Weekly Corporate Affairs From 04/08/2022 To 12/08/2022 (SEBI, MCA, IBC, RBI, IPO, MSME Updates)
1. SEBI UPDATES:
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Enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence | |
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Consultation Paper on Green and Blue Bonds as a mode of Sustainable Finance | |
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Trading Window closure period under Clause 4 of Schedule B read with Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015 – Framework for restricting trading by Designated Persons by freezing PAN at security level |
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SEBI constitutes ‘FPI Advisory Committee (FAC)’ | |
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Status of SCORES complaints as on July 31, 2022. |
Click Here |
2. MCA – 21 UPDATES
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Sale Notice-In the matter of M/s.Shree Vishwanath Chemicals Private Limited (In Liquidation)- Company Petition No.02 of 2003 | |
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IEPFA requests all the claimants to apply directly for claims refund through the official website www.iepf.gov.in by filling IEPF form 5. Any other means of application or engagement of middleman might lead to discrepancy or rejection of your case. Claimants are advised to inform IEPF Authority immediately, if approached or assured by any Broker/Middleman or Agent to get their claims refund. IEPFA acknowledges communication from the verified contact details only, provided by the claimants while filling IEPF form 5 online. Make sure no one misuses your registered contact details to approach IEPFA. |
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Stakeholders please note that Ministry of Corporate Affairs is launching first set of Company Forms (9 forms) on MCA21 V3 portal on 31st Aug 2022 at 12:00 AM. |
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4,32,796 companies struck off down during last five years |
3. RBI / BANKS UPDATES
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Gold Monetization Scheme (GMS), 2015 | |
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Liquidity Adjustment Facility- Change in rates | |
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Reserve Bank – Integrated Ombudsman Scheme, 2021 (RBIOS, 2021) | |
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Rupee Interest Rate Derivatives (Reserve Bank) Directions – Review | |
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Section 23 of the Banking Regulation Act, 1949 (As Applicable to Co- operative Societies) – Opening of new place of business by District Central Co- |
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operative Banks (DCCBs) | ||
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Bilateral Netting of Qualified Financial Contracts – Amendments to Prudential Guidelines | |
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Recommendations of the Working group on Digital Lending – Implementation | |
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Survey of Foreign Liabilities and Assets of Mutual Fund Companies – 2021-22 | |
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Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on August 08, 2022 (SGB 2016 – I) |
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Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract |
4. IBC / INSOLVENCY LAW UPDATES
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In the matter of Mr. Rohit Aggarwal, Insolvency Professional | |
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In the matter of Mr. Aditya Agrawal, Insolvency Professional | |
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2nd International Research Conference on Insolvency and Bankruptcy 2023: Call for Research Papers | |
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Summary: Judgment dated 5th August, 2022 of the Hon’ble SC in the matter of Kotak Mahindra Bank Limited Vs. Kew Precision Parts Private Limited & Ors. [Civil Appeal No. 2176 of 2020] |
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In the matter of Mr. Rakesh Ahuja, Insolvency Professional |
5. LABOUR LAW UPDATES
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Change In Take-Home Salary and Working Hours From New Wage Code, Check Details | |
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Labour laws upgrade, simplification of taxes, stable tariffs key to India’s trade: Report | |
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EPF contribution rules: What to do if employer doesn’t deposit money in the Provident Fund account | |
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Supreme Court hears the validity of pension scheme amendment | |
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Where has PF of 10,000 sanitation workers gone? | |
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Merge 2 EPF Accounts Online: Know Step By Step Process | |
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Scheme for upliftment of daily wage workers |
6. PRESS INFORMATION
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Initiatives taken to create a conducive business environment | |
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Steps taken for increasing exports through e-Commerce | |
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Central Consumer Protection Authority (CCPA) issues 24 notices for unfair trade practices against e-commerce companies | |
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E-governance |
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Digital Payment at Railway Stations | |
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Scrap Policy | |
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Last date for submission of Applications under Design led Manufacturing scheme extended till 25th August 2022 | |
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Welfare Schemes | |
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Crop Insurance Schemes | |
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Mandatory Verification of Social Media Accounts | |
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IMPLEMENTATION OF PMFME | |
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Promotion of e-Lok Adalat | |
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“Jan Samarth” Portal eases loan application and disbursement process for applicants | |
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Steps Taken to Bring down the Prices of Steel | |
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Government releases two instalments of tax devolution to State Governments amounting to Rs 1,16,665.75 crore as against normal monthly devolution of Rs. 58,332.86 crore |
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7. IPO & INVESTMENT SECTION
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BSE SME |
Aug 12, 2022 |
Aug 19, 2022 |
4000 |
27 |
1.89 | |
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BSE, NSE |
Aug 12, 2022 |
Aug 18, 2022 |
68 |
209 to 220 |
840.00 |
- Key Updates in Brief {Source- ET, BS }
1. China IPO market trounces world with $58 billion boom
From London to Hong Kong, large initial share sales have all but dried up across the world’s major financial centers this year. But the market in China is bustling with activity.
Initial public offerings on mainland exchanges have climbed to $57.8 billion so far in 2022, the largest ever for such a period, according to data compiled by Bloomberg. There have been five IPOs of above $1 billion since January, and one more is on the way. That’s versus just one such sale each in New York and Hong Kong, and none in London.
China’s IPO market has defied headwinds such as rising interest rates and fears of a US recession, which have brought major equity fundraising elsewhere to a virtual standstill. Offerings in the Asian economy – whose monetary policy is diverging from the Federal Reserve – are largely geared toward local investors.
“Companies have a stronger willingness for IPO because they see first half as a better time window to get listed than the time ahead,” said Shen Meng, a director at investment bank Chanson & Co. “They have a weaker outlook for the market and worry that factors including earnings uncertainty could make listing in future harder.”
2. Avalon Technologies files Rs 1,025-cr IPO papers with Sebi
Electronic manufacturing services firm Avalon Technologies has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,025 crore through an initial public offering (IPO).
The IPO comprises fresh issue of equity shares worth up to Rs 400 crore and an Offer-for- Sale (OFS) aggregating up to Rs 625 crore by promoters and existing shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday.
The company may consider raising Rs 80 crore through a pre-IPO placement and if such a placement is undertaken the size of the fresh issue will be reduced. Proceeds from the fresh issue would be used towards debt payment, funding the working capital requirements and general corporate purposes.
It has 12 manufacturing units located across the United States and India. As of fiscal 2022, its revenue from operations was at Rs 840 crore with an order book worth Rs 1,039 crore as of June 30, 2022. To read more: Click Here
3. Sebi puts Biba Fashion IPO in ‘abeyance’
Capital markets regulator Sebi has kept in “abeyance” the proposed initial share sale of ethnic wear fashion label Biba Fashion. However, the Securities and Exchange Board of India (Sebi) did not clarify further.
The company, which is backed by Warburg Pincus and Faering Capital, had filed preliminary papers with Sebi on April 12 to raise funds through an initial public offering (IPO).
Without disclosing the reason, Sebi said “issuance of observations (has been) kept in abeyance” with regard to the IPO of Biba Fashion, an update on the regulator’s website showed on Monday.
The information was updated on August 5. The issuance of observations by Sebi implies its go-ahead for an IPO. Sebi usually gives its observations on IPO papers in 30 days.
- To read more: Click Here
8. IRDAI – INSURANCE UPDATES
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New Business Statement of Life Insurers for the Period ended 31st Jul, 2022 | |
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Migration of BAP to new hardware and the latest software | |
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Gross Direct Premium- Flash figures for Non-life Insurers (Provisional and Unaudited)-for and up to the Month of June, 2022 | |
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List of Valid Insurance Brokers as on 10th Aug 2022 |
9. DEPARTMENT OF TELECOMMUNICATIONS (DOT)
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High Speed Internet | |
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Base Rate of 5G Spectrum | |
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4G, 5G and E-Band Spectrum | |
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Rural Fibre Network | |
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Bharatnet scheme | |
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Department of Telecommunications issues Public Advisory on frauds related to installation of Mobile Tower |
10. MSME / SME UPDATES
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E-Commerce Marketing Platform | |
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Udyam Sakhi Portal | |
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Credit Schemes for Women Owned MSMEs | |
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Implementation of Schemes for MSMEs Under Atma Nirbhar Bharat | |
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Package to Support MSMEs Sector |
11. COMPETITION COMMISSION OF INDIA (CCI)
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‘Large user base in India will bring global M&A under CCI’ | |
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India Proposes Changes to Competition Law; Moots More Power for CCI | |
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Competition Amendment Bill 2022 to strengthen antitrust watchdog CCI |
12. CABINET DECISIONS / NEW ACTS
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Cabinet approves India’s Updated Nationally Determined Contribution to be communicated to the United Nations Framework Convention on Climate Change |
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Lok Sabha passes Central Universities (Amendment), Bill 2022 | |
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Cabinet approves ratification of the eleventh Additional protocol to the Constitution of the Universal Postal Union |
13. CURRENT AFFAIRS QUIZ (TAKEN FROM VARIOUS SOURCES)
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Which is the first global Big Tech Company to join the Open Network for Digital Commerce (ONDC)? |
Microsoft |
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Manisha Kalyan, who was seen in the news, is associated with which sports? |
Football |
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When is the ‘World Bio-fuel Day’ celebrated? |
August 10 |
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Which company developed the ‘2nd generation (2G) Ethanol Plant’, which was recently inaugurated? |
IOCL |
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Which Indian Armed Force launched the ‘Him Drone-a-thon’ programme? |
Indian Army |
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V Pranav, who was seen in the news, is associated with which sports? |
Chess |
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The world’s highest railway bridge is located in which Indian state/UT? |
Jammu and Kashmir |
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Who chairs the Governing Council meeting of NITI Aayog? |
Prime Minister of India |
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Which state appointed Deloitte India as its consultant? |
Uttar Pradesh |
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Who has been selected as the 14th Vice President of India? |
Jagdeep Dhankhar |
Top 7 Current Affairs:
- Indian statutory insurance and investment corporation, Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list. The nation’s biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list. This is the first outing of LIC on the list, which ranks listed companies by sales.
- India adds 10 more wetlands designated as Ramsar sites to make a total of 64 sites in the country. The 10 new sites include Six (6) sites in Tamil Nadu and One (1) each in Goa, Karnataka, Madhya Pradesh and Odisha. Designation of these sites would help in the conservation and management of wetlands and the wise use of their resources. India is one of the Contracting Parties to the Ramsar Convention, signed in Ramsar, Iran, in India signed it on 1st Feb 1982. So far 64 wetlands covering an area of 12,50,361 ha have been designated as Ramsar Sites of International Importance in India, till date.
- The Reserve Bank of India has retained its retail inflation forecast for the current fiscal year at 6.7 per cent. It has increased the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 5.40 per cent with immediate effect. RBI hiked the policy repo rate for the third time in a row. The Reserve Bank of India’s Monetary Policy Committee is headed by the Reserve Bank of India (RBI) Governor Shaktikanta The next meeting of the rate-setting panel is scheduled for September 28-30, 2022.
- Zimbabwe has launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country’s unstable currency. The unprecedented move was announced by the country’s central bank, the Reserve Bank of Zimbabwe, to boost confidence in the local currency. The coin is called ‘Mosi-oa-Tunya’ which refers to Victoria Falls in the local Tonga language. The coins will have liquid asset status so that they could be easily converted to cash and locally and internationally tradable. The cost of one coin was $1,824 at the time of launch.
5. The BSE and NSE stock exchanges have given Zee Entertainment their approval for Zee Entertainment’s proposed merger with Sony Pictures Networks India. According to a statement by Zee Entertainment Enterprises Ltd., both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have accepted the planned merger with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India).
6. Amazon India has engaged with the Railway of India to boost its delivery services in the country. Through this partnership, Amazon India will be able to transport packages on more than 110 inter-city routes, ensuring one to two-day delivery for its customer. Amazon began working with the Indian Railways in 2019. The company has increased its transportation lanes five-fold, it said.
7. CoinDCX, an Indian homegrown crypto exchange company, has announced to host ‘UNFOLD 2022′ from 26th August 2022 to 28th August 2022 in The UNFOLD 2022 is a mega event in which the developers, investors, web3 startups, and regulators will showcase their ideas and discuss how can India can leverage its Web 3 talent and become a known global leader.
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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