“Corporate Affairs” – It is a weekly newsletter with latest updates, news, circular & notification [Period 06/12/22 to 12/12/22]

Newsletter Contents: SEBI Updates, MCA Updates, RBI Updates,, IBC Updates, Labour Law Updates, Press Information , IPO & Investment updates, IRDAI Updates, Department of Telecommunications, MSME Updates, Competition Commission of India, Current Affairs – FAQ’s

1. SEBI Updates:

[Sl.ParticularsLink
  1Review of timelines for listing of securities issued on Private Placement basis – Chapter VII of the Operational Circular issued under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021  Click Here
2Net Settlement of Cash segment and Futures & Options (F&O) segment upon expiry of stock derivatives  Click Here
3Inclusion of Equity Exchange Traded Funds as list of eligible securities under Margin Trading FacilityClick Here
  4Extension of timeline for implementation of Standardized Industry Classification by CRAs  Click Here
    5Updated Operational Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper – Modifications in Chapter IV and Introduction of Chapter XII on Scheme(s) of Arrangement by entities who have listed their NCDs/ NCRPS    Click Here
6Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Seventh Amendment) Regulations, 2022Click Here
7Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 [Last amended on December 5, 2022]  Click Here
  8“SEBI Order for Compliance” – Demand Notice for RC No. 6096 of 2022 against Safal Capital (India) Ltd. in the matter of Safal Capital (India) Ltd.  Click Here
  9Clarification – Scheme(s) of Arrangement by entities who have listed their Non-convertible Debt securities (NCDs)/ Non-convertible Redeemable Preference shares (NCRPS) (‘debt listed entities’)  Click Here
10Foreign investment in Alternative Investment Funds (AIFs)Click Here
11Status of SCORES complaints as on November 30, 2022Click Here

2. MCA – 21 Updates

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  1MCA Secretary Manoj Govil nominated as SEBI Board Member    Click Here
2Competition Bill: Standing Committee on Finance summons MCA officials on Nov 29  Click Here
3Government seeks proposals to privatise NMDC’s Steel Plant  Click Here

3.  RBI / Banks Updates

Sl.ParticularsLink
1Notification of Significant Benchmark         Click here
2Review of norms for classification of Urban Co-operative Banks (UCBs) as Financially Sound and Well Managed (FSWM)       Click here
3Revised Regulatory Framework – Categorization of Urban Co-operative Banks (UCBs) for Regulatory PurposesClick here
  4Operations of subsidiaries and branches of Indian banks and All India Financial Institutions (AIFIs) in foreign jurisdictions and in International Financial Services Centers (IFSCs) – Compliance with statutory/regulatory norms  Click here
5.Revised Regulatory Framework for Urban Co-operative Banks (UCBs) – Net Worth and Capital AdequacyClick here
6.Liquidity Adjustment Facility- Change in rates        Click here
7.Change in Bank Rate                                    Click here
8.Standing Liquidity Facility for Primary Dealers       Click here
9.Review of SLR holdings in HTM category  Click here
10.Reserve Bank of India – Bulletin Weekly Statistical Supplement – ExtractClick here
11.Statement on Developmental and Regulatory Policies         Click here
12.Reserve Bank of India signs Bilateral Swap Agreement with Maldives Monetary Authority                                                       Click here
13.Reserve Bank of India – Bulletin Weekly Statistical Supplement – ExtractClick here

4. IBC / Insolvency Law updates

Sl.ParticularsLink
1Liquidation Processes Ending with Order of Dissolution/Closure: As on 31st October, 2022Click here
2The Insolvency and Bankruptcy Board of India Research Initiative, 2019 (Updated as on 30th November, 2022)  Click here
3IBBI chief bats for putting valuation of IBC entities in public domainClick here
4IBBI expected to introduce two key changes to the Insolvency Law: ReportClick here

5. Labour law updates

Sl. ParticularsLink
1What the recent SC ruling means for Employee Pension Scheme subscribersClick here
  2Provident Fund withdrawal online process: Here is a step-by-step guideClick here
  3Disgruntled PF Account Holders Post Grievances Online, EPFO RespondsClick Here
4Eligibility for higher EPS pension under EPF scheme: All you need to knowClick Here
5Yes Bank files IBC plea against Zee Learn subsidiaryClick Here

6. Press information

Sl.ParticularsLink
1India Post Payments Bank cautions its customers from Cyber FraudsClick here
2BIS signs MoU with top six engineering institutes of India for introducing Indian standards as a part of curriculumClick here
3Jobs in Electronics Manufacturing, ITeS and Startups are expected to cross 1 crore mark in two years’ time: Shri Ashwani VaishnawClick here
4Atal Innovation Mission launches fresh applications for Community Innovator FellowshipClick here
5Scheme for Intellectual Property (IP) protection revised to upgrade the professional charges of the facilitatorsClick here
6All states should establish price monitoring centres in all districts: CentreClick here
7Ministry of Civil Aviation issues guidelines for PLI incentive scheme to support indigenous drone industryClick here
8Steps taken by Indian Railways to avoid delay of trains during the foggy weatherClick here
  9Centre’s reforms result in consistent increase of FDI inflow; FDI grows from US $ 45.15 billion in 2014-2015 to US$ 84.84 billion in 2021-22  Click here
10BIS issues All India First License for Bullet Resistant Jackets and Protective Clothing for Industrial Workers exposed to heatClick here
11Cancellation of FCRA Licenses of NGOsClick here
12Use of Standard Battery in EVClick here
13Schemes for Welfare of Women and ChildrenClick here
14A series of reform measures undertaken to promote India’s upcoming drone industryClick here
15Initiatives taken by the government to boost manufacturingClick here

7. IPO & investment Section

Issuer CompanyExchangeOpenCloseIssue Price (Rs)Issue Size (Rs Cr)
Arihant Academy Limited IPONSE SMEDec 16, 2022Dec 21, 202290.0014.72
Uma Converter Limited IPONSE SMEDec 15, 2022Dec 21, 202233.0018.41
Landmark Cars Limited IPOBSE, NSEDec 13, 2022Dec 15, 2022481.00 to 506.00552.00
Droneacharya Aerial Innovations Limited IPOBSE SMEDec 13, 2022Dec 15, 202252.00 to 54.0033.97
Sula Vineyards Limited IPOBSE, NSEDec 12, 2022Dec 14, 2022340.00 to 357.00960.35
Abans Holdings Limited IPOBSE, NSEDec 12, 2022Dec 15, 2022256.00 to 270.00345.60
All E Technologies Limited IPONSE SMEDec 09, 2022Dec 13, 202290.0048.20
PNGS Gargi Fashion Jewellery Limited IPOBSE SMEDec 08, 2022Dec 13, 202230.007.80

Key Updates in Brief {Source- ET, BS etc.}

1. Sula Vineyards raises Rs 288 cr from anchor investors ahead of IPO

New Delhi, Leading wine producer Sula Vineyards on Friday said it has raised Rs 288 crore from anchor investors days ahead of its initial public offering (IPO). The company has decided to allot 80,70,158 equity shares to anchor investors at Rs 357 apiece, aggregating to Rs 288.10 crore, according to a circular uploaded on the BSE website.

The capital was raised from 22 investors, including BNP Paribas Arbitrage, Morgan Stanley (Asia) Singapore Pte Ltd, Citigroup Global Markets Mauritius Pvt Ltd, Goldman Sachs and Abu Dhabi Investment Authority.

The public issue will be entirely an offer for sale (OFS) aggregating to 26,900,532 equity shares by the promoter, investors and other shareholders.

Those offloading shares through the OFS route are promoter, founder and CEO Rajeev Samant, and investors such as Cofintra, Haystack Investments Limited, Saama Capital III, Ltd, SWIP Holdings Limited, Verlinvest S.A and Verlinvest France SA.

2. 3 IPOs to garner Rs 1,830 crore next week; Uniparts India to make debut

While the calendar 2022 is approaching its end, there is ample action left for the domestic primary market, which has been busy with new issues and listings lately.

In the upcoming week, three initial public offerings (IPOs) are set to knock at Dalal Street to mobilise funds about Rs 1,830 crore via primary. Besides them, another player- Uniparts India- is set to make its debut in the bourse.

Sula Vineyards and Abans Holdings will launch their initial offerings on Monday, December 12. But the former one’s issue will conclude on Wednesday, December 14 whereas the latter one will close on Thursday, December 15.

Sula Vineyards is looking to raise Rs 960.35 crore via its IPO, which is completely an offer or sale (OFS) of about 2.69 crore shares. The company has fixed its price band in the range of Rs 340-357 apiece with a lot size of 42 shares.

Incorporated in 1998, Landmark Cars is the third issue, whose IPO will be open for subscription between December 13-15 in the range of Rs 481-506 apiece, with a lot size of 29 equity shares.

The company is eyeing to raise Rs 552 crore via its initial offering for the investors including a fresh issue of Rs 150 crore, whereas existing shareholders and promoters will offload shares worth Rs 402 crore.

3. Snapdeal to shelve $152 million IPO amid tech stocks rout

MUMBAI – SoftBank-backed Indian e-commerce firm Snapdeal has decided to pull the plug on its $152 million IPO, the company told Reuters, making it the latest casualty of a meltdown in tech stocks that has soured investor sentiment.

Snapdeal filed its initial public offering (IPO) regulatory papers for approval in December 2021, a year that saw many stock market debuts and record fund raising by Indian startups. But many are delaying IPOs amid a stock market rout that has raised concerns over frothy tech valuations.

“There is no appetite for tech stocks right now,” said the source, who added that SEBI has been told about the prevailing market conditions and certain other strategic decisions that contributed to the change in IPO plans.

The first source added that Snapdeal’s has not decided on any new timeline for when it may refile its IPO. Snapdeal had wanted to fund organic growth initiatives with the proceeds of its IPO, which was set to include a fresh issue of shares worth 12.5 billion rupees ($152 million) and an offer for sale of 30.8 million shares. Investors SoftBank, Sequoia Capital and Ontario Teachers’ Pension Plan Board had offered to sell a part of their stakes in the IPO.

8. irdai – insurance updates

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1Press ReleaseClick Here
  2Insuring India by 2047 – New landscape for Insurance SectorClick here
3Irdai tonic for health insurance: A regulator for hospitals and doctorsClick here
4IRDAI proposes 3 years insurance cover for cars, 5 years for two-wheelersClick here
5Banca 2.0: Bajaj Allianz Life Insurance scouting for more bank partnerships post IRDAI’s move to increase tie-up limitsClick here

9. Department of Telecommunications (dot)

Sl.ParticularsLink
1TRAI releases recommendations on “Use of Street Furniture for Small Cells and Aerial Fibre deployment”Click here
  2TRAI releases recommendations on ‘Licensing Framework for Establishing and Operating Satellite Earth Station Gateway (SESG)’Click here
  3TRAI releases Consultation Paper on ‘Introduction of Calling Name Presentation in Telecommunication Networks’Click Here
  4Ministry of Information and Broadcasting Issues Guidelines for Platform Services offered by Multi-System Operators.  Click here
    5TRAI issues Telecom Tariff (69th Amendment) Order 2022Click here

10. msme / SME updates

Sl.ParticularsLink
1Pending Dues to MSMEsClick here
2Atmanirbhar Bharat PackageClick here
3Promotion of Entrepreneurship in MSME SectorClick here
4Samadhaan PlatformClick here
5Digitization of MSMEsClick here

11. Competition Commission of India (CCI)

Sl.ParticularsLink
1Govt will change bill to ease global deals­Click here
  2Apollo Tyres update on order issue by Competition Commission of IndiaClick here
  3CCI clears Tanweer Infrastructure’s acquisition of Sembcorp EnergyClick here
4CCI approves Bharat Biotech International-Eastman exports dealClick here

12. Cabinet Decisions / New Acts

Sl.ParticularsLink
1Significant Improvement in payment of GENCO dues with the implementation of Electricity (LPS and Related Matters) Rules, 2022Click here
2The Digital Personal Data Protection Bill 2022Click here
3Schemes for Educational and Economic Empowerment of MinoritiesClick here
4State cabinet rejects renewal of incentive scheme for wine industryClick here

13. Current Affairs Quiz (taken from various sources) 

Sl.QuestionsAnswers  
1Which Union Ministry launched the ‘Nai Chetna’ campaign?Ministry of Rural Development
2Which is the first north-eastern state to launch its ‘Mental Health and Social Care Policy’?Meghalaya
3Which state is the host of ‘International Lusophone Festival’?Goa
4India has sent a team to which country to assess potential lithium deposits?Argentina
5Which country’s President has been named as the Chief Guest at Republic Day celebrations?Egypt
6India-US joint military exercise ‘Yudh Abhyas-2022’ is held in which Indian state?Uttarakhand
7As per recent data, what is the Maternal Mortality Ratio (MMR) in India during 2018-20?97 per lakh live births
8‘Hornbill Festival’ is the flagship cultural event of which Indian state?Nagaland
9Which country has successfully used steam to propel Moon spacecraft?Japan
10Agni Warrior is a bilateral defence exercise held between India and which country?Singapore

Top 5 Current Affairs:

  1. India and South Korea signed the arrangement regarding Economic Development Cooperation Fund loan of over 245 billion Korean won. The agreement is for the establishment of Intelligent Transport System on Nagpur-Mumbai Super Communication Expressway Project in Delhi.
  2. The gross GST revenue collected in the month of November 2022 is ₹1,45,867 crore. The revenues for the month of November are 11% higher than the GST revenues in the same month last year. Out of the total revenue, CGST is ₹25,681 crore, SGST is ₹32,651 crore, IGST is ₹77,103 crore and Cess is ₹10,433 crore.
  3. World Meteorological Organisation (WMO) released a report titled ‘State of Global Water Resources 2021’. As per the report, the volume of water available in the Ganga and the groundwater in the river-basin reduced significantly between 2002 and 2021.
  4. The Chhattisgarh Assembly unanimously passed two amendment bills to raise Reservations in government jobs and admission in educational institutions to 76%.
  5. The Madras High Court has banned mobile phones in temples across Tamil Nadu. As per the Court, the move to ban use of mobile phone is to maintain purity and sanctity of the places of worship.

The End

Disclaimer: This write – up is prepared as a Knowledge Sharing Initiative. *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.

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