Weekly Corporate Affairs From 13/07/22 to 19/07/22 (SEBI, MCA, RBI, IBC, IPO, MSME UPDATES)

Newsletter Contents:

  • SEBI Updates
  • MCA Updates
  • RBI Updates
  • IBC Updates
  • Labour Law Updates
  • Press Information
  • IPO & Investment Updates
  • IRDAI Updates
  • Department of Telecommunication
  • MSME Updates
  • Competition Commission of India
  • Current Affairs- FAQ,s

1. SEBI UPDATES:

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Particulars

Link

1

In the matter of Deepak Nitrite Limited under SEBI (Prohibition of Insider Trading) Regulations, 2015

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2

SEBI files FIR for Cyber Security Incident

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3

Email accounts of 11 Sebi officials hacked, FIR registered: Police

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4

Sebi files FIR in cyber security incident; no sensitive data lost

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5

Sebi now making surprise visits to private equity and hedge funds

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6

MFs join NFO bandwagon as SEBI lifts curbs

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2. MCA – 21 UPDATES

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Particulars

Link

 

 

 

 

 

 

 

 

1

·         In our continuous endeavour to serve you better, the Ministry of Corporate Affairs is launching first set of Company Forms on MCA21 V3 portal. These forms will be launched on 31st Aug 2022 at 12:00 AM.

 

·         Following forms will be rolled-out in this phase: DIR3-KYC Web, DIR3-KYC Eform, DPT-3, DPT-4, CHG-1, CHG-4, CHG-6, CHG-8 & CHG-9.

 

·         To facilitate implementation of these forms in V3 MCA21 portal, stakeholders are advised to note the following points:

(1).Company e-Filings on V2 portal will be disabled from 15th Aug 2022 12:00 AM for the above 9 forms. All stakeholders are advised to ensure that there are no SRNs in pending payment and Resubmission status.

(2).Offline payments for the above 9 forms in V2 using Pay later option would be stopped from 07th Aug 2022 12:00 AM. You are requested to make payments for these forms in V2 through online mode (Credit/Debit Card and Net Banking).

 

 

 

 

 

 

 

 

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2

Stakeholders please note that issue of COI is a fully automated process. For any help or assistance on COI or any other e-forms, please reach out either to helpdesk or write to MCA. Beware of any third person making a call for extending any help.

 

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3

400 CAs, company secretaries under lens for allegedly incorporating Chinese shell companies.

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4

MCA reworks rules for winding up businesses

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3. RBI / BANKS UPDATES

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Particulars

Link

1

UNSCR 1718 Sanctions Committee on DPRK amends one Entry on its Sanctions List

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2

International Trade Settlement in Indian Rupees (INR)

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3

RBI imposes Monetary Penalty on Ola Financial Services Private Limited

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4

RBI releases data on ECB/FCCB/RDB for May 2022

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5.

Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract

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6.

Reserve Bank of India and Bank Indonesia Agree to Expand Cooperation in

Payment Systems, Digital Financial Innovation, and Anti Money Laundering and Combating the Financing of Terrorism (AML-CFT)

 

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7.

RBI Bulletin – July 2022

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4. IBC / INSOLVENCY LAW UPDATES

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Particulars

Link

1

In the matter of Mr. Dilip Kumar Niranjan, Insolvency Professional

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2

In the matter of Mr. Mahender Kumar Khandelwal, Insolvency Professional

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3

Summary: Judgment dated 12th July, 2022 of the Hon’ble SC in the matter Vidarbha Industries Power Limited Vs. Axis Bank Limited [Civil appeal No. 4633 of 2021]

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4

Invitation for One Day Workshop on “Committee of Creditors: An Institution of Public Faith”

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5. LABOUR LAW UPDATES

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Particulars

Link

1

Basic pay, wages: Govt open to relook labour code proposals

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2

New labour laws: Rule change for final settlement of wages gets delayed

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3

Almost all states prepared draft rules on labour codes; implementation at an appropriate time: Bhupender Yadav

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4

Employee’s Termination Without Departmental Inquiry Based On Incomplete

& Non-Specific Show Cause Notice Violative Of S.25G Of ID Act: Gujarat HC

 

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5

Why should you check your EPF contribution after salary hike

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6. PRESS INFORMATION

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Particulars

Link

1

India’s Public Service Broadcaster Launches New Logo

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2

NCW launches a series of awareness programmes on NRI marriages in Punjab

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3

NITI Aayog Welcomes Parameswaran Iyer as Its CEO

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4

Government formulates strategy to promote NER as agri export hub

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5

Paper Import Monitoring System (PIMS) to come into effect from 1st October, 2022; Online registration facility to be available from 15th July 2022

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6

CCPA issues Advisory to e-commerce platforms on sale of Ayurvedic, Siddha and Unani drugs

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7

Department of Consumer Affairs sets up committee to develop comprehensive framework on the Right to Repair

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8

Simplified regulatory framework for e-commerce exports of jewellery through courier mode

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9

Department of  Consumer Affairs launches ‘Jagriti’, a mascot to empower

consumers and generate awareness towards consumer rights

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   7. IPO & INVESTMENT SECTION  

Issuer Company

 

Exchange

Open

Close

Lot Size

Issue Price (Rs)

Issue Size (Rs Cr)

Agni Green Power

Limited IPO

NSE SME

Jul 20, 2022

Jul 22,

2022

10000

10

5.25

Healthy Life Agritec Limited IPO

BSE SME

Jul 13, 2022

Jul 18,

2022

10000

10

10.00

  • Key Updates in Brief {Source- ET, BS }

(Source: Chittorgarh.com)

1. India’s startup story intact, tech innovation vibrant, relevant: HCL Tech CEO C Vijayakumar

India’s startup story is “intact” and its tech innovation fundamentals remain vibrant and relevant in spite of fluctuating valuations in the startup space, according to HCL Technologies Chief Executive Officer C Vijayakumar.

The comment by the Indian IT major HCL Technologies’ top honcho comes at a time when investments and venture capital deal volumes in the startup space have started to taper, as investors turn wary of committing large cheques amid uncertain market conditions.

After a dream run and heady valuations in past years, the wave of venture capital chasing the Indian startup ecosystem (the third largest startup ecosystem in the world) appears to be dwindling somewhat. Spooked by concerns over profitability, cash burn, and corporate governance issues, investors are raising their guard, while stock market corrections have taken the sheen off newly-listed startups.

  • To read more: Click Here
  • 2. Omega Seiki plans to come out with IPO worth up to USD 250 million

Electric vehicle maker Omega Seiki Mobility plans to come out with an IPO worth USD 200- 250 million by the first quarter of the next fiscal, according to its Chairman Uday Narang. Narang, who is also the company’s founder, said that initially, the plan was to come out with

the Initial Public Offering (IPO) by March 2023 but now it has been delayed by a few months.

The company, part of the Anglian Omega Group, manufactures cargo and passenger electric three-wheelers and small commercial vehicle M1KA. Besides, it is in the process of launching an electric two-wheeler as well as trucks in the higher range.

He also said that the IPO size is expected to be USD 200-250-million and merchant bankers have been roped in with respect to the proposed offer. At current exchange rate, it will amount to Rs 1,580 crore to Rs 1,975 crore.

Omega Seiki is getting ready for the global play with all backward integration such as charging infra, battery management system, Powertrain and motor manufacturing. The company claims its three-wheelers order book stands at over 50,000 vehicles.

Recently, the company also opened an integrated manufacturing facility in Chakan in Pune with an annual capacity of 6,000 vehicles per annum. The capacity at the plant, which is the fourth for the company, is planned to be scaled up to 30,000 EVs per annum.

 3.Sula Vineyards files DRHP with Sebi for IPO

Wine producer and seller Sula Vineyards has filed its draft red herring prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). The issue with a face value of Rs 2 per equity share is a complete offer for sale (OFS) aggregating to 25,546,186 equity shares.

The Mumbai-based winemaker is one of the fastest-growing alcoholic beverage companies as of March 31, 2021. It has grown at a compound annual growth rate of 13.7 per cent between the financial year 2011 and 2021, according to a Technopak report, the note in the DRHP mentioned.

Sula Vineyards is the category leader in the Indian wine industry in terms of sales volume and value since fiscal 2009. It set up its first vineyard in 1996, and in the year 2000 introduced wines such as Sauvignon Blanc, Chenin Blanc and Riesling.

8. IRDAI – INSURANCE UPDATES

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Particulars

Link

1

Constitution of Task force to study and make recommendations on issues faced by Life Insurers and Reinsurers

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2

Use and File Procedure for Retail Products for Agriculture & Allied Activities

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3

Ease of filing insurance products for Agriculture and allied activities

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4

Repealing of circulars

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  1. DEPARTMENT OF TELECOMMUNICATIONS (DOT)
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Particulars

Link

1

India closes a telecom loophole to keep Chinese vendors away

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2

DoT to soon okay equity conversion of Vodafone-Idea

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3

5G: India keeps Chinese firms away from telecom equipment market

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4

Adani group to begin telecom journey with Gujarat circle

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5

Adani gets LoI for 5G services in Gujarat; final list of bidders on July 20

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10. MSME / SME UPDATES

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Particulars

Link

1

Govt calls for ‘update’ as it marks MSME Day

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2

Updated Handbook for MSMEs launched in J&K

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3

MSMEs not to be affected by recession: Government

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4

How data insights can help MSMEs grow their business

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5

Walmart and Flipkart to digitise MSMEs in Jammu and Kashmir in

collaboration with its trade body

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            11. COMPETITION COMMISSION OF INDIA (CCI)

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Particulars

Link

1

CCI approves acquisition of Solenergi Power Private Limited by Shell

Overseas Investments B.V.’s from Actis Solenergi Limited

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2

CCI approves acquisition by Shrem InvIT of equity in ten road infrastructure projects from Dilip Buildcon Limited (DBL) and its associates

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3

CCI approves increase in proportion of voting rights held by CPPIB in ReNew Energy Global

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4

CCI approves proposed combination involving indirect subscription of over 30% of total number of issued shares of CitiusTech by Bain Capital and Bain Credit

 

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5

CCI approves acquisition of Ageas Federal Life Insurance Company Limited by Ageas Insurance International NV

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12. CABINET DECISIONS / NEW ACTS

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Particulars

Link

1

Consultation on Public Private Partnership in Digital Agriculture

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2

Cabinet approves Taranga Hill-Ambaji-Abu Road new rail line to provide connectivity and improve mobility

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3

Centre amends the Legal Metrology (Packaged Commodities) Rules 2011 for ease of doing business and reducing the compliance burden for the electronic industries

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4

Tele-Law service is being made free of cost for citizens from this year- Shri Kiren Rijiju

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13.CURRENT AFFAIRS QUIZ (TAKEN FROM VARIOUS SOURCES)

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Questions

Answers

1

Which Union Ministry implements the ‘Mission Shakti’ scheme’?

Ministry of Women & Child Development

2

India reported its first monkey-pox case in which state/UT?

Kerala

3

What is the rate of inflation based on All-India Wholesale Price Index (WPI) in June 2022?

15.18 %

4

Rebate of State and Central Taxes and Levies (RoSCTL) Scheme is associated with which Union Ministry?

Ministry of Commerce & Industry

5

Which Indian state is included in the ‘World’s 50 Greatest Places of 2022’ by Time Magazine?

Rs 2516 Crore

6

Which institution releases the ‘Global Gender Gap Report’?

World Economic Forum

7

In which city, Ministry of Culture hosted the ‘Dhammacakka Day 2022 celebration’?

Sarnath

8

What is the rate of retail inflation recorded in India in June 2022?

7.01 per cent

9

Which institution releases the Index of Industrial Production (IIP) output data?

National Statistical Office (NSO)

10

Which is the venue of the ‘National Conference of State Agriculture & Horticulture Ministers’?

Bengaluru

  • Top 5 Current Affairs:
  1. Geo-Portal for NCR known as ‘PARIMAN’ was launched on 31.08.2021 in the 40th meeting of the Board by Shri Hardeep Singh Puri, Chairman, NCRPB and Union Minister for Housing & Urban Affairs. For the purpose of effective utilization of remote sensing and GIS technology, a web geo-portal has been developed by National Informatics Centre (NIC), initially for use by the National Capital Region (NCR) participating states and the office of the National Capital Region Planning Board (NCRPB).
  2. With the help of the ISRO System for Safe and Sustainable Space Operation and Management (IS4OM), India has increased its ability to protect its space assets on its Mr. S Somanath, Secretary of the Department of Space and Chairman of the Indian Space Research Organization, are slated to officially launch the IS4OM in the presence of Dr. Jitendra Singh, Minister of Science and Technology, Earth Sciences.
  3. The Unique Identification Authority of India (UIDAI) has launched a face authentication feature through a new mobile app called “AadhaarFaceRd”. For

authentication, Aadhaar card holders no longer need to physically visit an enrollment centre for iris and fingerprint scans. The UIDAI has started using face authentication as a method of confirming an Aadhaar holder’s identity. Once your facial authentication is successful, it verifies your identity.

  1. The e-FIR service and the Uttarakhand police app were introduced by chief minister Pushkar Singh Dhami. The State police’s five online services are all integrated into the police app. Dhami, who spoke at the event, asserted that the app will provide better services to the
  2. External Affairs Minister Jaishankar launched ‘Connecting through Culture’, an anthology of essays on various aspects of India’s soft power strengths, at Sushma Swaraj Bhavan in New Delhi, India. The Minister described the book as the “good cop” in diplomacy and said that it can be used to encourage others to work with India because “it creates a comfort about India.
  3. The United Nations released the twenty-seventh edition of the official population estimates and projections titled ‘World Population Prospects 2022’ on World Population Day, July 11, 2022. As per the publication, India is projected to surpass China as the world’s most populous country in 2023. The global population is projected to reach eight billion by November 15, 2022, could grow to around 8.5 billion in 2030 and 9.7 billion in
  4. US President Biden unveiled an image taken by the James Webb Space Telescope. It is the oldest documented light in the history of the universe from 13 billion years

The image is called by the name of SMACS 0723. It is a patch of sky visible from the Southern Hemisphere on Earth and visited by Hubble and other telescopes in search of the past.                                                                                                        

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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