WEEKLY CORPORATE AFFAIRS
WEEKLY CORPORATE AFFAIRS

WEEKLY CORPORATE AFFAIRS- FROM 30.07.2023 TO 07.08.2023 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
  1Validity period of approval granted by SEBI to Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs) for overseas investment  Click Here
2Corrigendum cum Amendment to Circular dated July 31, 2023 on Online Resolution of Disputes in the Indian Securities Market  Click Here
3Master Circular for Commodity Derivatives SegmentClick Here
  4Adjudication Order in respect of Late Gulab Devi in the matter of dealings in Illiquid Stock Options at BSE  Click Here
  5Offer for Sale framework for sale of units of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs)  Click Here
6Buyback – Control Print LimitedClick Here
7Audit of firm-level performance data of Portfolio ManagersClick Here
8Trading Preferences by Clients – Applicability for commodity derivativesClick Here
9Consultation Paper on collating and defining use cases of Financial Information Users in the Account Aggregator Framework in Securities MarketsClick Here
10Master Circular for Alternative Investment Funds (AIFs)Click Here
11Online Resolution of Disputes in the Indian Securities MarketClick Here
12Informal Guidance request received from Gujarat Gas Limited on applicability of regulation 44(5) read with regulation 3(2) of the SEBI (LODR) Regulations, 2015Click Here
13Notice to Equity Shareholders of the Company pursuant to the order of the Hon’ble National Company Law Tribunal, KolkataClick Here
14Notice to Equity Shareholders of the Company pursuant to the order of the Hon’ble National Company Law Tribunal, KolkataClick Here
15SEBI at an early stage of considering simplification of the process of on-boarding of clients by adoption of risk based approachClick Here
16 Click Here

2. MCA – 21 Updates

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  1Companies (Incorporation) second amendment, 2023Click Here
2In our continuous endeavour to serve you better, the Ministry of Corporate Affairs is launching Refund form on V3 portal effective on 04th August 2023. Refund form on V2 portal will continue for availing refund for forms filed in V2.  Click Here
3Stakeholders are informed that Beta Version of View Public Documents [VPD] service in V3 shall be launched on 16th August 2023 for V3 documents (only for Testing purposes between 7:00 pm to 10:00 pm daily). Existing V2 VPD Service shall remain available for the stakeholders.Click Here
4Approval for incorporation of 82,628 companies and LLPs has been given during April- July 2023 compared to 73,875 during April- July 2022.Click Here
    4Total 18,61,272 forms have been filed on V3 portal since 1st April 2023.More than 1.2 lac forms have been filed on V3 portal in last 4 days since 25th Jul 2023.Portal Performance and PDF generation time has been significantly improved.    Click Here

3.  RBI / Banks Updates

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1RBI-Digital Payments Index for March 2023Click Here
2Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on August 05, 2023 (Series I of SGB 2016-17)                                          Click here
3Reserve Bank of India – Bulletin Weekly Statistical Supplement – ExtractClick here
4Sectoral Deployment of Bank Credit – June 2023    Click here
5Lending and Deposit Rates of Scheduled Commercial Banks – July 2023   Click here
6Withdrawal of ₹2000 Denomination Banknotes – Status     Click here
7Survey of Foreign Liabilities and Assets of Mutual Fund Companies – 2022-23Click here
8Reserve Bank of India – Bulletin Weekly Statistical Supplement – ExtractClick here

4. IBC / Insolvency Law updates

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  1Approval of Resolution Plan – Rathi Graphic Technologies Limited [IA No.31-2021 in C.P. (IB)-325-ALD-2019]  Click here
2Approval of Resolution Plan – Safeco Hygiene Films Pvt. Ltd. [IA No. 683 of 2023 in C.P.(IB) No. 96 (AHM) 2021]Click here
3Approval of Resolution Plan – Abloom Infotech Pvt. Ltd. [I.A. 1514 & 2824-ND-2023 in C.P. No. IB-2115-ND-2019]Click here
4In the matter of Mr. Sutanu Sinha, IPClick here
5Approval of Resolution Plan – Sampark Land Developers Private Limited [IA (IB) No. 984-KB-2022 in CP (IB) No. 887-KB-2020]Click here
6Approval of Resolution Plan – Suryodaya Realtors Private Limited [IA (IB) No. 1018-KB-2022 in CP (IB) No. 889-KB-2020]Click here
7Approval of Resolution Plan – Forge India Private Limited [IA No.1455 of 2022 in CP(IB) No.588-Chd-HP-2019]Click here
8Approval of Resolution Plan – Steelco Gujarat Limited [IA No.-763-(AHM)-2022 in CP (IB)-342-(AHM)-2020]Click here
9Approval of Resolution Plan – Sewa Steels Private Limited [IA(IBC) No. 215-JPR-2023 in CP No. (IB)- 02-9-JPR-2022]Click here

5. Labour law updates

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1EPFO: With PF interest rates stuck since April 2020; can you still make a lot of money through it?Click here
  2What to do if your employer does not deposit EPF contributions in your accountClick here
  3When will EPF interest for FY 2022-23 be credited, how to check EPF account balanceClick here
4Data | The contours of India’s ‘formal jobs’ crisisClick here
5EPFO interest rate credit news: Govt approves 8.15% rate for Provident Fund (PF) deposits for 2022-23Click here

6. Key Press information

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1DPIIT notifies Quality Control Orders for ‘Smart Meters’ and ‘Welding Rods and Electrodes’Click here
2Fresh guidelines for tyre manufacturers by Ministry of Commerce and IndustryClick here
3Free legal aid and  advice through Nyaya Bandhu programClick here
4E-GOVERNANCE SYSTEMClick here
5IMPLEMENTATION OF PM-YASASVI SCHEMEClick here
6Consumer Protection Act, 2019 to strengthen provisions for consumer protectionClick here
7Withdrawal from Sahara-SEBI fund to repay the investorsClick here
8Digital India initiative of Government has revolutionized education access in rural areasClick here
9SVAMITVA SchemeClick here
  10Aadhaar Base Payment System in Mahatma Gandhi National Rural Employment Guarantee Scheme  Click here

7. IPO & investment Section

Issuer CompanyOpen DateClose DateIssue Price (Rs)Issue Size (Rs Cr.)Lot SizeExchange
Tata Technologies Limited IPOBSE, NSE
EbixCash Limited IPO6000.00BSE, NSE
Balaji Speciality Chemicals Limited IPOAug 18, 2023Aug 22, 2023BSE, NSE
TVS Supply Chain Solutions Limited IPOAug 10, 2023Aug 14, 2023BSE, NSE
Srivari Spices and Foods Limited IPOAug 07, 2023Aug 09, 202340.00 to 42.008.57 to 9.003,000NSE SME
Yudiz Solutions Limited IPOAug 04, 2023Aug 08, 2023162.00 to 165.0044.84800NSE SME
Concord Biotech Limited IPOAug 04, 2023Aug 08, 2023705.00 to 741.001551.0020BSE, NSE
Sangani Hospitals Limited IPOAug 04, 2023Aug 08, 202337.00 to 40.0014.03 to 15.173,000NSE SME
SBFC Finance Limited IPOAug 03, 2023Aug 07, 202357.001025.00260BSE, NSE

(Source: Chittorgarh.com)

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

1. 7 things investors should keep in mind before betting on IPOs

As the Indian economy progresses with opportunities that are actively elevating the GDP, the IPO market is also buzzing with high-value IPOs, both in the mainboard and the SME space. India’s rising purchase power has resulted in consistent growth in investment from retail investors and institutional investors alike. Guided by SEBI, the increased awareness and investor-centric environment have enabled a transparent transaction eco-system that is helping investors in making informed decisions. However, there are several nuances that investors have to keep in mind before investing, these are the most common mistakes that can potentially become a trap and hinder the financial success of the investors, led by a fear of missing out mentality approach.

Mistakes that can hurt IPO investors:

  1. FOMO and greed: Avoid the fear of losing out and the greed of multiplying money in a matter of hours or days. People purchase stocks on the advice of their friends or next-door neighbors. On the other hand, before making an investment, investors must comprehend the fundamental business model, valuation, and growth prospects. Understanding the objective of the funds that a company is generating through an IPO is particularly crucial because, in general, funds utilized for business expansion yield higher returns than money used to pay off debt. Before investing in an IPO, being skeptical is usually helpful because it is preferable to proceed cautiously than regret. Due to the complexity of the process and the need for meticulous preparation and execution, mistakes made during the IPO could have a detrimental impact on the firm. A realistic expectation and preparation are essential for an IPO.
  • Becoming A Sheep: Fear of missing out has a major impact on investors, one that can be a trap and prevent their financial success. An IPO should be thoroughly evaluated and taken into account in light of the long-term objectives, not only because of the market frenzy around it. The key to picking a solid IPO is to conduct thorough research. Analyzing the business strategy, products, services, and customers, industry rivalry, financial health, promoter history, and management backgrounds, and risk factors are crucial considerations while conducting in-depth and effective research.

The majority of ordinary investors lack the time and expertise necessary to do such in-depth research. Therefore, a low-cost index fund with little tracking error is the ideal option to access stock investments.

  • Valuation: Investors frequently disregard the company’s valuations although it is a crucial quantitative parameter. Failing to investigate the company’s financials, competitive environment, and growth prospects might result in investing in overpriced or fundamentally poor IPOs. For early investors of the company, IPOs are generally an exit point when start-ups launch IPOs. Thus, it is important to understand the financials or the investor might overpay for an IPO leading to unfavorable outcomes with huge losses.
  • Grey is Not Green: Relying on the sentiments of the grey market is not a wise choice as the information disclosed in the grey market is unofficial, based on unauthentic sources. Thus, making an investment decision based on grey market sentiment can lead to an expensive mistake, one that could lead to significant financial losses.
  • To read more: Click Here
  • India Shelter Finance, BLS E-Services file IPO papers with Sebi

Gurugram-headquartered India Shelter Finance Corporation and Delhi-based BLS E-Services filed draft papers with the market regulator Securities and Exchange Board of India (Sebi) for their initial public offers (IPOs).

India Shelter Finance looks to raise Rs 1,800 crore via its IPO. The public offer comprises a fresh equity issue worth Rs 1,000 crore and an offer for sale (OFS) of Rs 800 crore.

Catalyst Trusteeship Limited, Madison India Opportunities IV, MIO Starrock, Nexus Ventures III and Nexus Opportunity Fund II will offload their holdings.

The erstwhile Satyaprakash Housing Finance India (SHFIL) company was granted the certificate of registration in 1998. It was taken over by a group of professionals and a fresh certificate of registration was granted by National Housing Bank in 2010. The company offers home loans of up to Rs 50 lakhs to urban households for construction, extension, renovation and purchase of new homes.

The company has appointed ICICI Securities Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited and Ambit Private Limited as Book Running Lead Managers (BRLMs).

The net proceeds from the issue of fresh equity shares will go towards meeting future capital requirements and general corporate purposes.

Meanwhile, BLS E-Services Fresh in its draft red herring prospectus (DRHP) did not disclose the IPO size although the issue will comprise a fresh issue of 24,130,000 shares.

8. irdai – insurance updates

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1Date for accepting applications under PLI scheme 2.0 for IT Hardware extended till August 30, 2023Click Here
2IRDAI allows insurers’ holdings in erstwhile HDFC’s bonds to be classified as is till maturityClick here
3RBI, HDFC still in talks on infra tag for bonds; insurers seek IRDAI reliefClick here
4Jio Financial Services may soon apply for insurance licence, says report  Click here

9. Department of Telecommunications (dot)

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1N Vittal gave momentum to IT, telecom and fought against corruptionClick here
2Telcos don’t need DoT nod to shift wireless equipmentClick here
3Government explores live TV on phones without mobile-data: ReportClick here
  4Telecom major Airtel clears Rs 8000crore dues in advance to Department of TelecommunicationsClick here

10. msme / SME updates

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1Green Technology in MSMEsClick here
2Udyam Registration PortalClick here
3SUPPORT FOR MICRO ENTERPRISESClick here
4POTENTIAL TECHNOLOGICAL ADVANCEMENTS BY MSMEsClick here
5MSME CARDClick here

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11. Competition Commission of India (CCI)      

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1Air India chief holds talks with Competition Commission of India over Vistara mergerClick here
  2Subway Charging Royalty And Advertising Expenses Does Not Amounts To Profiteering: CCIClick here
  3App Billing Policy: HC dismisses 14 of 16 petitions against GoogleClick here
4Competition Comm approves Toshiba Corporation-TBJH deal  Click here

12. Cabinet Decisions / New Acts

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  1‘Speak Up! Portal’ to report any drug abuse or Doping activities in sports also launched  Click here
  2Government introduces a new category of Ayush visa for foreign nationals seeking treatment under Indian systems of medicineClick here
3Government launches a one-time settlement Scheme Vivad se Vishwas – II (Contractual Disputes) to effectively settle pending contractual disputes, as announced in the Union Budget 2023-24  Click here
4Recommendations of 51st GST Council MeetingClick here
5Parliament Passes Mines and Minerals (Development & Regulation) Amendment Bill, 2023Click here
6Parliament passes the Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023Click here

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13. Current Affairs Quiz (taken from various sources) 

Sl.Questions  Answers  
1Phangnon Konyak, who was seen in the news, is a Member of Parliament from which state/UT?Nagaland
2Which river serves as the predominant border between the United States and Mexico?Rio Grande River
3Mhadei Wildlife Sanctuary is located in which state/UT?Goa
4Which is the first African country to initiate a debt-for-nature swap?Gabon
5X-59, also known as the ‘Son of Concorde, is an experimental supersonic aircraft of which country?USA
6Khongsang railway station, which was seen in the news, is located in which state?Manipur
7What is the new logo of Twitter after replacing the iconic bird logo?Alphabet ‘X’
8Muhammad Yunus, the Nobel laureate who was seen in the news, is from which country?Bangladesh
9Dr Thani Al Zeyoudi, the chair of World Trade Organisation’s 13th Ministerial Conference, is from which country?UAE
10Karman Kaur Thandi is associated with which sports?Tennis

                                                                                                                                                                                                                                                                                          Source: gktoday.in

  1. Recently, the University Grants Commission (UGC) approved the Guidelines for Institutional Development Plan (IDP) for Higher Education Institutions (HEIs). These guidelines are intended to assist HEIs in attaining academic and research excellence while enhancing the quality of teaching and learning.
  2. West Bengal, which is home to about 40% of mangrove forests in India, announced the setting up of a ‘Mangrove Cell’ in the State, on the occasion of the International Day for the Conservation of the Mangrove Ecosystem. This platform will bring continuity to the efforts of State government in mangrove management.
  3. The government has said that integration of child helpline with Emergency Response Support System, ERSS -112 has been completed in nine States in the first phase. These States are Andhra Pradesh, Arunachal Pradesh, Bihar, Dadra, and Nagar Haveli and Daman and Diu, Goa, Gujarat, Ladakh, Puducherry, and Mizoram.
  4. SpaceX is preparing to launch the world’s largest privately-owned satellite, called JUPITER-3. This impressive satellite will be sent into space aboard SpaceX’s Falcon Heavy rocket from Launch Complex 39A in Florida.
  5. The Jan Vishwas (Amendment of Provisions) Bill, 2023 was passed recently by the Lok Sabha. It aims to boost ease of doing business and living in India. It aims to redefine regulations in the country by decriminalizing minor offenses under 42 Acts, thereby reducing compliance.
  6. The single-seater motorsport championship for electric cars is called as ‘Formula E’. Jake Dennis became the first British driver to win the all-electric Formula E world championship when he finished second for Avalanche Andretti in the London E-prix.
  7. The Ministry of Commerce and Industry has set up a working group to decriminalise laws to further promote ease of doing business. The group comprised representatives from industry associations, business chambers, legal professionals, and officials of seven ministries. It would also have representatives of the National Housing Bank, NABARD and CPCB.

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.

He has contributed in ICAI, ICSI and MCCI and other various Newsletters. He is also a speaker at various platforms including seminars / webinars.