04 is to be filed to provide details of goods sent to Job Worker or received back.Quarterly – Oct. to Dec 2021  25.01.2022

G. Annual Returns:

Form No.Compliance ParticularsDue Date
    GSTR – 9GSTR-9 is Annual Return applicable for registered person with aggregate turnover exceeding INR 2 Crores during the F.Y. 2020-21. However, registered person with aggregate turnoberupto INR 2 Crores have option to file GSTR-9.    28.02.2021
  GSTR – 9CGSTR-9C is reconciliation statement applicable for registered person with aggregate turnover exceeding INR 5 Crores during the F.Y. 2020-21.  28.02.2021

Major Update:

  • Taxpayers can now withdraw their application for cancellation of registration (filed in Form REG-16) unless the tax officer has initiated action on it.
  • Aadhaar authentication of registered person is mandatory for filing of Refund/Revocation of cancelled registration applications w. e. from 1.1.2022.
  • Key UPDATE(s) – December, 2021:

1. GST hike on textiles will put financial burden on 85% population if not withdrawn: Traders to Piyush Goyal

Ease of Doing Business for MSMEs: In November 2021, the government had notified uniform GST at 12 per cent on man made fibre (MMF), MMF yarn, MMF fabrics and apparel to address the inverted tax structure in the MMF textile value chain.

Urging Commerce Minister Piyush Goyal to withdraw proposed GST hike on textiles from 5 per cent to 12 per cent instead of deferring it, traders represented by Confederation of All India Traders (CAIT) on Tuesday said that the hike would put a ‘big financial burden’ on over 85 per cent of people in India who buys clothes of less than a thousand rupees. At a video conference by the Ministry of Textiles, trade associations under the CAIT umbrella said that the sword of GST hike is still hanging over the heads of textile and related businesses even as they thanked the government for postponing the hike for now.

“This increase will affect the country’s textile trade whereas on the other hand more than 85 per cent of the people of the country, who buy clothes of less than one thousand rupees, will have a big financial burden upon them,” CAIT said in a statement citing trade leaders. The government had deferred the GST hike on textiles from 5 per cent to 12 per cent. The decision was taken at the GST Council’s 46th meeting on Friday.(To read more: Click Here)

2. 10 Key GST Amendments with effect from 01.01.2022

The Goods and Services Tax (GST) regime will see a number of changes from January 1, 2022. The government is implementing these changes to prevent evasion and fake billing. The exchequer has been reporting loss due to existing GST structure, which is being mis-utilised by establishments.There will be some procedural changes as well, which will impact e-commerce players and food delivery aggregators, but will spare the end consumers.

  1. The correction in inverted duty structure in footwear and textile sectors would come into effect from January 1 wherein all footwear, irrespective of prices, will attract GST at 12 per cent while all textile products, except cotton, including readymade garments will have 12 per cent GST.
  2. While the passenger transport services provided by auto rickshaw drivers through offline/manual mode would continue to be exempt, such services when provided through any e-commerce platform would become taxable effective January 1, 2022, at 5 per cent rate.
  3. The procedural changes that would come into effect include Swiggy and Zomato being made liable to collect and deposit GST with the government on restaurant services supplied through them from January 1. They would also be required to issue invoices in respect of such services.
  4. There was no mandatory registration check by Swiggy/Zomato and there were unregistered restaurants supplying through these apps.
  5. The other anti-evasion measures which would come into effect from the new year include mandatory Aadhaar authentication for claiming GST refund, blocking of the facility of GSTR-1 filing in cases where the business has not paid taxes and filed GSTR-3B in the immediate previous month.
  6. TheGST law has been amended to allow officers to visit premises to recover tax dues without any prior show-cause notice, in cases where taxes paid in GSTR-3B is lower based on suppressed sales volume, as compared to supply details given in GSTR-1.

3. Small biz may get GST compliance relief

Currently, the turnover threshold for GST registration is ₹40 lakh for goods and ₹20 lakh for services.Exemption from mandatory goods and services tax (GST) registration that is currently available for small enterprises with annual revenue of up to ₹40 lakh may soon extend to their sales on online platforms as well, two people aware of the matter said.

According to the people cited above, who requested anonymity, the budget may provide a direction in this regard, even though the GST Council decides on indirect tax matters.

The move is expected to help micro, small and medium enterprises (MSMEs), self-employed individuals, self-help groups, and artisans sell their products online without bearing compliance costs of GST registration. Under GST rules, even if there are no transactions, GST returns must be filed from the month of registration, failing which a penalty is payable.

The proposal would still need to be ratified by the GST Council that decides on tax rates, exemptions, deadlines for GST form submissions and tax-related laws. (To read more – Click Here)

  • GST UPDATES – from 01.12.2021 to 31.12.2021:
Sl.Notification ParticularsNotification No.Link(s)
1.  Module wise new functionalities deployed on the GST Portal for taxpayers  GSTN 496  Click Here
2.Seeks to make amendments (Ninth Amendment, 2021) to the CGST Rules, 2017.37/2021-Central Tax dated 01.12.2021         Click Here
3.The Government has lowered Goods and Services Tax rate to 5% from 18% on ethanol meant for blending under the Ethanol Blended Petrol (EBP) Programme  Press Release ID: 1782275  Click Here
4.GST on service supplied by restaurants through e-commerce operators – reg.  167/23/2021-GST  Click Here
5.Mandatory Aadhaar authentication for registered personGSTN Update: 514  Click Here
6Seeks to bring sub-rule (2) and sub-rule (3), clause (i) of sub-rule (6) and sub-rule (7) of rule 2 of the CGST (Eighth Amendment) Rules, 2021 into force w.e.f. 01.01.2022.  38/2021-Central Tax dated 21.12.2021      Click Here
7Seeks to notify 01.01.2022 as the date on which provisions of section 108, 109 and 113 to 122 of the Finance Act, 2021 shall come into force.39/2021-Central Tax dated 21.12.2021  Click Here
8GST on service supplied by restaurants through e-commerce operators – reg.CBIC-190354/207/2021-TRU Section-CBEC   Click Here
9Payment of GST compensation to States in times of COVID-19 pandemic  Press Release ID: 1778931  Click Here
10Seeks to make amendments (Tenth Amendment, 2021) to the CGST Rules, 2017.40/2021-Central Tax dated 29.12.2021         Click Here
11Seeks to amend Notification No 1/2017- Central Tax (Rate) dated 28.06.2017.  18/2021-Central Tax (Rate),dt. 28-12-2021               Click Here
12Seeks to amend Notification No 2/2017- Central Tax (Rate) dated 28.06.2017.19/2021-Central Tax (Rate), dt. 28-12-2021  Click Here
13Seeks to amend Notification No 21/2018- Central Tax (Rate) dated 26.07.201820/2021-Central Tax (Rate), dt. 28-12-2021  Click Here
14Seeks to supersede notification 14/2021- CT(R) dated 18.11.2021 and amend Notification No 1/2017- CT (Rate) dated 28.06.2017.21/2021-Central Tax (Rate), dt. 28-12-2021  Click Here
15Seeks to supersede notification 15/2021- CT(R) dated 18.11.2021 and amend Notification No 11/2017- CT (Rate) dated 28.06.2017.22/2021-Central Tax (Rate), dt. 28-12-2021  Click Here

3. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;

  Applicable Laws/Acts    Due Dates  Compliance Particulars  Forms / Filing mode
  Companies Act, 2013  Within 180 Days From The Date Of Incorporation Of The Company (one time compliance only)  As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC.MCA E- Form INC 20A (one time compliance)    
Companies Act, 2013  First declaration within 90 days from the date of notification Dt. 08.02.2019    A person having Significant beneficial owner shall file a declaration to the reporting company http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019   In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.  Form BEN-1 Draft Format available at LINK
Companies Act, 2013  within 30 days of acquiring beneficial interestFiling of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.  (the date of receipt of declaration in BEN-1 ) CLICK HEREForm BEN – 2 (e-form deployed by Ministry (ROC)) on 01.07.2019
Companies Act, 2013  Annual Compliance (30.09.2021)*DIN KYC through DIR 3 KYC Form is an Annual Exercise. Last date for filing DIR-3 KYC for Financial year 2020-21 is 30th September, 2021   Annual Exercise:CLICK HERE Penalty after due date is Rs. 5000/-(one time)  E-Form DIR – 3 KYC (Web Based and E-form)  
Companies Act, 2013Within 270 days from the date of deployment of this FormAnnual Return To Be Filed By Auditor With The National Financial Reporting Authority CLICK HERE CLICK HERE Click Here Note on NFRA -2Click HereNFRA-2 (NFRA-2 e-Form live since 9th December 2019.)
Companies Act, 2013Within 15 days of appointment of an auditor.The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act.E – Form NFRA -1
Companies Act, 2013Within 30 days of the board meetingFiling of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed.MGT-14  (Filing of resolution with MCA)
      Companies Act, 2013Within 60 (sixty) days from the conclusion of each half year.Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule Rule 9A (8) of  Companies (Prospectus and Allotment of Securities) Rules, 2014 To be filed all unlisted companies, deemed public companies. Till further clarification to be filled in GNL-2E-Form PAS – 6
  Companies Act, 2013(Half Yearly basis) 31.10.2021Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprise, can be filed delayed without any Additional FeeE-Form MSME-1
  Companies Act, 2013One Time compliances           Registration of Entities for undertaking CSR activities       – Trust/ Society/ Section 8 Company need to file before Acceptance of Donation as CSR w.e.f. 01st April 2021E-Form CSR-1
Companies Act, 2013within a period of 60 days after the holding of AGMIEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 Statement of unclaimed and unpaid amounts. This e-form shall be filed within a period of 60 days after the holdingof AGM or the date on which it should have been held as perthe provisions of section 96 of the Act, whichever is earlierIEPF -2
  • LLP Compliance:
  Applicable Laws/Acts    Due Dates  Compliance Particulars  Forms / Filing mode
  LLP Act, 2008  30.12.2021 (extended)Statement of Account and Solvency for Financial Year 2020-21 Within30 days from the end of 6 months of the financial year to which the statement relates. Failure to file LLP Form 8 can incur a penalty of Rs. 100 per day. Late fee will start from 31st October, 2021 – i.e. after the original due date of the return – 30.10.2021Form LLP-8    
  • Due dates of ROC Return Filings
Sl. No.  Particulars    Due Date  E- Form
  1  Appointment of AuditorWithin 15 days from the conclusion of AGM    ADT-1
      2  Filing of financial statement and other documents with the ROC15.02.2022 – due date extended for all Companies including OPC Within 30 days from the conclusion of the AGM, other than OPC (In case of OPC within 180 days from the close of the financial year)  AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL
  3Filing of annual return by a company.28.02.2022 – due date extended for all Companies including OPC Within 60 days from the conclusion of AGM  MGT-7
4Filing of annual return by a company.28.02.2022 – due date extended for all Companies including OPC   Within 60 days from the conclusion of AGM – Applicable in respect of Annual Return for the F.Y. 2020-21 and onwards of OPC and small companies.    MGT-7A
  • KEY UPDATES – December, 2021:

1. MCA to roll out new statutory filing module in early ’22

The new system uses artificial intelligence and machine learning for compliance management and regulatory oversight. The new filing system, developed by L&T Infotech, is now undergoing field trials.

The ministry of corporate affairs (MCA) will roll out its new “intelligent” statutory filing system for corporations and limited liability partnerships (LLPs) early next year after the current filing season, which will peak in January, said a person with knowledge of the development.

The government had earlier given businesses till the end of November to hold their annual general meetings (AGMs) for FY21 and finalize accounts, in view of the covid-19 pandemic. That gives businesses until the end of January, up to two months after holding the AGM, to file their annual returns.

“The most important part of the new e-governance system—MCA21 version 3.0—is the module for the statutory filings of companies and LLPs, which is the interface between businesses and the Registrar of Companies. Once the interface is seamlessly functional, other modules that are for internal use, such as analysis of data or the e-adjudication facility, can be rolled out without any hassle.” (To read more – Click Here)

2. Corp Affairs Ministry giving more leeway for firms to hold AGMs virtually

The corporate affairs ministry on Tuesday provided more leeway for companies in terms of holding annual general meetings in virtual mode.

The corporate affairs ministry on Tuesday provided more leeway for companies in terms of holding annual general meetings in virtual mode.The relaxation will be applicable for companies planning to hold their annual general meetings (AGMs) next year for the financial year 2021-22.

Companies proposing to hold their AGMs in 2022 for the financial year ended/ending any time before/on March 31, 2022 have been allowed to conduct the same through the virtual mode till June 30, 2022, according to a circular.

The companies can conduct their AGMs through video conference (VC) or other audio visual means (OAVM). The ministry also clarified that the circular should not be construed as conferring any extension of time for holding AGMs by the companies under the Companies Act, 2013.”It will provide a breather for companies due to the continuing restrictions (and possible third wave considerations) relating to the pandemic.” (To read more: Click Here)

3. Companies spent Rs 1.09 lakh cr towards CSR activities in 7 years: Corporate Affairs Ministry

Companies shelled out Rs 1.09 lakh crore towards various CSR activities, including those related to health, education and poverty eradication, under the companies law in the last seven financial years, according to the corporate affairs ministry.

Under the Companies Act, 2013, certain class of profitable entities are required to spend at least 2 per cent of their three-year annual average net profit towards Corporate Social Responsibility (CSR) activities during a fiscal.

Noting that the CSR architecture is disclosure-based, Singh said the philosophy is to engage corporates as partners in the socio-economic development of the country by leveraging their managerial efficiency, best practices, technology and innovation in the delivery of public good and services.

On the basis of filings made by the companies in the MCA21 registry till September 30, 2021, a cumulative amount of Rs 85,109.09 crore has been spent by companies under CSR during the financial years 2016-17 to 2020-21, Singh said. Out of the total amount, Rs 46,654.52 crore have been spent by the top 100 companies during the same period.

(To read more: Click Here)

  • Important Updates –  December, 2021
  • MCA Monthly Update Calendar: December, 2021
  Sl.    Particulars of the Circulars  Link
1Relaxation on levy of additional fees is given till 15.02.2022 for filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and 28.02.2022 for MGT-7/MGT-7A for the financial year ended on 31.03.2021 || To avoid any last-minute payment transaction issues, Stakeholders may avail ‘Pay Later option’ for form filings and save the challan which gets generated on the screen for future reference      Click Here
2The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund), Third Amendment, Rules, 2021    Click Here
3Invitation of comments from public on proposed changes to the Corporate Insolvency Resolution and Liquidation Framework under Insolvency and Bankruptcy Code, 2016      Click Here
4Notice For Claim Invitation Of M/S. New Rajpur Mills Ltd. (In Liquidation)  Click Here
5.Dissolution Notice of M/s Haryana Drugs & Pharmaceuticals Ltd (in Liquidation)  Click Here
6.Clarification of holding of Annual General Meeting (AGM) through Video Conference (VC) or Other Audio Visual Means (OAVM)-reg.  Click Here
7More than 7 lakh companies incorporated after announcement of Make in India programme  Click Here
812,892 companies removed from Registrar of Companies in 2020-21Click Here
9Clarification on passing of Ordinary and Special resolutions by the companies under the Companies Act, 2013 read with rules made thereunder on account of COVID-19-Extention of timeline-reg.    Click Here
10Clarification of holding of Annual General Meeting (AGM) through Video Conference (VC) or Other Audio Visual Means (OAVM)-reg.  Click Here
11Measures taken by MCA to ameliorate difficulties faced due to COVID-19 pandemicClick Here
1217,130 Implementing Agencies are registered with MCA21 registryClick Here
13Indian Companies, LLP, Foreign Companies Register in November 2021  Click Here

4. Key Compliances under FEMA / RBI

Applicable Laws/ActsDue DatesCompliance ParticularsForms / (Filing mode)
    FEMA ACT 1999  Not later than 30 days from the date of issue of Capital instrument  FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.    Form FC-GPR
      FEMA ACT 1999  With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.  Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee.      Form FC-TRS.
    FEMA ACT 1999within 30 days from the date of receipt of the amount of consideration.  A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1    Form FDI LLP-I
  FEMA ACT 1999  within 60 days from the date of receipt of funds in  A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa)  Form FDI LLP-II
  FEMA ACT 1999  within 30 days from the date of allotment of capital instruments  The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts  Downstream statement -Form DI & reporting at FIFP too

Entities which are filing FLA return for the first time/ with revised UIN (Unique identification number) are required to register themselves first for generating login credentials and afterwards they can file FLA return. However, the entities which have already registered earlier may submit FLA-2021 using their earlier login credentials.

  • Important Updates, November-2021:

1. FCRA registration deadline for NGOs extended till March 31

The government on Friday extended till March 31, 2022, the validity of the Foreign Contribution (Regulation) Act (FCRA) registration of NGOs that had to apply for its renewal by December 31, 2021.

The home ministry has made valid FCRA registration certificates a must for NGOs to be able to receive and utilise contributions from abroad. This is the fourth time that the Centre has granted extension to NGOs following passing of the FCRA Amendment Act in September 2020.

It said NGOs whose FCRA registration certificates are expiring “between September 29, 2020 and March 31, 2022″ and have applied for renewal on the FCRA portal before the expiry of the certificates”, in accordance with Rule 12 of the Foreign Contribution (Regulation) Rules, 2011, are eligible for the benefits, the order said.

Under FCRA 2020, it is compulsory for all NGOs to open an ‘FCRA account’ with State Bank of India’s main branch in the national capital for initial receipt of foreign contribution from a foreign source. (Source: Click Here)

2. RBI cancels auction for Rs 17,000-crore govt bonds

The Reserve Bank of India cancelled the primary sale of sovereign bonds for Rs 17,000 crore Friday in what could help arrest rising yields.

In the weekly auction held on the last day of the calendar year, the merchant banker for North Block did not accept any bids for the benchmark series and a set of floating rate bonds maturing in 2028. Bidders were likely higher than the central bank’s comfort level.

The benchmark paper carrying a coupon of 6.10 percent was on the offer for Rs 13,000 crore. Another set of Floating Rate Bond maturing in 2028 was up for sale for Rs 4,000 crore. Both were withdrawn.However, it sold a 40-year paper for Rs 7,000 crore.

During December, the benchmark 10-year bond yield touched a new 20-month high Tuesday amid concerns of higher fiscal borrowing. The gauge rose to its highest level since April last year. Shorter duration rates too rose with the central bank normalising liquidity.

3. Banks KYC: RBI extends deadline for periodic KYC update by three months

The extension has been granted in view of prevalent uncertainty due to a new variant of covid-19.

Reserve Bank of India on Thursday extended the deadline for periodic KYC (know-your-customer) update in banks by three months till March 31, 2022. The extension has been granted in view of prevalent uncertainty due to a new variant of covid-19, it said.

In May, amid the second wave of COVID-19 in the country and its induced restrictions in various states, the Reserve Bank of India (RBI) had directed banks and other regulated financial entities to not impose any punitive action against customers for failure to update KYC till the end of the year. (To Read more Click Here)

4. RBI rejects all bids for 10-year debt bonds

The Reserve Bank of India (RBI) rejected all the bids it received at the auction of the 10-year benchmark Government Security (G-Sec) and Floating Rate Bond (FRB) maturing in 2028 as market players wanted to buy these papers at higher yields.

Since the Central bank did not devolve the aforementioned auctions on the primary dealers, the 10-year G-Sec maturing in 2031 rose 11 paise to close at ₹97.51 over the previous close, with its yield declining about two basis to 6.4537 per cent.

Market players say the move to reject all the bids at the auction of the 10-year G-Sec (for a notified amount of ₹13,000 crore) and FRB (₹4,000 crore) shows that the RBI wants to maintain a tight leash on the movement of yields despite upward pressure on interest rates in the secondary debt market.RBI has cautioned that with the second supplementary demand of grants presented in December 2021, the budgeted fiscal deficit of 6.8 per cent of GDP may come under strain.(Read more- Click Here)

  • RBI Circulars / Notifications: December, 2021
  Sl.  Particulars of the Circulars  Link
1Supersession of the Board of Directors and Appointment of Administrator – M/s Reliance Capital LtdClick here
2Premature redemption of Sovereign Gold Bond Scheme (SGB) – Redemption Price for premature redemption due on November 30, 2021 (Series I of SGB 2015)  Click here
3Lending and Deposit Rates of Scheduled Commercial Banks for the month of November 2021Click here
4Sectoral Deployment of Bank Credit – October 2021Click here
5Application for initiation of Corporate Insolvency Resolution Process (CIRP) against Reliance Capital Ltd. filed under the Insolvency and Bankruptcy Code, 2016  Click here
6External Commercial Borrowings (ECB) and Trade Credits (TC) Policy – Changes due to LIBOR transitionClick here
7Introduction of Legal Entity Identifier for Cross-border TransactionsClick here
8Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF) – return to the normal dispensation  Click here
9Reserve Bank of India retains the Advisory Committee of Reliance Capital Ltd.Click here
10.Statement on Developmental and Regulatory PoliciesClick here
11.RBl imposes monetary penalty on the Urban Co-operative Bank Ltd., AnantnagClick here
12RBI releases the results of Forward Looking SurveysClick here
13Overseas Direct Investment for November 2021Click here
14BRICS Chair 2021: BRICS Economic Bulletin 2021Click here
15Reserve Bank of India – Bulletin Weekly Statistical Supplement – ExtractClick here
16RBI Retail Direct Scheme’ and ‘Integrated Ombudsman Scheme, 2021Click here
17Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs)  Click here
18Government Agency Business Arrangement – Appointment of Scheduled Private Sector Banks as Agency Banks of Reserve Bank of India (RBI)  Click here
19Census on Foreign Liabilities and Assets of Indian Direct Investment Entities, 2020-21 – Data Release  Click here
20RBI releases ‘Draft Master Direction on Minimum Capital Requirements for Operational Risk’  Click here
21RBI Bulletin – December 2021Click here
22RBI Working Paper No. 05/2021 – Reassessing Investment Dynamics – Newer Insights into Leverage and Investment of the Indian Corporate Sector  Click here
23592nd Meeting of Central Board of the Reserve Bank of IndiaClick here
24Reserve Bank of India – Bulletin Weekly Statistical Supplement – ExtractClick here
25Lower currency limit for pilgrims visiting GurudwaraDarbar Sahib in Kartarpur  Click here
26RBI Working Paper No. 05/2021 – Reassessing Investment Dynamics – Newer Insights into Leverage and Investment of the Indian Corporate SectorClick here
27RBI Working Paper No. 06/2021: An Alternative Perspective on Demand and Supply to Forecast InflationClick here
28Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949, (AACS) – Padmashri Dr. VitthalraoVikhePatil Co-Op. Bank Ltd., Nashik, Maharashtra – Extension of period  Click here
29Exim Bank Government of India supported Line of Credit (LoC) of USD 40 million to the Government of the Togolese Republic  Click here
30Restriction on storage of actual card data [i.e. Card-on-File (CoF)]Click here
31Amendment to General Notification for sale of Government of India Treasury Bills/Cash Management Bills by Auction  Click here
32Result: Switch/Conversion auction of Government SecuritiesClick here
33Result of Yield/Price Based Auction of State Development Loans of State Governments  Click here
34Treasury Bills: Full Auction ResultClick here
35Minutes of the Monetary Policy Committee Meeting, December 6 to 8, 2021Click here
36Reserve Bank of India imposes Monetary Penalty on two Payment System Operators  Click here

5. Compliance under Other Statutory LAws

  Applicable Laws/Acts    Timeline / Due Dates  Compliance Particulars  Forms / (Filing mode)
EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)  15.01.2022  PF Payment  ECR
ESIC (Employees’ State Insurance Act, 1948)  15.01.2022  ESIC PaymentESI Challan
  Contract Labour (Regulation &Abolition) Act, 1970  Within 15 Days of commencement/ completion of contract workReturn/Notice within 15 days of commencement/ completion of each contract by the Principal employerForm VI-B
  Contract Labour (Regulation &Abolition) Act, 1970  Within 15 Days of commencement/ completion of contract workNotice of commencement/ completion of contract work by the Contractor within 15 daysForm VI-A
  Payment of Gratuity RuleWithin 30 Days of applicability of the Act & any changeNotice of applicability of the Act & any changeForm A or B
    Professional Tax    31.01.2022PT for the month of December where the tax liability is more than Rs 1,00,000/-PT Return
  Factories Act, 1948  15.01.2022Yearly Return ending 31st Dec, 2022   
  Contract Labour (R & A) Act  30.01.2022Half Yearly Return by the Contractor ending 31stDecember, 2022 
  • Key Updates – December, 2021:

1. Update bank account in EPFO – step-by-step guide to do it online using UAN

EPF subscribers can easily update or change their bank details at home.

Employees Provident Fund Organisation (EPFO) offers its subscribers the means to update their contact information online as part of its digital services. In order to use this service, account holders must have their Universal Account Number (UAN) available.

Here are the steps to follow if you want to update your bank details with your PF account online:

  • Log in to EFPO’s official website with your credentials.
  • On the top menu, click the ‘Manage’ tab.
  • Choose the ‘KYC’ option from the drop-down menu, then select ‘bank’ as the document type.
  • Enter the new bank account information, including the IFSC code.
  • Once you have updated the bank details, click on ‘Save’. The updated details will now appear in the KYC pending approval section.
  • Provide your employer with the necessary documents. State Bank of India customers will have their verification done by the bank itself via digital means.
  • Your service request status will change to Digitally Approved KYC when the KYC verification is complete.
  • If the employer or SBI confirms the bank details, EPFO will send a confirmation message.

UAN serves as a one-stop solution to all the needs of PF account holders without having to physically visit any place or office. (To read more Click Here)

2. Economic Advisory Council to the PM calls for unified labour law

The Economic Advisory Council to the PM (EAC-PM) has backed a unified labour code, much on the lines of the Bangladesh Labour Act of 2006, saying that the labour reforms undertaken in form of four Codes did not take a comprehensive view of all labour laws and had only standardised and streamlined the existing statutes without addressing definitional inconsistencies.

The EAC-PM has called for further simplifying of the labour laws and called for other alternative policy efforts to boost employment generation and industrial growth.

The union labour ministry had amalgamated 29 central labour laws into four Codes. These include the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020. These are yet to be notified.

“A ‘single unified labour law’ or reforms aimed at all sectors and nature of jobs would create a supportive business environment for the urban economy. This would allow the service sector and the new-age urban economy to truly take off,” the EAC-PM said in its report on state-level labour reforms in India, submitted to the Prime Minister’s Office earlier.

The EAC-PM is of the view that labour law reforms, though important, are not a magic bullet to boost employment generation, address the high degree of informality or even boost industrial growth, and has questioned a need for spending political capital on some labour law reforms, which are not enough for employment generation.(To read more: Click Here)

3. 4 labour codes likely to be implemented by FY23 as states ready draft rules

The four labour codes on wages, social security, industrial relations and occupation safety, health and working conditions are likely to be implemented by the next fiscal year

The four labour codes on wages, social security, industrial relations and occupation safety, health and working conditions are likely to be implemented by the next fiscal year as at least 13 states have pre-published draft rules on these laws, a senior official said.The Centre has already finalised the rules under these codes and now states are required to frame regulations on their part as labour is a concurrent subject.

Union Labour Minister Bhupender Yadav in a reply to the Rajya Sabha earlier this week had said that the Occupational Safety, Health and Working Conditions Code is the only code on which the least number of 13 states have pre-published the draft rules.The highest number of draft notifications are pre-published on The Code on Wages by 24 states/UTs followed by The Industrial Relations Code (by 20 states) and The Code on Social Security (18) states.

However, the Centre as well as states are required to notify rules under the four codes to enforce these laws in respective jurisdictions. Under the Codes, the power to make rules has been entrusted to the Central Government, State Government and appropriate Government and there is a requirement of publication of Rules in their official Gazette for a period of 30 or 45 days for public consultation.(To read more Click Here)

  • Updates Tracker Under Labour Laws – December, 2021:
Sl.Particulars  Link
1Govt. of India shall continue to provide Gratuity and PF benefits to the employees of existing Air India and Indian Airlines employees  Click Here
2EPFO Payroll data released for October 2021Click Here
3As per 1st round of All-India Quarterly Establishment Based Employment Survey (AQEES), employment increased by 29% in nine selected sectors of economy compared to 6th Economic Census (2013-14)  Click Here
4Good news! EPFO ​​and ESIC members to get many facilitiesClick Here
510 Crore And Counting: How e-SHRAM Portal Helps Government Identify And Help ‘Grey Collar And Collarless’ Workers  Click Here
6Check out the Steps on How to transfer EPF digitally.Click Here
725% of workers in unorganised sector registered on e-shram portalClick Here
8eShram Portal: Register online for free and get Rs 2 lakh benefit, here’s howClick Here
9#EPFO #Services on #UMANG App.Click Here
10Members can visit grievance portal at https://epfigms.gov.in for redressal of any type of grievance related to #services of #EPFO.  Click Here
11Benefits Payable To Parents/Nominee Under EPS’95.  Click Here
12Pradhan MantriShramPuraskarAwads, 2020-Extension of last date for submission of nominations – regarding.         Click Here
13Labour minister launches annual health check-up programme for ESIC members aged above 40  Click Here
14ESIC relaxes eligibility norms for availing Covid-relief fund in case of deathClick here
15More than 1.2 crore benefited under Pradhan MantriRojgarProtsahanYojanaClick Here
16Government is committed towards achieving universalization of social security: Shri Bhupender Yadav  Click Here
17Employment Situation Improves – 15.41 lakh net subscribers added during September 2021 in EPFO  Click Here
18Ministry of Labour asks companies to enter UAN of employees in ESIC insurance module  Click Here
19ESIC eases criteria for beneficiaries to avail Covid reliefClick Here

6. SEBI – Securities Exchange Board of INDIA

Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015

A. Quarterly Compliances:

Sl. No.Regulation reference (Reg.)Compliance ParticularsTimeline / Due Date (For the Quarter Ended December, 2021)Due Dates  
1Schedule BIntimation of Trading Window ClosureFrom the end of closure of quarter31.12.2021
227(2)Corporate Governance Report21 days from end of quarter21.01.2022
313(3)Statement of Investor Complaints21 days from end of quarter21.01.2022
431 (1) (b)Shareholding Pattern21 days from end of quarter21.01.2022
532 & 33Financial Results & Statement of deviation45 days/60 days from end of quarter14.02.2022

B. Half Yearly Compliances:

  Sl. No.  Regulation No.  Compliance Particular  Compliance Period (Due Date)Due Date
1.Regulation 23(9)Related party transactions.  The listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its websiteWithin 30 days of FR

C. Regular / Annual Compliances:

REG NOREGULATION NOPARTICULARSTIMELINE
47 Advertisements in Newspapers.47 (3) Advertisements in NewspapersFinancial results at 47 clause (b) of sub-regulation (1), shall be published within 48 hours of conclusion of the meeting of board of directors at which the financial results were approved.48 HOURS
23 Related party transactions.Reg 23(9) Related party transactionsThe listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its website30 days
24A Secretarial Audit.Red 24AEvery listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be specified with effect from the year ended March 31, 2019. (within 60 days from the Closure of FY)60 days from the Closure of FY
46 Website46(2)(s)The listed entity shall disseminate the following information under a separate section on its website separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year, uploaded at least 21 days prior to the date of the annual general meeting which has been called to inter alia consider accounts of that financial year.]21 days prior 1 days prior to the date of AGM

D. Other Quarterly compliance which included half year compliance except FR

REG NOREGULATION NOPARTICULARSTIMELINE
IntimationReg 29 read with Reg 33intimation regarding item specified in clause 29(1) (a) to be discussed at the meeting of board of directors shall be given at least five days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors at least 5 working days in advance, excluding the date of the intimation and date of the meeting
Intimations and Disclosure of events or information to Stock Exchanges.87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule IIIThe listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information:        24 HOURS
Valuation, Rating and NAV disclosure.87C(1) (iii)An issuer whose security receipts are listed on a stock exchange shall ensure that: the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within fifteen days of the end of the quarter.  15 Days
Other corporate governance requirements.Reg 27(2)The listed entity shall submit a quarterly compliance report on corporate governance in the format as specified by the Board from time to time to the recognised stock exchange(s) within fifteen days from close of the quarter.15 days   15/01/2022
Indian Depository Receipt holding pattern & Shareholding details.69(1)The listed entity shall file with the stock exchange the Indian Depository Receipt holding pattern on a quarterly basis within fifteen days of end of the quarter in the format specified by the Board.15 days from end of each quarter 15/01/2022  

E. Event based Compliances

REG NOREGULATION NOPARTICULARSTIMELINE
30 Disclosure of events or information.30(6) AND Part A of Schedule IIIThe listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information24 HOURS
30 Disclosure of events or information.30(6) AND sub-para 4 of Para A of Part A of Schedule IIIThe listed entity shall disclose to the Exchange(s), within 30 minutes of the closure of the meeting held to consider the following:
a) dividends and/or cash bonuses recommended or declared or the decision to pass any dividend and the date on which dividend shall be paid/dispatched;
b) any cancellation of dividend with reasons thereof;
c) the decision on buyback of securities;
d) the decision with respect to fund raising proposed to be undertaken
e) increase in capital by issue of bonus shares through capitalization including the date on which such bonus shares shall be credited/dispatched;
f) reissue of forfeited shares or securities, or the issue of shares or securities held in reserve for future issue or the creation in any form or manner of new shares or securities or any other rights, privileges or benefits to subscribe to;
g) short particulars of any other alterations of capital, including calls; h) financial results; i) decision on voluntary delisting by the listed entity from stock exchange(s).
30 MINUTES
31A: Conditions for re-classification of any person as promoter / public31A(8)The following events shall deemed to be material events and shall be disclosed by the listed entity to the stock exchanges as soon as reasonably possible and not later than twenty four hours from the occurrence of the event:
(a) receipt of request for re-classification by the listed entity from the promoter(s) seeking re-classification;
(b) minutes of the board meeting considering such request which would include the views of the board on the request;
(c) submission of application for re-classification of status as promoter/public by the listed entity to the stock exchanges;
(d) decision of the stock exchanges on such application as communicated to the listed entity;
24 HOURS
34 Annual Report.34(1)(b)In the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting.]48 HOURS
44 Meetings of shareholders and voting44(3)The listed entity shall submit to the stock exchange, within forty eight hours of conclusion of its General Meeting, details regarding the voting results in the format specified by the Board.48 HOURS
47 Advertisements in Newspapers.47 (3) Advertisements in NewspapersThe listed entity shall publish the information specified in 47(1) in the newspaper simultaneously with the submission of the same to the stock exchange(s). The same is reproduced below
47(1) (a) notice of meeting of the board of directors where financial results shall be discussed (c )statements of deviation(s) or variation(s) as specified in sub-regulation (1) of regulation 32 on quarterly basis, after review by audit committee and its explanation in directors report in annual report;
(d) notices given to shareholders by advertisement
Simultaneously
SCHEDULE III PART PART A 7(A)resignation of the auditor of the listed entity, detailed reasons for resignation of auditor, as given by the said auditor, shall be disclosed by the listed entities to the stock exchanges as soon as possible but not later than twenty four hours of receipt of such reasons from the auditor24 HOURS
SCHEDULE III PART PART A 7(B)In case of resignation of an independent director of the listed entity, within seven days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities:
i. Detailed reasons for the resignation of independent directors as given by the said director shall be disclosed by the listed entities to the stock exchanges.
ii. The independent director shall, along with the detailed reasons, also provide a confirmation that there is no other material reasons other than those provided.
iii. The confirmation as provided by the independent director above shall also be disclosed by the listed entities to the stock exchanges along with the detailed reasons as specified in sub-clause (i) above.]
7 days from the date of resignation
7 Share Transfer Agent.Reg 7(4) & (5) Share Transfer Agent.The listed entity shall intimate any change or appointment of a new share transfer agent, to the stock exchange(s) within seven days of entering into the agreement.7 DAYS
29Reg 29(1)The intimation required under 29 (1), shall be given at least two working days in advance, excluding the date of the intimation and date of the meeting Reg 29(1) is reproduced below: (b) proposal for buyback of securities ; (c) proposal for voluntary delisting by the listed entity from the stock exchange(s); (d) fund raising by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other method and for determination of issue price:
Provided that intimation shall also be given in case of any annual general meeting or extraordinary general meeting or postal ballot that is proposed to be held for obtaining shareholder approval for further fund raising indicating type of issuance. (e) declaration/ recommendation of dividend, issue of convertible securities including convertible debentures or of debentures carrying a right to subscribe to equity shares or the passing over of dividend. (f) the proposal for declaration of bonus securities where such proposal is communicated to the board of directors of the listed entity as part of the agenda papers:
 at least 2 working days in advance, excluding the date of the intimation and date of the meeting
31 Holding of specified securities and shareholding pattern.Reg 31 (1)(a)The listed entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately for each class of securities, in the format specified by the Board from time to time –
 one day prior to listing of its securities on the stock exchange(s);
1 day prior to listing of its securities on the stock exchange(s
31Reg 31 (1 (c)within ten days of any capital restructuring of the listed entity resulting in a change exceeding two per cent of the total paid-up share capital:within 10 days of any capital restructuring
31A Conditions for re-classification of any person as promoter / publicReg 31Aan application for re-classification of a promoter/ person belonging to promoter group to public to the stock exchanges has to be made by the listed entity consequent to the following procedures and not later than thirty days from the date of approval by shareholders in general meeting30 days from the date of approval by shareholders in general meeting
37 Draft Scheme of Arrangement & Scheme of Arrangement.37(1)Draft Scheme of Arrangement & Scheme of Arrangement before for obtaining Observation Letter or No-objection letter, before filing such scheme with any Court or Tribunal, in terms of requirements specified by the Board or stock exchange(s) from time to time.Before filling the same with any court or tribunal
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities.39(2)The listed entity shall issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within a period of thirty days from the date of such lodgement.30 Days
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities39(3)The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information.2 days of its getting information.
40 Transfer or transmission or transposition of securities.40 (3)On receipt of proper documentation, the listed entity shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of fifteen days from the date of such receipt of request for transfer15 days
40 Transfer or transmission or transposition of securities.40 (3)the listed entity shall ensure that transmission requests are processed for securities held in dematerialized mode within seven days after receipt of the specified documents:7 Days
40 Transfer or transmission or transposition of securities.40 (3)the listed entity shall ensure that transmission requests are processed for securities held in physical mode within twenty one days after receipt of the specified documents:21 Days
SCHEDULE VII: TRANSFER OF SECURITIES (PART B (1))In case of minor differences in the signature of the transferor(s), the listed entity shall follow the following procedure for registering transfer of securities:
(a) the listed entity shall promptly send to the first transferor(s), via speed post an intimation of the aforesaid defect in the documents and inform the transferor(s) that objection, supported by valid proof, is not lodged by the transferor(s) with the listed entity within fifteen days of receipt of the listed entity’s letter, then the securities shall be transferred
15 Days
42 Record Date or Date of closure of transfer books.42(2)The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to stock exchange(s) of record date specifying the purpose of the record date:7 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books.42(2)in the case of rights issues, the listed entity shall give notice in advance of atleast three working days (excluding the date of intimation and the record date).]3 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books.42(3)The listed entity shall recommend or declare all dividend and/or cash bonuses at least five working days (excluding the date of intimation and the record date) before the record date fixed for the purpose.5 working days advance intimation excluding the date of the intimation and date of the meeting
46 Website46 (3)(b)The listed entity shall update any change in the content of its website within two working days from the date of such change in content. 2 working days
50 Intimation to stock exchange(s).50(1)The listed entity shall give prior intimation to the stock exchange(s) at least eleven working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable.11 working days
50 Intimation to stock exchange(s).50(3)The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of directors, at which the recommendation or declaration of issue of non convertible debt securities or any other matter affecting the rights or interests of holders of non convertible debt securities or non convertible redeemable preference shares is proposed to be considered. 2 working days advance intimation excluding the date of the intimation and date of the meeting
52 Financial Results.52 (4) & (5)The listed entity shall, within seven working days from the date of submission of the information required under sub- regulation (4), submit to stock exchange(s), a certificate signed by debenture trustee that it has taken note of the contents 7 working days
52 Financial Results.52 (4) & (8)The listed entity shall, within two calendar days of the conclusion of the meeting of the board of directors, publish the financial results and statement referred to in reg 52 (4), in at least one English national daily newspaper circulating in the whole or substantially the whole of India.two calendar days of the conclusion of the meeting
57 Other submissions to stock exchange(s).57(1)The listed entity shall submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of interests or principal obligations or both in respect of the non convertible debt securitieswithin 2 days
60 Record Date60(2)The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the stock exchange(s) may agree to or require specifying the purpose of the record date. 7 working days advance intimation excluding the date of the intimation and date of the meeting
78 Record Date.78(2)The listed entity shall give notice in advance of at least four working days to the recognised stock exchange(s) of record date specifying the purpose of the record datenotice in advance of at least 4 working days
82 Intimation and filings with stock exchange(s).82(2)The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered.   2 working days in advance, excluding the date of the intimation and date of the meeting,
82 Intimation and filings with stock exchange(s).82(3)The listed entity shall submit such statements, reports or information including financial information pertaining to Schemes to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by the Board from time to time:
Provided that where periodicity of the receivables is not monthly, reporting shall be made for the relevant periods.  
within 7 days
87 Record Date.87(2)The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the Stock Exchange may agree to or require specifying the purpose of the record date   7 working days advance intimation excluding the date of the intimation and date of the meeting
87E Record Date.87E(2)The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the stock exchange(s) of the record date or of as many days as the stock exchange may agree to or require specifying the purpose of the record date. 7 working days advance intimation excluding the date of the intimation and date of the meeting  

7. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic.”.

  Sl. No.  Regulation No.  Compliance ParticularCompliance Period (Due Date)
  1  Regulation 30(1)Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company in such form as may be specified.      The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the end of each financial year to;   every stock exchange where the shares of the target company are listed; and   the target company at its registered office
      2      Regulation 30(2)The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may  
        3.Regulation 31(1) read with Regulation 28(3) of Takeover Regulations AUGUST 7, 2019 CIRCULAR https://www.sebi.gov.in/legal/circulars/aug-2019/disclosure-of-reasons-for-encumbrance-by-promoter-of-listed-companies_43837.htmlThe promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds: a) 50% of their shareholding in the company; or b) 20% of the total share capital of the company,within 2 (two) working days
      4.      Regulation 31(4)      Disclosure of encumbered sharesPromoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the 31st March, in such target company in such form as may be specified

8. SEBI (Prohibition of Insider Trading) Regulations, 2015

  Sl. No.  Regulation No.  Compliance ParticularCompliance Period (Due Date)  
          1        Regulation 7(2) “Continual Disclosures”Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees (10,00,000/-) or such other value as may be specified;Every company shall notify; within two trading days of receipt of the disclosure or from becoming aware of such information

9. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

Sl. No.Regulation No.  Compliance Particular  Compliance Period (Due Date)  
      1Schedule XIX – Para (2) of ICDR Read with Reg 108 of SEBI LODR“The issuer shall make an application for listing from the date of allotment, within such period as may be specified by the Board from time to time, to one or more recognized stock exchange(s)”.   In regard to above, it is specified that Issuer shall make an application to the exchange/s for listing in case of further issue of equity shares from thedate of allotment within 20 days (unless otherwise specified).Within 20 days from the date of allotment  
2Regulation 162  The tenure of the convertible securities of the issuer shall not exceed eighteen months from the date of their allotment.  Within 18 months from date of allotment
3SEBI CIRCULAR Aug 19, 2019 https://www.sebi.gov.in/legal/circulars/aug-2019/non-compliance-with-certain-provisions-of-sebi-issue-of-capital-and-disclosure-requirements-regulations-2018-icdr-regulations-_43941.htmlApplication for trading approval to the stock exchange Listed entities shall make an application for trading approval to the stock exchange/s within 7 working days from the date of grant of listing approval by the stock exchange/s.  Within 7 working days from grant of date of listing approval
4Regulation 76 Application for rights issueThe issuer along with lead managers and other parties related to the issue shall constitute an optional mechanism (non-cash mode only) to accept the applications of the shareholders to apply to rights issue subject to ensuring that no third-party payments shall be allowed in respect of any application.  
5.Regulation 77 Service of DocumentsIn case if the company fails to adhere to modes of dispatch through registered post or speed post or courier services due to Covid-19 conditions it will not be treated as non-compliance during the said period. The issuers shall publish required & necessary documents on the websites of the company, registrar, stock exchanges and the lead managers to the rights issue.  
6Regulation 84   AdvertisementIssuer has the flexibility to publish the advertisement in additional newspapers above those required in Regulation 84. The advertisement should also be made available on:    A. Website of the Issuer, Registrar, Lead Managers, and Stock Exchanges.   B. Television channels, radio, the internet, etc. to spread information related to the process.

10. SEBI (Buyback of Securities) Regulations, 2018 (Buyback Regulations)

  Sl. No.  Regulation No.  Compliance Particular  Compliance Period (Due Date)  
          1        Regulation 11 and 24(iv)Extinguishment of equity shares in connection with Buyback The particulars of the security certificates extinguished and destroyed shall be furnished by the company to the stock exchanges where the shares or other specified securities of the company are listed within seven days of extinguishment and destruction of the certificates    7 days of extinguishment and destruction of the certificates
      2    Regulation 24(i) (f)      Minimum time between buy back and raising of fundsTemporary relaxation in the period of restriction provided in Regulation 24(i)(f) from “one year” to “six months” Applicable up to December 31, 2020 only

11. SEBI (Depositories and Participants) Regulations 2018)

  Sl. No.    Compliance Particulars  Due Date
  1.Regulation 76  (Quarter, January – March 2021) Reconciliation of Shares and Capital AuditWithin 30 days from end of quarter. i.e. 30.01.2022  
  2.Regulation 74 (5): Processing of demat requests form by Issuer/RTAs – Certificate Received from RegistrarWithin 15 days from the end of each quarteri.e. 15.01.2022
  • SEBI Circulars Tracker: 01.12.2021 to 31.12.2021
Sl.Particulars  Link
1.Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 [Last amended on December 06, 2021]]Click Here
2.Unserved Hearing Notice in respect of Abhishek Kumar in the matter of Achal Investments Ltd.  Click Here
3.Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2021  Click Here
4.Consultation Paper on Developing unique set of commodities  Click Here
5.Notice of the meeting of the equity shareholders of EPL LimitedClick Here
6.Consultation Paper on Algorithmic Trading by Retail InvestorsClick Here
7.Transaction in Corporate Bonds through Request for Quote platform by Portfolio Management Services (PMS)  Click Here
8.Clarification regarding amendment to SEBI (Portfolio Managers) Regulations, 2020  Click Here
9.Circular on Mutual FundsClick Here
10.Publishing Investor Charter and Disclosure of complaints by AIFsClick Here
11.Circular on Investor Charter and disclosure of Investor Complaints by Mutual funds on their websites and AMFI website.Click Here
12.Publishing of Investor Charter and disclosure of Investor Complaints by Portfolio Managers on their websitesClick Here
13.Master Circular for Real Estate Investment Trusts (REITs)Click Here
14.Master Circular for Infrastructure Investment Trusts (InvITs)  Click Here
15.Publishing of Investor Charter and disclosure of complaints by Debenture Trustees (DTs) on their Websites  Click Here
16.Adjudication Order in respect of Darshana Devi Tharad in the matter of dealings in Illiquid Stock Options at BSE  Click Here
17Natural Capsules LimitedClick Here
18Publishing Investor Charter and disclosure of Investor Complaints by Stock Brokers on their websites  Click Here
19Dhani Loans and Services Limited – Draft ProspectusClick Here
20Chairman’s speech at inauguration of Arun Duggal ESG Centre for Research and Innovation – IIM Ahmedabad, December 03, 2021  Click Here
21Edelweiss CPSE Plus SDL Index Fund – 2029Click Here
22SEBI Bulletin – November 2021 [MSWord]   [MSExcel]  Click Here
23Publishing of Investor Charter and disclosure of Investor Complaints by Research Analysts on their websites/mobile applications  Click Here
24Publishing of Investor Charter and disclosure of Investor Complaints by Investment Advisers on their websites/mobile applications  Click Here
25Clarifications with respect to Circular dated November 03, 2021, on ‘Common and simplified norms for processing investor’s service request by RTAs and norms for furnishing PAN, KYC details and Nomination’      Click Here
26SEBI constitutes ‘Advisory Committee for Leveraging Regulatory and Technology Solutions (ALeRTS)’Click Here
27Publishing Investor Charter and Disclosure of Investor Complaints by Merchant Bankers on their Websites for private placement of units by InvITs proposed to be listed  Click Here
28Cut-off Time for generation of last Risk Parameter File (RPF) for client’s margin collection purpose and modification in framework to enable verification of upfront collection of margins from clients in commodity derivatives segment    Click Here
29Revision to Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper  Click Here
30Publishing of Investor Charter and Disclosure of Complaints by Custodians and DDPs on their websitesClick Here
31Extension of timeline for submission of public comments on the consultation paper for Market Making in Corporate BondsClick Here
32Revised Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper  Click Here
33SEBI issues directions to stock exchanges in Commodity Derivatives segment  Click Here
34Portfolio Management Services for Accredited Investors  Click Here
35Investment Advisory Services for Accredited InvestorsClick Here
36Extension of facility for conducting annual meeting and other meetings of unitholders of REITs and InvITs through Video Conferencing (VC) or through Other Audio-Visual means (OAVM)  Click Here
37SEBI Annual Accounts – Financial Year 2019-20    Click Here
38Restoration of relaxed timelines w.r.t. validity of observation letter pertaining to Mutual Funds  Click Here
39Chairman’s speech at AIBI Annual Summit 2021, December 22, 2021Click Here
40SEBI Bulletin – December 2021 [MSWord]   [MSExcel]Click Here

12. IBBI Updates {Insolvency and Bankruptcy Board of India}

  • MCA proposes changes to bankruptcy code for quicker corporate rescue

The ministry has given time till 13 January for receiving suggestions on the proposals.

The ministry suggested ways for faster admission of cases in tribunals for initiation of bankruptcy process and for faster adoption of the revival plans stitched together by the stakeholders. The ministry of corporate affairs on Thursday proposed amendments to the Insolvency and Bankruptcy Code (IBC) to expedite the rescue of distressed companies ending up in bankruptcy tribunals.

One of the suggestions made by the government on Thursday is to amend IBC to provide a “a fixed time period for approval or rejection of” a corporate turnaround plan by the tribunal. The idea is to give tribunals 30 days for approving or rejecting a resolution plan that is submitted. If the revival plan is not approved or rejected within this time period, the tribunal has to record reasons in writing for the same. This timeline will be subject to the overall time period of 330 days specified in the Code for bankruptcy resolution.

Accordingly, the ministry suggested that lenders submit to tribunals only those records authenticated by certain official information utilities for initiating bankruptcy process. Authenticated financial information will speed up admission of cases. Where such authenticated information is not available to lenders, other documents can be used for establishing debtor’s payment default. “This will make the admission process significantly quicker and less cumbersome,” the ministry said.(To read more Click Here)

  • On the last lap: MCA to soon finalise comprehensive cross-border insolvency framework

Bankruptcy Code (IBC) particularly on corporate insolvency issues is expected to see some changes as the government is likely to come up with a comprehensive framework for cross-border insolvency and make several changes to the corporate insolvency resolution process (CIRP) to avoid delays in resolution process.

The Corporate Affairs Ministry (MCA) will soon finalise the proposals for a comprehensive framework on cross-border insolvency, which when enacted as part of IBC could aid in further easing up of doing business in India.

After MCA firms up the framework, it will have to go to the legislative department for the vetting of the Bill and then to the Union Cabinet for the approval. Although no timeline can be predicted for enactment of the cross-border insolvency framework, indications are that the government may push for enactment of the IBC amendment Bill in upcoming Budget session.

The new comprehensive framework is likely to be largely patterned on the UNCITRAL model law on cross-border insolvency, which has been the widely-accepted UN model legal framework adopted by the US, UK, Japan and Singapore. This UN Model law is now proposed to be tweaked to suit the Indian context and requirements.

Currently, there are only two provisions of IBC (section 234 and 235) that deal with bilateral agreements and issuance of letters of request to foreign courts by adjudicating authorities for enforcing the provisions of IBC as regards assets of a corporate located abroad.The ILC had noted that these two provisions are not comprehensive and were susceptible to delay and uncertainty. Hence the need for a comprehensive legal framework on cross border insolvency, sources explained. (To read more Click Here)

  • Bad loan recovery through IBC remains a drag on banks

Bad loan recovery from the revamped insolvency-resolution mechanism has been on a steady decline, with the rate dropping to 24.7% at the end of September, data from the Reserve Bank of India showed.Loan recovery rates halved to 20% in 2020-21 as the impact of the pandemic – and the moratorium to take cases to courts – played out during the year. The recovery rate through the Insolvency and Bankruptcy Code (IBC) mechanism was 46.3% at the end of 2020.

While banks had recovered more than ₹1 lakh crore at the end of 2019 through the IBC route, the figure dropped to a little over ₹27,000 crore by March 2020. At the end of 2021, while banks had referred 537 corporates with loans worth ₹1.35 lakh crore to the bankruptcy courts, this number was significantly higher in 2020 at 1,986 cases with total loans involved at ₹2.25 lakh crore. RBI’s analysis of 60 corporate debtors resolved under IBC between September 2019 and September 2021 shows that the median recovery rate was 24.7%.

“The longer a bad loan remains on bank balance sheets, the lower is the amount banks succeed in recovering,” RBI said as part of its Financial Stability Report. Last year in June, the Indian government had suspended fresh insolvency proceedings with respect to Covid-19- related defaults. This ban was lifted in March this year.(To read more Click Here)

  • Important Notifications and Circulars Tracker (December, 2021)
Sl.  Notification(s)Link(s)
1.Limited Insolvency Examination – Syllabus w.e.f 1st March 2022  Click Here
2.Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2021    Click Here
3Session on “Individual Insolvency” on 3rd December, 2021Click Here
4Foreign creditors to get a foot in the IBC doorClick Here  
5Resolution Process Has To Be Completed Within The Period Stipulated U/Sec 12 IBC: Supreme Court  Click Here
  6In the matter of Mr.FanendraHarakchandMunot, Insolvency ProfessionalClick here
7Quarterly Newsletter for Jul-Sep, 2021Click here
8Notice for appointment of Assistant Manager on deputationClick here
9In the matter of Mr.Jaswant Singh, Insolvency ProfessionalClick here
10Invitation of application for the post of Whole Time Member in the Insolvency and Bankruptcy Board of India  Click here
11International Research Conference on Insolvency and Bankruptcy 2022: Call for Research Papers  Click here
12PSUs with high liabilities may face IBC-based closureClick here
13Company law tribunal can’t compel parties to settle dispute in insolvency proceedings under IBC, says SC  Click here
14Amendment to the IBBI (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020  Click here
15Corporate Insolvency Resolution Processes Ending with Order of Liquidation: As on 30th September, 2021  Click here
    16Corporate Insolvency Resolution Processes Yielding Resolution Plans: As on 30th September, 2021  Click here
17Invitation of comments from public on proposed changes to the Corporate Insolvency Resolution and Liquidation Framework under Insolvency and Bankruptcy Code, 2016  Click here
18The Insolvency and Bankruptcy Board of India organises a Workshop for Registered Valuers  Click here
19Ministry proposes fixed timeline for NCLT, extended look-back period in IBC  Click here
20Proposed IBC amendments put spotlight on past deals of bankrupt firms  Click here
21‘Overall recovery rate under IBC improved till March-end 2021’  Click here
22Piyush Goyal: IBC a “game changer reform”, brought a marked shift in attitudes of lenders and borrowers  Click here  

13. NBFC Compliance Overview

Non-Banking Financial Companies (NBFCs) is a Company registered under the Companies Act 2013 engaged in the businesses of providing financial services including loans & advances, leasing, hire purchase etc. They provide loans and advances and other credit facilities to business people or budding entrepreneur where Bank/Financial Institution are not comfortable, or say it is an alternative source of finance to businessman.

NBFCs are regulated by the Reserve Bank of India (RBI) within the framework of the Chapter IIIB of the Reserve Bank of India Act, 1934 and any rules made thereunder or any directions issued by it under the Act.

A. NBFC MONTHLY COMPLIANCES SUBMITTED BY ALL NON-DEPOSIT TAKING NBFCS

NAMEPURPOSE OF THE FORMDEPARTMENT
Monthly ReturnMonthly Return on NBFC­-ND­SI with asset size of Rs.100 CR. & aboveRBI
NBS_ALM­1Statement of Short term dynamic liquidity to be filed within 10 days of the closer monthRBI
To be submitted by all deposit-taking NBFC’s having asset size above Rs. 100 crores or public deposits of Rs. 20 crores and above
NBS­6Monthly Return stating Exposure to Capital MarketRBI

B. NBFC COMPLIANCE UNDER COMPANIES ACT, 2013

FORM NAMEPURPOSE OF THE FORMDEPARTMENT
E-­Form MGT-­7Annual Return (Within 60 days of conclusion AGM)ROC
E-­Form AOC­-4Filing of annual financials i.e. Balance Sheet & Profit & Loss statement (Within 30 days of conclusion of AGM)ROC
E-Form DIR-12If there is any change in Directors (Within 30 days of the date of that change)ROC
And any other Event based Compliance like DIR 3 KYC, ADT-1 etc.

C. NBFC Compliance Checklist for Non-Deposit & Deposit-taking Company

S. NoParticularsTime Limit
 Annual Compliances  
1.Audited March Monthly return/NBS-7Upon completion
2.File audited annual balance sheet and P&L AccountOne month from the date of signoff
3.Resolution of Non-Acceptance of Public DepositBefore the commencement of the new Financial year
4.Declaration of Auditors to Act as Auditors of the CompanyAnnual basis
 Monthly Compliance
1.Monthly ReturnBy 7th of every month
2.Upload Monthly ReturnBy 7th of every month
Periodical Compliances
1.Appointment of Director (Annexure III)Within 30 days of appointment
2.Resignation of Director (DIR-12 + Challan report)Within 30 days of appointment
3.Adoption of any notification in the ensuing Board Meeting and filing the certified copy with RBI 
  • NBFC Updates – December, 2021

1. RBI issues prompt corrective action framework for NBFCs

The PCA framework for NBFCs will come into force on October 1, 2022, based on the financial position of NBFCs on or after March 31, 2022.

The Reserve Bank of India (RBI) on December 14 issued prompt corrective action (PCA) framework for non-banking finance companies (NBFCs) by introducing three risk threshold categories.PCA refers to restrictions imposed by the banking regulator on a lender’s operations if the key financial parameters of these entities fall below a certain limit. Till now, the RBI used to impose PCA only on banks. The central bank had issued the revised Prompt Corrective Action (PCA) Framework for Scheduled Commercial Banks (SCBs) on November 2, 2021.

But, with the NBFCs too growing in size and complexity, the banking regulator felt it is necessary to introduce similar framework for NBFCs as well.The framework will apply to all deposit-taking NBFCs, excluding government companies, all non-deposit taking NBFCs in middle, upper and top layers, the RBI said.(To read more Click Here)

2. Explainer | New PCA rules for NBFCs suggest RBI has learned its lessons from IL&FS, DHFL episodes

The RBI’s PCA Framework was introduced in December 2002 as a structured early intervention mechanism along the lines of the US Federal Deposit Insurance Corporation’s PCA framework.

In simple words, PCA is the regulator’s action on weaker entities if the financial performance falls below certain thresholds. The regulator then imposes certain restrictions on the business operations till the entities get back to satisfactory performance levels. The PCA system was already in place for banks.

The RBI’s PCA Framework was introduced in December 2002 as a structured early intervention mechanism along the lines of the US Federal Deposit Insurance Corporation’s PCA framework. Subsequently, the RBI reviewed the framework, keeping in view international best practices and recommendations of the Working Group of the Financial Stability and Development Council on Resolution Regimes for Financial Institutions in India (January 2014) and the Financial Sector Legislative Reforms Commission (March 2013). The revised PCA Framework was issued by the RBI on April 13, 2017, and implemented with respect to banks’ financials as of March 31, 2017.

When does PCA trigger for banks?The RBI has specified certain regulatory trigger points with respect to three parameters of banks, i.e., capital-to-risk weighted assets ratio (CRAR), net non-performing assets (NPAs) and return on assets for the initiation of the process. There are various stages. If CRAR falls to less than 9 percent, the RBI asks banks to submit a capital restoration plan, and restricts new businesses and dividend payments.

According to the framework, the apex bank will impose PCA on NBFCs if there is any breach of risk threshold. For instance, if the CRAR falls up to 300 basis points (bps) below the regulatory minimum CRAR, tier-1 capital ratio falls up to 200 bps below the regulatory minimum and net NPA ratio goes beyond 6 percent, the NBFC will fall under risk threshold-1.Once an NBFC is placed under PCA, taking it out of the framework or withdrawal of restrictions imposed under the it will be considered if no breaches in risk thresholds in any of the parameters are observed according to four continuous quarterly financial statements, one of which should be the annual audited financial statement, the RBI said.

 (To read more Click Here)

3. Need to harmonise rules on taxation and recovery for NBFC too: FIDC

Urges govt to exempt TDS on interest payment made to NBFCs, as in the case of banks and life insurers.

The Finance Industry Development Council (FIDC), an industry body for non-banking finance companies (NBFCs), has impressed upon the government on the need to harmonise provisions on taxation and recovery as well, even as the Reserve Bank of India (RBI) is harmonising regulations governing finance companies with that of banks

The Council has asked the government to exempt tax deduction at source (TDS) on interest payment made to NBFCs. Under Section 194A of Income Tax Act, tax is required to be deducted at the rate of 10 per cent from interest paid to NBFCs, FIDC said. But the section allows exemptions to persons making interest payment to institutions such as banks, life insurance companies and UTI.They have asked the finance minister to exempt all deposit taking NBFCs (NBFC – D), 52 of them, under Section 194A. Also, non-deposit taking systemically important NBFCs, with an asset size of above Rs 500 crore (319 in total) should also be granted exemption.

Recently, the RBI provided clarification on income recognition, asset classification and provisioning (IRAC) norms for banks, NBFCs and all-India financial institutions, which says classification of special mention account (SMA) and non-performing account (NPA) should happen on a day-end position basis and upgradation from an NPA to standard category should happen only after clearance of all outstanding overdues.

Hence, they have suggested Small Industries Development Bank of India (SIDBI) to provide a refinance facility to NBFCs for onward lending to MSMEs and other appropriate sectors.

(To read more Click Here)

14. NCLT & NCLAT UPDATES (Updates- December, 2021)

Title of the notification (s)Links
ORDER dated 31.12.2021- Virtual Hearing Size : 1.43 MB
Constitution of Special Bench NCLT Kochi bench order dated 27.12.2021 Size : 830.52 KB
Constitution of NCLT Vacation Bench at NCLT Mumbai order dated 27.12.2021 Size : 772.3 KB
Constitution of NCLT Vacation Benches order dated 22.12.2021 Size : 1.57 MB
Constitution of Special Bench NCLT Cuttack bench order dated 21.12.2021- For Pronouncement Size : 818.47 KB
Constitution of Special Bench NCLT Mumbai bench- Court No. IV order dated 21.12.2021- For Pronouncement Size : 807.53 KB
Standard Operating Procedure for Physical-Virtual- Hybrid hearing of cases before the National Company Law Tribunal on 18.12.2021 Size : 3.03 MB
Constitution of Special Bench NCLT Kochi bench order dated 17.12.2021- For Pronouncement Size : 826.15 KB
Constitution of Special Bench NCLT New Delhi bench- Court No. II order dated 17.12.2021 Size : 837.65 KB
Constitution of Special Bench NCLT Mumbai bench- Court No. III order dated 16.12.2021 Size : 821.75 KB
Constitution of Special Bench NCLT Mumbai bench- Court No. I order dated 16.12.2021 Size : 866.73 KB
Constitution of Special Bench NCLT Mumbai bench- Court No. II order dated 16.12.2021 Size : 850.82 KB
Constitution of Special Bench NCLT Indore bench at Ahmedabad order dated 16.12.2021 Size : 840.59 KB
Constitution of Special Bench NCLT Ahmedabad bench- Court No. I order dated 16.12.2021 Size : 831.99 KB
Constitution of Special Bench NCLT Mumbai bench- Court No. III order dated 16.12.2021 Size : 821.75 KB
Sitting Hours of the NCLT Chennai Bench- Court No. II order dated 3.12.2021 Size : 789.37 KB
Re-Constitution of Bench at NCLT Kochi order dated 3.12.2021 Size : 787.66 KB
Constitution of Special Bench NCLT Mumbai bench- Court No. IV order dated 2.12.2021 Size : 851.42 KB
Constitution of Special Bench NCLT Cuttack bench order dated 2.12.2021 Size : 845.02 KB
Constitution of Special Bench NCLT Chennai bench order dated 2.12.2021 Size : 865.78 KB
Constitution of Special Bench NCLT Ahmedabad bench -Court No. II order dated 2.12.2021 from 6.12.2021 to 8.12.2021 Size : 843.5 KB
Constitution of Special Bench NCLT Ahmedabad bench -Court No. II order dated 2.12.2021 on 9.12.2021 Size : 833.53 KB
Hon’ble Shri BachuVenkatBalarama Das, Member (Judicial)- Recused from hearing, at NCLT New Delhi. Order dated 2.12.2021 Size : 780.33 KB
Constitution of Special Bench NCLT New Delhi bench- Court No. VI order dated 2.12.2021 Size : 869.88 KB
Office Order regarding Internal Complaint Committee in terms of Section 4 of The Sexual Harassments of women at work place (Prevention, Prohibition and Redressal) Act, 2013 for all NCLT Benches. Size : 1.24 MB

1. NCLAT sets aside Videocon’s sale to Vedanta co Twinstar

The National Company Law Appellate Tribunal (NCLAT) has set aside an order by the Mumbai bench of the National Company Law Tribunal (NCLT) approving the resolution plan for Videocon by Vedanta’s Twin Star Technologies. The tribunal has asked the committee of creditors for fresh bids.

The appellate tribunal issued the order noting that the transaction was not in compliance with the Insolvency and Bankruptcy Code (IBC). The order was in an appeal last year filed by the Bank of Maharashtra, Sidbi and IFCI that were dissenting creditors. The resolution plan had turned controversial and drew sharp comments from the NCLT as the bid was close to the liquidation value and involved a 95% write-off. The NCLT had approved the order in June 2021 noted that the successful bidder was “paying almost nothing” and hinted that there appeared to be a breach of the confidentiality clause.

Even as the Twinstar bid was stayed by the NCLAT, the corporate affairs ministry had moved in and filed a petition in NCLT to attach the assets of Videocon promoters to increase recovery in the case. In August 2021, the NCLT issued an order to freeze and attach assets and properties of Videocon promoters. The tribunal also directed the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the Videocon promoters to freeze and restrain such assets. It also asked banks to provide details of their bank and depository accounts and lockers.

(To read more Click Here)

2. NCLT refers Sanghi dispute to IAMC

The National Company Law Tribunal (NCLT) referred the 13-year-old dispute between the Sanghi brothers over their enterprises to the IAMC.

The Hyderabad bench comprising NCLT president Justice RamalingamSudhakar and technical member ArekapudiVeera Brahma Rao referred six cases relating to the Sanghi group of industries that are pending before the courts from 2008 onwards. According to NCLT deputy registrar K Hanumantha Rao, the decision was taken after duly obtaining the consent of the parties. The Sanghi brothers, Ravi Sanghi, SudhirSanghi, GirishSanghi, were at loggerheads. Though two of the brothers could reach a settlement with Ravi Sanghi, issues between GirishSanghi and other brothers remained unresolved till date, the NCLT which referred the matter to IAMC said in its order. The prolonged battle would affect the industry adversely in the long-run, the tribunal said.

It can be recalled, the property dispute between former IPL chairman Lalit Modi and his mother BinaModi was earlier referred to the Hyderabad IAMC by Supreme Court. The state government has come forward to make Hyderabad IAMC its adjudication center for any possible disputes that may arise during the implementation of its contracts, tenders, pertaining to state government’s works. We will issue an ordinance after making the required amendments to the rules”, CM K Chandrasekhar Rao assured in the inaugural meet of the IAMC.(To read more Click Here)

15. Competition Commission of India

Competition Commission of India is a statutory body of the Government of India, established on 14 October 2003, responsible for enforcing The Competition Act, 2002 and promoting competition throughout India and to prevent activities that have an appreciable adverse effect on competition in India.

  • Key Updates – for the month of December – 2021.
Sl.Particulars  Link
1United Breweries challenges Rs 752 crore CCI penalty before NCLAT  Click here
2CCI to introduce ‘confidentiality’ regime in line with global best practices, says Chairman Gupta  Click here
3Google extends deadline for Play Store billing system implementation to October 2022Click here
4Amazon counsels walked out of CCI hearing: FRL  Click here
5Approval for Future-Reliance deal was illegally obtained: Amazon writes to CCI  Click here
6CCI closes case against Intel; finds no evidence of unfair biz practicesClick here
7CCI approves acquisition of shareholding in Air India Limited, Air India Express Limited and Air India SATS Airport Services Private Limited by Talace Private Limited    Click here
8CCI approves acquisition up to 16.94% equity share capital of IRB Infrastructure Developers Limited by Bricklayers Investment Pte. Ltd.Click here
9CCI approves acquisition of controlling stake in Forbes Enviro Solutions Limited by Lunolux LimitedClick here
10CCI approves acquisition of shareholding in Sterling and Wilson Renewable Energy Limited by Reliance New Energy Solar Limited  Click here
11CCI Revokes Approval For Amazon’s Deal With Future Group; Imposes Rs 200 Crore Penalty On Amazon For Violations  Click here
12UBL challenges Rs 752 crore CCI penalty before NCLATClick here

16. irdai – Insurance Sector Updates

  • Covid policies will cover Omicron: IRDAI

At a time when Omicron cases are rising rapidly across the country, insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI), has clarified that all health insurance policies that cover Covid-19 will also cover cases pertaining to Omicron.

“…it is clarified that all health insurance policies issued by all general and health insurance companies that cover treatment costs of Covid-19 also cover the costs of treatment towards Omicron variant of Covid-19 as per terms and conditions of policy contract,” IRDAI informed in a statement on Monday. The insurance regulator has directed all the insurance companies to put in place all effective coordination mechanisms with their network hospitals to ensure availability of seamless cashless facility to all policyholders in case of hospitalization.

“Hospitals are also requested to honour the service level agreements (SLA) that have been entered with insurance companies for the purpose of providing cashless treatment to health insurance policyholders,” IRDAI stated.

The regulator had also asked insurers to give approval for cashless in a stipulated period ensuring hassle-free process for hospitals as well as policyholders.  (To read more Click Here)

  • 18% GST on insurance premium is atrocious: Former IRDAI member Nilesh Sathe

Says insurance becomes a necessity in the absence of any social security for citizens, nowhere else in the world one has to pay such heavy tax on premium.

Insurance is a necessity in India in the absence of a social security net, but the government is taxing the sector heavily even as others in the financial sector are exempted, lamented former Insurance Regulatory and Development Authority (IRDAI) member Nilesh Sathe. Sathe was the keynote speaker at the insurance round of the Business Standard BFSI Insight Summit. “Charging 18 per cent GST (Goods and Services Tax) on insurance premium is atrocious,” the respected insurance veteran said in his customary frank manner.

Insurance companies also have other challenges. Given the high solvency ratio, promoters must always infuse capital before an insurance company wish to grow exponentially. They cannot invest the way they like. The stipulation by IRDA that the insurance firms must invest at least half of their investible fund in government securities and other approved securities bring down the yields or internal rate of return for investors. This is because the yields on govt securities have been steadily coming down.

Technology has been a gamechanger and there has been no security scare or database despite the work from home environment during the corona period. The insurance companies must share data between themselves, and must have a common database, particularly about cases of frauds, rejection and suspicious claims. (To read more click here)

  • Key Updates – December, 2021
Sl.Particulars  Link
1INSURANCE FOR ANGANWADI WORKERSClick here
2LIST OF INSURANCE WEB AGGREGATORS [as on 15.12.2021]Click here
3Gross premium underwritten by non-life insurers within India (segment wise)Click Here
4Empanelment of suppliers of Stationery itemsClick Here
5Empanelment of Suppliers of Housekeeping Material and Pantry ItemsClick Here
6LIC asks its policyholders to update PAN details for participation in IPOClick Here
7GeM BOQ Bid for Kyocera Copiers consumablesClick here
8Final Order in the matter of Angel Financial Advisors Pvt. Ltd. Corporate Agent  Click here
9Annual Report 2020-21Click Here
10Insurers received 9.5L Covid-19 treatment-related claims in FY21Click Here
11Marsh hikes stake in India arm to 92%Click Here
12Insurance Advisory CommitteeClick here
14LIST OF CORPORATE AGENTS REGISTERED WITH THE AUTHORITY AS ON 30.11.2021Click here
15List of Insurance Marketing FirmsClick Here
1618% GST on insurance premium is atrocious: Former IRDAI member Nilesh SatheClick Here
17IPO-bound LIC improves asset quality, lowers net NPA to 0.05%  Click Here
18Not satisfied with your insurance provider? Here’s how to file a complaint via IRDAI portal The complainant can make a fresh complaint or escalate it to the Integrated Grievance Management System (IGMS) by visiting the website- igms.irda.gov.in, using an online complaint redressal portal of IRDAIClick Here
19New Business Statement of Life Insurers for the Period ended 30th November, 2021                          Click here
20GROSS DIRECT PREMIUM UNDERWRITTEN FOR AND UPTO THE MONTH OF NOVEMBER, 2021Click here
21Final order in the matter of PolicyX.com Insurance Web Aggregators Pvt. Ltd.Click Here

17. Cabinet Decisions / New Acts

Sl.ParticularsLink
1Draft Notaries (Amendment) Bill Issued for Stakeholders’ Consultation  Click here
  2Approvals accorded under PLI Scheme for Promotion of Domestic Manufacturing of critical Key Starting Materials (KSMs)/ Drug Intermediates and Active Pharmaceutical Ingredients (APIs) in the country      Click here
3Banking Laws Amendment Bill, 2021 awaiting union cabinet’s nodClick here
4IFSC Authority invites comments on consultation paper on proposed IFSCA (Insurance Web Aggregator) Regulations, 2021      Click here
5Centre has amended the Legal Metrology (Packaged Commodities) Rules 2011 to protect the interest of consumers  Click here
6Centre monitors the wholesale and retail prices of 22 essential food commodities on daily basis from 179 price monitoring centres set up by the State Governments/UT Administrations  Click here
7Mediation Bill  Click here
8Cabinet approves an incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)Click here
9Implementation of PESA ActClick here

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This article is updated till 31st December, 2021 with all Laws / Regulations and their respective amendments.                  

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Disclaimer:Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. Many sources have been considered including newspapers (ET, BS & HT etc.).

 “Opportunities? They are all around us… There is power lying latent everywhere waiting for the observant eye to discover it.”                                                                   Orison SwettMarden