WEEKLY CORPORATE Update
Newsletter Contents:
- SEBI Updates: Guidelines for returning of draft offer document, Consultation Paper on framework for providing flexibility to FPIs, Consultation Paper on Relaxation in Timelines for Disclosure of Material Changes by Foreign Portfolio Investors, Revised Pricing Methodology for Institutional Placements of Privately Placed Infrastructure Investment Trust, Orders regarding trading based on stock recommendations by Guest Experts on Zee Business Channel.
- MCA – 21 Updates: Relaxation of additional fees and extension of last date of filing of certain forms, Ministry of Corporate Affairs notice to BharatPe, Digital competition law committee asked to consider MCA’s draft bill.
- RBI / Banks Updates: Participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX), Review of Fixed Remuneration granted to Non-Executive Directors, Statement on Developmental and Regulatory Policies, Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract, Premature redemption under Sovereign Gold Bond (SGB) Scheme, Monetary Policy Statement, 2023-24 Resolution of the Monetary Policy Committee (MPC) February 6 to 8, 2024.
- IBC / Insolvency Law updates
- Labour law updates: New Labour Codes, EPFO fixes Employees’ Provident Fund interest rate for 2023-24 at three-year high, EPFO limits transactions in EPF accounts linked to Paytm Payments Bank, EPF Partial Amount Withdrawal.
- Key Press information
- IPO & investment Section
- Govt cuts allocation for major schemes under ‘Startup India’ initiative in Budget
- irdai – insurance updates
- Department of Telecommunications
- msme / SME updates
- Competition Commission of India (CCI)
- Cabinet Decisions / New Acts
- Current Affairs Quiz
- SEBI Updates:
| [Sl. | Particulars | Link |
| 1 | Guidelines for returning of draft offer document and its resubmission | Click Here |
| 2 | Consultation Paper on framework for providing flexibility to FPIs in dealing with their securities post expiry of their registration Click here to provide your comments | Click Here |
| 3 | Consultation Paper on Relaxation in Timelines for Disclosure of Material Changes by Foreign Portfolio Investors Click here to provide your comments | Click Here |
| 4 | Revised Pricing Methodology for Institutional Placements of Privately Placed Infrastructure Investment Trust (InvIT) | Click Here |
| 5 | Orders – In the matter of trading based on the stock recommendations given by Guest Experts appearing on Zee Business Channel | Click Here |
2. MCA – 21 Updates
| Sl. | Particulars | Link |
| 1 | Relaxation of additional fees and extension of last date of filing of Form No. LLP BEN-2 and LLP Form No.4D under the Limited Liability Partnership Act, 2008- regarding. | | Click Here |
| 2 | Stakeholders may please note that V3 INC-28 form has placeholder for the Restoration of Struck-off company to Active u/s 252. Stakeholders may plan accordingly and file INC-28 with section 252(2) along with NCLT order and proof of cost/fee [if levied]. Upon approval of form, the status would get restored automatically. | Click Here |
| 3 | BharatPe gets Ministry of Corporate Affairs notice under Section 206 in ongoing enquiry | Click Here |
| 4 | Digital competition law committee asked to consider MCA’s draft bill | Click Here |
3. RBI / Banks Updates
| Sl. | Particulars | Link |
| 1 | Participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX) | Click Here |
| 2 | Review of Fixed Remuneration granted to Non-Executive Directors (NEDs) | Click here |
| 3 | Statement on Developmental and Regulatory Policies | Click here |
| 4 | Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract | Click here |
| 5 | Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on February 12, 2024 (SGB 2018-19 Series VI) | Click here |
| 6 | Monetary Policy Statement, 2023-24 Resolution of the Monetary Policy Committee (MPC) February 6 to 8, 2024 | Click here |
4. IBC / Insolvency Law updates
| Sl. | Particulars | Link |
| 1 | IBBI amends the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 | Click here |
| 2 | In the matter of Ms. Maya Gupta, IP | Click here |
| 3 | Approval of Resolution Plan – Sindhanur Gangavathi Tollway Private Limited [I.A. No.1947 of 2023 in CP(IB) NO. 324-7-HDB-2022] | Click here |
| 4 | Approval of Resolution Plan – Bodhtree Consulting Limited [I.A. No. 1504-2023 in CP(IB) No. 271-9-HDB-2020] | Click here |
| 5 | Approval of Resolution Plan – MHG Land Stockist Private Limited [IA-1384-2023 in Company Petition No. IB- 259(ND)-2021] | Click here |
| 6 | Approval of Resolution Plan – Impala Distillery & Brewery Limited [IA No. 634 & 1514 of 2021 in CP(IB) No. 817 of 2019] | Click here |
| 7 | Approval of Resolution Plan – Indian Sugar Manufacturing Company Limited [IA No.5789 of 2023 in CP (IB) No.162-MB-C-I-2023] | Click here |
| 8 | Approval of Resolution Plan – NSL Mining Resources India Private Limited [IA No. 27 of 2024 in CP(IB) No.750-9-HDB-2019] | Click here |
| 9 | Appointment of Manager / Assistant Manager (AM) on deputation (including short-term contract) basis. | Click here |
5. Labour law updates
| Sl. | Particulars | Link |
| 1 | New Labour Codes: Thorough understanding is required before implementation of the new regime | Click here |
| 2 | EPFO fixes Employees’ Provident Fund interest rate for 2023-24 at three-year high; details here | Click here |
| 3 | EPFO limits transactions in EPF accounts linked to Paytm Payments Bank; check the details here | Click here |
| 4 | EPF Partial Amount Withdrawal: Check steps here for EPF withdrawal for marriage, medical emergency and property | Click here |
6. Key Press information
| Sl. | Particulars | Link |
| 1 | ECI conveys zero tolerance towards use of children in election related work or campaign activities; Issues directives to parties, candidates and election machinery | Click here |
| 2 | No central storage of passenger’s Personally Identifiable Information (PII) data through Digi Yatra | Click here |
| 3 | Two more futureDESIGN start-up companies under SemiconIndia Design Linked Incentive (DLI) Scheme to catalyze the semiconductor chip design ecosystem in the country | Click here |
| 4 | E-services through PACS | Click here |
| 5 | Cooperative Societies in Agriculture Sector | Click here |
| 6 | Government taking initiatives to promote the labelling and branding of steel sector products in the global market | Click here |
| 7 | ONE NATION ONE PORTAL | Click here |
| 8 | Exemption of Income Tax for Dairy Cooperative Society | Click here |
| 9 | DPIIT coordinates initiatives for Ease of Doing Business creating a conducive business environment | Click here |
| 10 | Capital Investment subsidy of Rs. 1,416.50 crore released in 6,448 cases under Amended Technology Upgradation Fund Scheme (ATUFS) in last three years | Click here |
7. IPO & investment Section
| Issuer Company | Open Date | Close Date | Listing Date | Issue Price (Rs) | Issue Size (Rs Cr.) | Lot Size | Exchange |
| Kalahridhaan Trendz Limited IPO | Feb 15, 2024 | Feb 20, 2024 | Feb 23, 2024 | 45.00 | 22.49 | 3,000 | NSE SME |
| Thaai Casting Ltd IPO | Feb 15, 2024 | Feb 19, 2024 | Feb 22, 2024 | 73.00 to 77.00 | 47.20 | 1,600 | NSE SME |
| Vibhor Steel Tubes Limited IPO | Feb 13, 2024 | Feb 15, 2024 | Feb 20, 2024 | 141.00 to 151.00 | 72.17 | 99 | BSE, NSE |
| Wise Travel India Limited IPO | Feb 12, 2024 | Feb 14, 2024 | Feb 19, 2024 | 140.00 to 147.00 | 94.68 | 1,000 | NSE SME |
| Entero Healthcare Solutions Limited IPO | Feb 09, 2024 | Feb 13, 2024 | Feb 16, 2024 | 1195.00 to 1258.00 | 1600.00 | 11 | BSE, NSE |
| Polysil Irrigation Systems Limited IPO | Feb 08, 2024 | Feb 13, 2024 | Feb 16, 2024 | 54.00 | 17.44 | 2,000 | NSE SME |
| Alpex Solar Limited IPO | Feb 08, 2024 | Feb 12, 2024 | Feb 15, 2024 | 115.00 | 74.52 | 1,200 | NSE SME |
| Rudra Gas Enterprise Limited IPO | Feb 08, 2024 | Feb 12, 2024 | Feb 15, 2024 | 63.00 | 14.16 | 2,000 | BSE SME |
| Rashi Peripherals Limited IPO | Feb 07, 2024 | Feb 09, 2024 | Feb 14, 2024 | 311.00 | 600.00 | 48 | BSE, NSE |
| Jana Small Finance Bank Limited IPO | Feb 07, 2024 | Feb 09, 2024 | Feb 14, 2024 | 414.00 | 570.00 | 36 | BSE, NSE |
| Capital Small Finance Bank Limited IPO | Feb 07, 2024 | Feb 09, 2024 | Feb 14, 2024 | 468.00 | 523.07 | 32 | BSE, NSE |
| Apeejay Surrendra Park Hotels Limited IPO | Feb 05, 2024 | Feb 07, 2024 | Feb 12, 2024 | 155.00 | 920.00 | 96 | BSE, NSE |
| Italian Edibles Limited IPO | Feb 02, 2024 | Feb 07, 2024 | Feb 12, 2024 | 68.00 | 26.66 | 2,000 | NSE SME |
(Source: Chittorgarh.com)
- Govt cuts allocation for major schemes under ‘Startup India’ initiative in Budget
The Union Budget for 2024 has not brought much cheer for startups, particularly early stage, as government cuts budget for major flagship schemes under ‘Startup India’ initiative.
In the Budget, there has been a reduction in the allocation for the Small Industries Development Bank of India (SIDBI)-operated Fund of Funds Scheme (FFS). The allocation for FFS was cut down to Rs 1,200 crore, compared to the previous allocation of Rs 1,470 crore for the fiscal year 2023-24.
Under FFS, the scheme does not directly invest in startups, instead provides capital to SEBI-registered Alternative Investment Funds (AIFs), known as daughter funds, who in turn invest money in growing Indian startups through equity and equity-linked instruments.
Meanwhile, the Credit Guarantee scheme for startups works towards providing credit guarantees to loans extended to DPIIT recognised startups by Scheduled Commercial Banks, Non-Banking Financial Companies (NBFCs) and Venture Debt Funds (VDFs) under SEBI registered Alternative Investment Funds.
The overall budget for Startup India programme has been brought down to mere Rs 1 lakh, from a high of Rs 45.61 crore in the previous budget. Source: Click Here
8. irdai – insurance updates
| Sl. | Particulars | Link |
| 1 | IRDAI proposes obligatory insurance coverage in gram panchayats across India | Click here |
| 2 | Life insurers’ pushback: Industry urges IRDAI to relax proposed higher surrender value norms | Click here |
| 3 | Irdai proposes changes in listing requirements of insurance companies | Click here |
| 4 | IRDAI brings AYUSH treatment under health insurance cover from April 1. Details here | Click here |
| 5 | Insurance stocks fall up to 5% as IRDAI proposes a higher surrender value; here’s what it means | Click here |
9. Department of Telecommunications (dot)
| Sl. | Particulars | Link |
| 1 | C-DOT and IIT Kharagpur Partner to Develop Next-Gen Broadband Technology | Click here |
| 2 | Government approves auctions in eight spectrum bands for mobile phone services at base price of Rs 96,000 crore | Click here |
| 3 | Government Cracks Down on Financial Fraud by Blocking Mobile Numbers | Click here |
| 4 | Cybersecurity firm claims data leak of 750 million telecom users, DoT asks telcos for security audit | Click here |
10. msme / SME updates
| Sl. | Particulars | Link |
| 1 | ‘MSME backbone of Bengal’s economy’: Rajesh Pandey | Click here |
| 2 | BioAsia2024 teams up with Centre to support MSMEs | Click here |
| 3 | Jindal Stainless signs MoU with MSME Technology Centre Vizag Business | Click here |
| 4 | NSE and Maharashtra Government Collaborate to Boost MSMEs | Click here |
11. Competition Commission of India (CCI)
| Sl. | Particulars | Link |
| 1 | CCI approves acquisition of certain shareholding of Shadowfax Technologies Private Limited by NewQuest Asia Fund IV (Singapore) Pte. Ltd. | Click Here |
| 2 | CCI approves acquisition of 70% stake by Zurich Insurance Company Ltd. in Kotak Mahindra General Insurance Company Limited | Click Here |
| 3 | CCI approves acquisition of 100% shareholding of Interise Investment Managers Limited by the CPIH, AIL – II. and Ontario Inc. | Click Here |
| 4 | Centre clears decks for CCI to issue guidelines on Competition law provisions | Click Here |
12. Cabinet Decisions / New Acts
| Sl. | Particulars | Link |
| 1 | Lok Sabha passes the Constitution (Jammu and Kashmir) Scheduled Tribes Order (Amendment) Bill, 2024 | Click here |
| 2 | SUPPORT FOR PRISONERS SCHEME | Click here |
| 3 | Lok Sabha passes ‘The Public Examinations (Prevention of Unfair Means) Bill, 2024’ to curb paper leaks, malpractices as well as organised malpractices in recruitment examinations like UPSC, SSC etc and entrance tests such as NEET, JEE and CUET | Click here |
| 4 | Cabinet approves extension of Fisheries and Aquaculture Infrastructure Development Fund (FIDF) | Click here |
| 5 | Cabinet approves “Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)” a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada for the fisheries sector micro and small enterprises and envisages an investment of over rupees six thousand crore in the next four years | Click here |
13. Current Affairs Quiz (taken from various sources)
| Sl. | Questions | Answers |
| 1 | Steinernema adamsi, recently seen in the news, belongs to which one of the following species? | Nematode |
| 2 | Zircon Missile, a supersonic ballistic missile, recently launched by which country? | Russia |
| 3 | Recently, which musician has been honored with the Laxminarayan International Award? | Pyarelal Sharma |
| 4 | What is the rank of India in the World Bank’s ‘Logistics Performance Index Report (2023)? | 38th |
| 5 | World Sustainable Development (WSDS) Summit, recently seen in the news, is annually organized by which institute? | The Energy and Resources Institute |
| 6 | Farooq Nazki, who passed away recently, was associated with which profession? | Poet |
| 7 | Kilkari programme, a Mobile Health (m-health) initiative, recently launched in which states? | Gujarat & Maharashtra |
| 8 | Thrips Parvispinus, recently seen in the news, belongs to which one of the following species? | Invasive pest species |
| 9 | Where was the ‘India’s First Digital National Museum of Epigraphy’ inaugurated? | Hyderabad |
| 10 | Mera Gaon Meri Dharohar programme, recently seen in the news, comes under which ministry? | Ministry of Culture |
Source: gktoday.in
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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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He has contributed in ICAI, ICSI and MCCI and other various Newsletters. He is also a speaker at various platforms including seminars / webinars.