Weekly Corporate Compliance Calendar for February, 2022 [Period 08/02/22 to 14/02/22]

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

SEBI UPDATES:

[Sl. Particulars Link 
 1 “SEBI Order for Compliance” _ Notice of Attachment of Demat account and Mutual Fund Folio(s) under AP No. 7985 of 2022 in RC No. 4403 of 2021 against Shri Chandrakant Mehta  Click Here 
2 Public Issues – Richa Info Systems Limited – SME Issue- Prospectus Click Here 
3 Adjudication Proceedings in respect of Arun Kapoor HUF in the matter of Illiquid Stock Options at BSE Click Here 
4 Framework for conversion of Private Listed InvIT into Public InvIT Click Here 
5 Conversion of Private Unlisted InvIT into Private Listed InvIT Click Here 
6 Circular on Audit Committee of Asset Management Companies (AMCs) Click Here 
7 Vedant Fashion –Prospectus Click Here 
8 Informal Guidance sought by Sicomoro Advisors Pvt. Ltd. regarding SEBI (Investment Advisers) Regulations, 2013 Click Here 
9 Final Order against Ms. Chitra Ramkrishna and Others Click Here 
 10 Release Order – DDPL Global Infrastructure Pvt. Ltd. and Unicorn Infra Projects and Estate Pvt. Ltd. in the matter of PACL Limited [The Hon’ble Supreme Court Order 06.10.2021 India in the matter of PACL Limited]  Click Here 

2. MCA – 21 UPDATES

Sl. Particulars Link 
 1 Relaxation 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.   Click Here 
2 Companies (Accounts) Amendment Rules, 2022-reg. Click Here 
3 The Companies (Registration Offices and Fees) Amendment Rules, 2022 Click Here 
4 Provisions of second and third proviso to clause (i) of section 80 the Companies (Amendment) Act, 2017 Applicable w.e.f. 01.07.2022 Click Here 
5 Provisions of section 56 the Companies (Amendment) Act, 2020, Applicable w.e.f. 01.07.2022 Click Here 
6 MIGRATION OF FOREIGN COMPANIES TO INDIA Click Here 

3. RBI / BANKS UPDATES

Sl. Particulars Link 
1 Master Circular – Asset Reconstruction Companies Click here 
2 Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2022 Click here 
3 Transactions in Credit Default Swap (CDS) by Foreign Portfolio Investors – Operational Instructions Click here 
4 ‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt Click here 
5. Rupee Interest Rate Derivatives (Reserve Bank) Directions – Review Click here 
6. Cancellation of auction of Government of India Dated Securities Click here 
7. Reserve Bank of India imposes monetary penalty on M/s Pooram Finserv Pvt Limited, Thrissur, Kerala Click here 
8. Governor’s Statement: February 10, 2022 Click here 
9 RBI reopens allotment of investment limit under the Voluntary Retention Route for Investments by Foreign Portfolio Investors Click here 
10 Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract Click here 

4. IBC / INSOLVENCY LAW UPDATES

Sl. Particulars Link 
1 Release of publication “Frequently Asked Questions (FAQs) on Insolvency and Bankruptcy Code, 2016”. Click here 
 2 Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Click here 
3 IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022 Click here 
 4 Invitation of application for 15th Advanced Workshop for Insolvency Professionals, in Virtual Mode, on Analysis of Financial Statements of CDs and their Personal Guarantors  Click here 
5 Shri Ravi Mital takes charge as Chairperson of Insolvency and Bankruptcy Board of India Click here 
  6 In the matter of Mr. Anil Goel, Insolvency Professional (IP) under Section 220 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 and Regulation 13 of the IBBI (Inspection and Investigation) Regulations, 2017.   Click here 
7 Webinar on Engagement of Professionals during CIRP on Wednesday, 16th Feb, 2022, from 15.30 to 17.00 hrs Click here 
 8 In the matter of Mr. Mahesh Chand Agrawal, Registered Valuer (RV) under Rule 15 and 17 of the Companies (Registered Valuers & Valuation) Rules, 2017  Click here 

5. LABOUR LAW UPDATES

Sl. Particulars Link 
1 Central Sector Scheme for Rehabilitation of Bonded Labourer-2021 Click Here 
2 Transfer policy in the Ministry of Labour and Employment. Click Here 
3 Centrally Sponsored Schemes for Employment Click Here 
4 National Creche Schemes Click Here 

6. PRESS INFORMATION

Sl. Particulars Link 
1 Union Budget 2022-23 is a direction setting budget aimed at making India future ready – Shri Piyush Goyal Click here 
2 One District One Product (ODOP) mission of Centre takes a giant technology boost. Click here 
3 MAKE IN INDIA IN DEFENCE SECTOR Click here 
4 Start-Ups in North-Eastern States Click here 
5 Non-Lapsable Central Pool of Resources Scheme Click here 
6 Gross non-performing assets of scheduled commercial banks have declined Click here 
7 AtmaNirbhar North East through Sustainable Agriculture- NERCRMS – a registered society under the aegis of NEC, Ministry of DoNER. Click here 
8 Centre takes measures for comprehensive and continued development of the industry Click here 
9 15 notices sent to e-commerce entities and sellers found to be selling non- standard pressure cookers online Click here 
10 Centre allocates 8 LMT foodgrains to all States/UTs under the Atma Nirbhar Bharat Scheme (ANBS) Click here 
11 Revival of Cooperatives Click here 
 12 Shri Sarbananda Sonowal reviews Ease of Doing Business(EoDB) measures and Operational Efficiency Through Technology (OETT) of Major Ports and IWAI under PM Gati Shakti National Plan  Click here 
13 Centre of Excellence in Petrochemicals Sector Click here 
14 EASING THE PROCESS OF FILING PATENTS Click here 
15 Production Linked Incentive Scheme Click here 
16 Fit India Quiz, a step towards strengthening the Fit India Movement: Sports Secretary Click here 

7. IPO & INVESTMENT SECTION  

Issuer Company Exchange Open Close Lot Size Issue Price (Rs) Issue Size (Rs Cr) 
Vaidya Sane Ayurved Laboratories Limited IPO NSE SME Feb 10, 2022 Feb 15, 2022 1600 73 20.23 

Key Updates in Brief

  1. LIC board gives in-principle nod to public issue 

Mumbai: The board of Life Insurance Corp of India on Friday gave an in-principle approval to the insurer’s initial public offering, but sought certain clarifications and minor changes to the draft IPO document, people familiar with the deliberations said. 

Life insurance companies such as ICICI Prudential Life and HDFC Life are trading at two to four times their EV. But that does not necessarily translate into a similar valuation for LIC because of its sheer size. The 15-member board may again meet in the night or even Saturday morning if these issues are addressed to clear the draft red herring prospectus (DRHP), these people said. To read more: Click Here 

  1. Sequoia-backed Cloudnine files DRHP with SEBI, plans to raise Rs 1,200 crore via IPO 

Cloudnine, a super-specialty mother and babycare chain of hospitals has filed its draft IPO papers with capital markets regulator SEBI today. 

Cloudnine, a super-specialty mother and babycare chain of hospitals has filed its draft IPO papers with capital markets regulator SEBI today. The company is looking to raise around Rs 1,200 crore from the public issue of equity shares, news agency PTI reported. The IPO of Cloudnine will be a mix of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders of the company, the DRHP highlighted. Cloudnine is backed by marquee investors, including True North Fund V LLP, Sequoia Capital Investment, among others. 

75% of Cloudnine’s IPO is reserved for Qualified Institutional Buyers (QIB) while 15% is reserved for Non-Institutional Investors and only 10% for retail investors. For the six months ended September 30, 2021, revenue from operations grew 42.8% to Rs 371 crore against Rs 260 crore in the same period a year ago. Cloudnine’s revenue from operations grew 7.42% to Rs 554.59 crore for fiscal 2021 as compared to the previous year. JM Financial, ICICI Securities and Axis Capital are the book running lead managers to the issue. 

The draft red herring prospectus of Cloudnine’s IPO showed that the company will issue fresh equity shares of face value Rs 5 each for a total of Rs 300 crore. The offer for sale of the company will see shareholders sell a total of 1.32 crore equity shares. R Kishore Kumar, Scrips ‘N’ Scrolls India Pvt Ltd, True North Fund V LLP, Indium V (Mauritius) Holdings Ltd, and Sequoia Capital Investment are among the key shareholders selling shares in the IPO. To read more: Click Here 

  1. LIC IPO Update: Want to Apply Upcoming LIC IPO? Know What you Need to Do 

In order to participate in the LIC IPO, policyholders need to link their PAN to their LIC account, and will also have to open a demat account. 

LIC IPO: As the government works out plans to launch the LIC IPO as soon as possible, policyholders are also preparing themselves to participate in the share sale of the state-run insurance giant. The initial public offering (IPO) of the Life Insurance Corporation of India (LIC) is likely to be the largest of its kind in the country. As per a report quoting department of investment and public asset management secretary Tuhin Kanta Pandey, the draft red herring prospectus is likely to be filed by Thursday or Friday. 

In December last year, the insurance giant had urged policyholders to link their PAN with LIC to participate in the LIC and also open demat accounts. “In order to participate in any such public offering, policyholders will need to ensure that their PAN details are updated in the corporation’s records,” it said in an advertisement following the announcement of LIC IPO. The LIC IPO participants will also need to ensure that they have a valid demat account. “You would incur costs towards opening of a demat account and or PAN issuance and maintaining the demat account or other ancillary costs.”. 

How to Link PAN-LIC for LIC IPO 

  • Select the Online PAN Registration option from the home page and then click on Proceed 
  • Provide your details, including PAN, LIC policy number, mobile number and email address. You need to be careful during this step and provide all the details correctly 
  • Fill in Captcha in the designated box 
  • Request an OTP from your registered mobile number 
  • Enter the OTP into the portal and then submit it 

You are now eligible to participate in the LIC IPO. To read more: Click Here 

  1. TVS Supply Chain plans IPO to raise up to Rs 5,000 crore 

: TVS Supply Chain Solutions, a part of Chennai-based conglomerate TVS group, is filing its draft red herring prospectus for the initial public offering this week to raise around ₹5,000 crore, bankers told ET. 

The IPO consists of a fresh issue of ₹2,000 crore and an offer for sale (OFS) of up to ₹3,000 crore, said bankers. Promoters and private equity players will sell part of their stake in the OFS. Tata Opportunities Fund, Mitsubishi Corporation, Gateway Partners, and Exor are some of the investors in the company. 

TVS Supply Chain Solutions becomes the third logistics sector company to enter the primary market this year. In November 2021, Delhivery had filed its DRHP with the market watchdog for its ₹7,460 crore IPO. It received a regulatory nod in January. The company’s revenue has grown at 36% CAGR since its inception in 2004 to over $ 1 billion in FY21, while its operating profits have risen 37% CAGR for the last 15 years. To read more: Click Here 

8. IRDAI – INSURANCE UPDATES

Sl. Particulars Link 
1 New Business Statement of Life Insurers for the Period ended 31.01.2022 Click here 
2 HANDBOOK ON INDIAN INSURANCE STATISTICS F.Y. 2020 – 21 Click here 
3 New Business Data as at 31.01.2022 (Line of Business wise) Click Here 
4 List of Valid Insurance Brokers as on 8th Feb 2022 Click Here 
5 Discussions ongoing with IRDAI over license: Paytm Click Here 
Sl. Particulars Link 
 1 5G network is in its final stages of development, says Telecom Minister Shri Ashwini Vaishnaw at “India Telecom 2022” Click here 
2 Ministry of I&B Order on Revocation of Uplink and Downlink Permission to Media One Channel Upheld by Kerala High Court Click here 
3 Government take steps to facilitate wider proliferation and innovation in Machine to Machine communication (M2M) sector Click here 
4 #DigitalSansad App – Designed to provide a one-stop destination for viewing all information related to the daily business of the #LokSabha. Click here 
5 Issues guidelines for registration of M2MSP Service Providers & WPAN/WLAN Connectivity Providers Click here 

10. MSME / SME UPDATES

Sl. Particulars Link 
1 Women MSMEs Entrepreneurs Click here 
2 MSMES CLUSTERS DEVELOPMENT PROGRAMME Click here 
3 Assistance to MSMEs sector Click here 
4 Achievements of NSIC Click here 
5 SUPPORT TO SMALL BUSINESSES Click here 
6 IMPACT OF COVID-19 ON SMALL BUSINESSES Click here 

11. COMPETITION COMMISSION OF INDIA

Sl. Particulars Link 
1 CCI approves acquisition of athenahealth Group, Inc. by funds managed and advised by H&F, Bain, and GICSI Click here 
2 CCI Imposes Hefty Penalty On 6 Tyre Manufacturers For Cartelization Click here 
3 CCI so far not found any contravention by e-tailers on predatory pricing: MoS Som Parkash Click here 
4 India: Did Amazon Jump The Gun In India? -CCI Suspends Clearance For Amazon-Future Deal, Imposes ₹200 Plus 2 Crore Penalty On Amazon Click here 

12. CABINET DECISIONS / NEW ACTS

Sl. Particulars Link 
1 Invitation for public comments on Draft International Financial Services Centres Authority (Fund Management) Regulations, 2022 Click here 
2 Status of SVAMITVA Scheme Click here 
3 Government of India sets policy for Electric Vehicle charging stations Click here 
4 Union Minister for Social Justice & Empowerment Dr. Virendra Kumar to launch “SMILE” scheme on 12th February Click here 
Sl. Questions Answers 
1 Australia has recently designated which species as ‘Endangered’? Koala 
2 Which country is the host of One Summit, which was seen in the news recently? France 
3 Belarus is bordered by which Sea? No Sea Border 
4 Kameng sector, where seven army personnel died in an avalanche, is located in which state/UT? Arunachal Pradesh 
5 Which country’s central bank has launched ‘Five-year plan for financial standardisation’? China 
6 Which film has received maximum nominations at the 94th Academy Awards? The Power of the Dog 
7 Who has been granted the last opportunity to defend himself by the Supreme Court of India? Vinay Mallya 
8 India’s first Biomass-based hydrogen plant will be built in which state? Madhya Pradesh 
9 How many Tiger deaths were reported in 2021? 127 
10 Which country leads the ‘Giant Magellan Telescope (GMT)’ project? USA 

Top 7 Current Affairs:

  1. The African Union Summit 2022 recently began in the AU Headquarters Addis Ababa, Ethiopia. The summit was held amidst a range of military coups and the coronavirus pandemic in the continent. 
  1. Indian Footwear and Leather Development Programme (IFLDP) has been approved for continuation from 2021-22 with an outlay of ₹1,700 crore, as per the Ministry of Commerce. 
  1. RBI Governor Shaktikanta Das said on February 10, 2022 that cryptocurrency is a very big threat to the country’s macroeconomic and financial stability. He said that cryptocurrency or currency which have currency like character will undermine the RBI ability to deal with issues of financial stability. He further shared that the RBI digital rupee will be launched in 2022-23 but did not give any timeline for the launch.

  1. India’s first commercial biomass-based hydrogen plant will be built in Khandwa district of Madhya Pradesh. The biomass-based hydrogen plant is expected to produce a tonne of hydrogen every day. It is also expected to produce biochar and methane. It will be constructed with an investment of Rs 24 crore. 
  1. India’s first commercial biomass-based hydrogen plant will be built in Khandwa district of Madhya Pradesh. The biomass-based hydrogen plant is expected to produce a tonne of hydrogen every day. It is also expected to produce biochar and methane. It will be constructed with an investment of Rs 24 crore. 
  1. Sariska Tiger Reserve is located in Rajasthan’s Alwar district. Several measures for habitat management for tigers were launched about six months ago at the Reserve. As a result, the tiger population in the wildlife sanctuary has gone up to 25. Grassland habitats were developed in dry patches of land, which will help animals feed and breed, thus enhancing the tiger’s feed. The forest administration created new water sources at 10 diverse habitats within the forest. 
  1. ‘World Interfaith Harmony Week’ is an annual event observed during the first week of February, after General Assembly designation in 2010. The General Assembly established World Interfaith Harmony Week as a way to promote harmony between all people regardless of their faith. This year, the slogan for the observance is ‘Interfaith Pandemic Recovery’. 

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.