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WEEKLY CORPORATE AFFAIRS

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

SEBI Updates:

[Sl.	Particulars	Link
1	Consultation paper on Regulatory Framework for Index Provider	Click Here
2	IIFL FMP XXXXD Series 1	Click Here
3	Informal Guidance Letter to Karun Carpets Pvt. Ltd. in relation to Scheme of Amalgamation of promoter company of Greaves Cotton Ltd under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011	Click Here
4	Introduction of Investor Risk Reduction Access (IRRA) platform in case of disruption of trading services provided by the Trading Member (TM)	Click Here
5	Securities and Exchange Board of India (Employees’ Service) (Third Amendment) Regulations, 2022	Click Here
6	Limited relaxation – dispatch of physical copies of financial statements etc. – Regulation 58 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015	Click Here
7	Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015	Click Here
8	Monitoring and Periodical reporting of the compliance with the requirements pertaining to ‘Security and Covenant Monitoring’ system hosted by Depositories	Click Here
9	Extension of timelines for entering and verification of the details of the existing outstanding non-convertible securities in the ‘Security and Covenant Monitoring’ system hosted by Depositories	Click Here
10	Management and advisory services by AMCs to Foreign Portfolio Investors	Click Here
11	Monthly Dashboard – November 2022	Click Here
12	Consultation Paper on standardised approach to valuation of investment portfolio of Alternative Investment Funds	Click Here
13	Operational Circular for Credit Rating Agencies	Click Here

2. MCA – 21 Updates

Sl.	Particulars	Link
1	Stakeholders please note that PAS-3 form will be available for filing purposes in V2 till 19th January 2023 11:59 PM.	Click Here
2	Ministry of Corporate Affairs directs Shipping Corp to file responses on objections raised against the demerger scheme	Click Here
3	Indian corporate bond issuance may be halted for few weeks in Jan. Here’s why	Click Here
4	Indian Institute of Corporate Affairs launches programme to create Impact Leaders in areas of ESG	Click Here
5	Indian Government Launching Crypto Awareness Campaign	Click Here

3. RBI / Banks Updates

Sl.	Particulars	Link
1	Individual Housing loans – Revised limits under four-tiered regulatory framework	Click here
2	Foreign Investment in India – Rationalisation of reporting in Single Master Form (SMF) on FIRMS Portal	Click here
3	Formation of new districts in the State of Chhattisgarh – Assignment of Lead Bank Responsibility	Click here
4	Central Payments Fraud Information Registry – Migration of Reporting to DAKSH	Click here
5	RBI releases Annual Report of Ombudsman Schemes, 2021-22	Click here
6	RBI releases Name of Applicant under the Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector	Click here
7	Regulatory Sandbox (RS) – Fourth Cohort on Prevention and Mitigation of Financial Frauds – Test Phase	Click here
8	RBI launches Quarterly Order Books, Inventories and Capacity Utilisation Survey: October – December 2022 (Round 60)	Click here
9	Periodic Updation of KYC details of Customers	Click here
10	Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract	Click here

4. IBC / Insolvency Law updates

Sl.	Particulars	Link
1	Liquidation Processes Ending with Order of Dissolution/Closure: As on 31st October, 2022	Click here
2	The Insolvency and Bankruptcy Board of India Research Initiative, 2019 (Updated as on 30th November, 2022)	Click here
3	Insolvency Professional to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2022	Click here
4	Circular – Proforma for reporting liquidator’s decision(s) different from the advice of Stakeholders’ Consultation Committee (SCC) under proviso to sub-regulation (10) of regulation 31A of IBBI (Liquidation Process) Regulations, 2016	Click here
5	Final Panel of IPs prepared in accordance with ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2022’ for the period from January 1, 2023 to June 30, 2023	Click here

5. Labour law updates

Sl.	Particulars	Link
1	Labour Ministry considering shift to living wage from minimum wage, here is what it means	Click here
	EPFO Latest Update: Interest to Be Credited to Subscribers’ Accounts Soon! Know How to Check Balance	Click here
3	Good news for EPFO people! Find out online if 81-81 thousand is coming to your EPF account with EPFO passbook	Click here
4	EPF Pensioners: What is ‘Nirbadh Seva’ that will help members get instant PPO number after retirement – check details!	Click here
5	Retirement planning: How NPS scores over EPF and PPF	Click here

6. Key Press information

Sl.	Particulars	Link
1	ECI initiates delimitation of Assembly & Parliamentary Constituencies in the State of Assam as per Section 8A of the RP Act 1950	Click here
2	Department of Posts launches an ‘Online request Transfer Portal’ for Gramin Dak Sevaks	Click here
3	PM lauds achievement of the target of establishment of 1.5 Lakh Wellness Centres	Click here
4	Use Aadhaar confidently, but observe same usage hygiene like Bank account, and Passport: UIDAI	Click here
5	Centre to roll out new integrated food security scheme starting 1 January 2023	Click here
6	India has the potential to become a world leader in Footwear and leather : Shri Piyush Goyal	Click here
7	UIDAI enables ‘Head of Family’ based online address update in Aadhaar	Click here
8	NTPC starts India’s first green hydrogen blending operation in PNG network	Click here
9	APEDA working in collaboration with state governments, farmers and others to boost honey exports	Click here
10	Launch of Smart cities and Academia Towards Action & Research (SAAR);	Click here

7. IPO & investment Section

Issuer Company	Exchange	Open	Close	Issue Price (Rs)	Issue Size (Rs Cr)
Ducol Organics And Colours Limited IPO	NSE SME	Jan 09, 2023	Jan 11, 2023	78.00	31.51
Eastern Logica Infoway Limited IPO	BSE SME	Jan 05, 2023	Jan 09, 2023	225.00	16.94

(Source: Chittorgarh.com)

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

1. Sebi returns OYO’s draft IPO papers, asks to refile with certain updates

The Securities and Exchange Board of India (SEBI) has asked Oravel Stays Ltd, the parent company of travel-tech firm OYO, to refile the draft IPO papers with certain updates. The capital markets regulator returned the travel-tech firm’s draft red herring prospectus (DRHP) on 30 December last year and has asked the company to refile it with applicable updates/ revisions, as per an update with Sebi’s website today.

This is expected to delay OYO’s initial public offering (IPO). OYO was targetting an early 2023 offering if market and economic conditions allow. The Gurugram-based hospitality unicorn filed preliminary documents with Sebi in September 2021 for a ₹8,430 crore IPO.

Earlier, the firm had filed an addendum to its DRHP, which included its financials for the first half of FY23. It reported a profit of ₹63 crore for the first half of FY23 as against a loss of ₹280 crore a year ago.

The firm’s revenues in the first half (April-September) of FY23 grew 24% year-on-year to ₹2,905 crore. Apart from improving operating performance, the company has a cash corpus of ₹2,785 crore, the filing to Sebi showed.

To read more: Click Here

2. Why SME IPOs are emerging as top fund-raising platform for promoters

As the world is witnessing a slow turnaround towards the stabilisation of the global economy in the post covid era, the Indian economy has hit a sweet spot with the BSE SME IPO index delivering the highest-ever return in 2022. Several fund-raising options are emerging in India, and the local companies gearing up to raise funds from alternative sources to meet its financial requirements.

For a developing country such as India, Small and medium enterprises (SMEs) are the wheels that turn the economy, and SMEs contribute to one-third of India’s GDP. The SMEs have played an essential role in India’s socio-economic development and in globally developed countries such as Germany. In fact, SMEs generate 54.4% of overall value added in Germany and 63.7% of overall employment in the German non-financial business economy.

Reflecting, Indian growth story unwinds itself, the BSE SME IPO index achieving rockstar status in 2022. On the other hand, the capital market is almost stuck at the same level where it started its journey at the beginning of 2022 with the Sensex at 57,897 and closing at almost 60,910 with an annual return of 6% by the year’s end.

Almost the whole of 2022 has been quite volatile in generating returns, making it challenging for investors to choose the best option available. In contrast, an index representing India’s growth story emerged as a clear winner in generating returns. The BSE SME IPO index delivered an annual return of nearly 67% in 2022, beating all other major indices. It has a market cap of Rs 63,898 crore and 410 companies listed in this segment.

The BSE IPO index has struggled to deliver a return, while the SME IPO index delivered an astonishing return. It clearly indicates the shift of investors turning to the emerging story of India’s SME growth boom. The domestic and NRIs are finding this segment immensely attractive and putting their bet on this segment. This segment is a must-watch for investors in 2023 as well.

To read more: Click Here

3. Rishabh Instruments files draft papers with Sebi to mobilise funds via IPO

Rishabh Instruments, a global energy efficiency solution company, has filed preliminary papers with markets regulator Sebi to mop-up funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating to up to Rs 75 crore and an offer for sale (OFS) for up to 94.17 lakh equity shares by its promoter group shareholders and an existing investor, according to its draft red herring prospectus (DRHP).

Under the OFS, Asha Narendra Goliya will offload 25 lakh equity shares, Narendra Rishabh Goliya (HUF) will sell 5.17 lakh shares, Rishabh Narendra Goliya will dispose of 4 lakh shares and SACEF Holdings II will sell 60 lakh equity shares in the company. Going by the draft papers, the firm may explore a pre-IPO placement aggregating to Rs 15 crore. If such a placement is undertaken, the size of the fresh issue will be reduced.

The Nashik-based firm focused on electrical automation, metering and measurement, precision engineered products with diverse applications across industries, including power, automotive and other industrial sectors. It is one of the leading companies in terms of manufacturing and supply of low voltage current transformers and analog panel meters.

To read more: Click Here

8. irdai – insurance updates

Sl.	Particulars	Link
1	Guidelines on issuance of File Reference Numbers (FRN) to Cross Border Re-insurers	Click Here
2	Submission of Reinsurance Returns	Click here
3	Irdai to allow insurers to auto renew FRN of cross border reinsurers	Click here
4	Burning cost rates for fire insurance not to be embedded: Irdai	Click here

9. Department of Telecommunications (dot)

Sl.	Particulars	Link
1	TRAI releases recommendations on ‘Spectrum Requirements of National Capital Region Transport Corporation (NCRTC) for Train Control System for RRTS Corridors’	Click here
2	TRAI releases Recommendations on“Renewal of Multi-System Operators (MSOs) Registration”	Click here
3	MeitY releases Draft amendments to the IT (Intermediary Guidelines & Digital Media Ethics Code) Rules, 2021 in relation to online gaming	Click here
4	Telecommunication Engineering Centre(TEC) releases ‘Code of Practice for securing consumer Internet of Things(IoT)’	Click here
5	Telecom service providers against administrative allocation of 6G bands	Click here
6 76	Telecom Diary: SOS for Vodafone Idea	Click here

10. msme / SME updates

Sl.	Particulars	Link
1	The key to eliminating the MSME finance gap in emerging markets	Click here
2	96% MSMEs anticipate robust profits in 2023: Report	Click here
3	ET MSME Talks \| Building resilient MSMEs: Why healthcare is critical for MSME growth	Click here
4	Goa CM encourages MSMEs to reduce tourism dependency for economic development	Click here
5	Budget 2023 \| Most MSMEs doing well but financing still an issue, says FISME secretary general	Click here

11. Competition Commission of India (CCI)

Sl.	Particulars	Link
1	Google to move SC against NCLAT decision on CCI fine	Click here
2	Process for selection of CCI chief to start all over again	Click here
3	Google challenges CCI’s October ruling in Android antitrust case in India’s Supreme Court	Click here

12. Cabinet Decisions / New Acts

Sl.	Particulars	Link
1	Amrit Bharat Station Scheme for Indian Railways	Click here
2	Three essential Constitution (ST) Order Amendment Bills passed in the Parliament during the Winter Session	Click here
3	Parliament Passes 16 Bills during April to November 2022: Year End Review – 2022	Click here
4	Centre issues guidelines for restructuring under Sugar Development Fund Rules 1983	Click here
5	Cabinet approves Memorandum of Understanding between India and Turkmenistan on Cooperation in the field of Disaster Management	Click here
6	Cabinet approves Agreement between India and Spain on Cooperation and Mutual Assistance in Customs Matters	Click here
7	Cabinet approves MoU between India and Nepal for construction of bridge over Mahakali River at Dharchula (India) – Dharchula (Nepal)	Click here
8	Cabinet approves Intra-State Transmission System – Green Energy Corridor Phase-II	Click here

13. Current Affairs Quiz (taken from various sources)

Sl.	Questions	Answers
1	Home Affairs Ministry and which state signed cessation of operations agreement with ZUF armed group?	Manipur
2	Mangdechhu Hydroelectric Power Project, which was see in the news, was handed over by India to which country?	Bhutan
3	The ‘National Mobile Monitoring System (NMMS)’ is an initiative of which Union Ministry?	Ministry of Rural Development
4	Which institution has been named as ‘G20 Science working group’s secretariat’?	IISc Bengaluru
5	Which Union Ministry has been approved as the nodal ministry for matters relating to online gaming?	Ministry of Electronics & IT
6	What is the name of the digital project funded by Google to map the language diversity of India?	Project Vaani
7	‘Daksh’ is the payments fraud reporting module maintained by which institution?	RBI
8	Which institution has urged stock exchanges to set up Investor Risk Reduction Access (IRRA) platform?	SEBI
9	Which Department under the ‘Ministry of Finance’ notifies changes in rates on small savings schemes?	Department of Economic Affairs
10	New Jalpaiguri, which was in the news related to Vande Bharat Express, is located in which state?	West Bengal

Top 7 Current Affairs:

Ministry of Rural Development’s Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) has launched the Prajjwala Challenge. Under the challenge, ideas are invited from individuals, Enterprises, Start ups, Private Sector, Civil Society and others to transform the rural economy.
The government has achieved the target of starting 1.5 lakh Ayushman Bharat Health and Wellness Centres across the country, as per the Union Health Minister Mansukh Mandaviya. Under Ayushman Bharat, the government had set a target of transforming existing 1.5 lakh Sub-Health Centres (SHCs) and rural and urban Primary Health Centres (PHCs) across the country as AB-HWCs by December 2022.
The ‘Dhanu Yatra’ festival, considered to be the world’s largest open-air theatre, began in the Western Odisha town of Bargarh. The ‘Dhanu Yatra’ came into existence in Bargarh in 1947-48 as part of the celebration of the country’s Independence. It is celebrated annually and episodes related to Hindu God Krishna is presented through folk art forms.
The Reserve Bank of India’s Medium-term Strategy Framework for the period 2023-2025 named ‘Utkarsh 2.0’ was launched by RBI Governor Shaktikanta Das. The first strategy framework (Utkarsh 2022) covering the period 2019-2022 was launched in July 2019. Utkarsh 2.0 retains the six Vision statements as well as Core Purpose, Values, and Mission statement of the 2022 version.
Bharat Interface for Money (BHIM) was launched on 30 December 2016 in India. The payment application was indigenously developed by National Payment Corporation of India (NPCI). The app lets users make simple and quick transactions using Unified Payments Interface (UPI). In November 2022, National Payments Corporation of India (NPCI) announced the launch of BHIM App open source license model. Recently, the sixth anniversary of BHIM app was celebrated.
India signed a ‘Comprehensive Migration and Mobility Partnership Agreement’ (MMPA) with Austria for migration and mobility of Indian students and professionals. External Affairs Minister S Jai Shankar is the first visit of an Indian foreign minister to Austria in 27 years. India had earlier signed mobility agreements with the UK, France, Germany and Finland.
The Cabinet Committee on Economic Affairs approved the proposal of the Ministry of Information and Broadcasting regarding the Central Sector Scheme ‘Broadcasting Infrastructure and Network Development’ (BIND). The BIND scheme aims to bring modernisation to the public broadcaster Prasar Bharati i.e. All India Radio (AIR) and Doordarshan (DD). The outlay of the scheme is Rs.2,540 crore for the time period up to 2025-26.

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.

Latest Weekly Corporate Affairs (SEBI, MCA, IBC, RBI, IPO, MSME Updates)

Weekly Corporate Affairs From 04/08/2022 To 12/08/2022 (SEBI, MCA, IBC, RBI, IPO, MSME Updates)

1. SEBI UPDATES:

[Sl.	Particulars	Link
1	Enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence	Click Here
2	Consultation Paper on Green and Blue Bonds as a mode of Sustainable Finance	Click Here
3	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	Click Here
4	SEBI constitutes ‘FPI Advisory Committee (FAC)’	Click Here
5	Status of SCORES complaints as on July 31, 2022.	Click Here

2. MCA – 21 UPDATES

Sl.	Particulars	Link
1	Sale Notice-In the matter of M/s.Shree Vishwanath Chemicals Private Limited (In Liquidation)- Company Petition No.02 of 2003	Click Here
2	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.	Click Here
3	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.	Click Here
4	4,32,796 companies struck off down during last five years	Click Here

3. RBI / BANKS UPDATES

Sl.	Particulars	Link
1	Gold Monetization Scheme (GMS), 2015	Click here
2	Liquidity Adjustment Facility- Change in rates	Click here
3	Reserve Bank – Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)	Click here
4	Rupee Interest Rate Derivatives (Reserve Bank) Directions – Review	Click here
5.	Section 23 of the Banking Regulation Act, 1949 (As Applicable to Co- operative Societies) – Opening of new place of business by District Central Co-	Click here

	operative Banks (DCCBs)
6.	Bilateral Netting of Qualified Financial Contracts – Amendments to Prudential Guidelines	Click here
7.	Recommendations of the Working group on Digital Lending – Implementation	Click here
8	Survey of Foreign Liabilities and Assets of Mutual Fund Companies – 2021-22	Click here
9	Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on August 08, 2022 (SGB 2016 – I)	Click here
10	Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract	Click here

4. IBC / INSOLVENCY LAW UPDATES

Sl.	Particulars	Link
1	In the matter of Mr. Rohit Aggarwal, Insolvency Professional	Click here
2	In the matter of Mr. Aditya Agrawal, Insolvency Professional	Click here
3	2nd International Research Conference on Insolvency and Bankruptcy 2023: Call for Research Papers	Click here
4	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]	Click here
5	In the matter of Mr. Rakesh Ahuja, Insolvency Professional	Click here

5. LABOUR LAW UPDATES

Sl.	Particulars	Link
1	Change In Take-Home Salary and Working Hours From New Wage Code, Check Details	Click Here
2	Labour laws upgrade, simplification of taxes, stable tariffs key to India’s trade: Report	Click Here
3	EPF contribution rules: What to do if employer doesn’t deposit money in the Provident Fund account	Click Here
4	Supreme Court hears the validity of pension scheme amendment	Click Here
5	Where has PF of 10,000 sanitation workers gone?	Click Here
6	Merge 2 EPF Accounts Online: Know Step By Step Process	Click here
7	Scheme for upliftment of daily wage workers	Click here

6. PRESS INFORMATION

Sl.	Particulars	Link
1	Initiatives taken to create a conducive business environment	Click here
2	Steps taken for increasing exports through e-Commerce	Click here
3	Central Consumer Protection Authority (CCPA) issues 24 notices for unfair trade practices against e-commerce companies	Click here
4	E-governance	Click here

5	Digital Payment at Railway Stations	Click here
6	Scrap Policy	Click here
7	Last date for submission of Applications under Design led Manufacturing scheme extended till 25th August 2022	Click here
8	Welfare Schemes	Click here
9	Crop Insurance Schemes	Click here
10	Mandatory Verification of Social Media Accounts	Click here
11	IMPLEMENTATION OF PMFME	Click here
12	Promotion of e-Lok Adalat	Click here
13	“Jan Samarth” Portal eases loan application and disbursement process for applicants	Click here
14	Steps Taken to Bring down the Prices of Steel	Click here
15	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	Click here

7. IPO & INVESTMENT SECTION

Issuer Company

Issue Price (Rs)

Issue Size (Rs Cr)

Olatech Solutions Limited IPO

BSE SME

Aug 12,

2022

Aug 19,

2022

4000

1.89

Syrma SGS Technology Ltd IPO

BSE, NSE

Aug 12,

2022

Aug 18,

2022

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

Sl.	Particulars	Link
1	New Business Statement of Life Insurers for the Period ended 31st Jul, 2022	Click here
2	Migration of BAP to new hardware and the latest software	Click here
3	Gross Direct Premium- Flash figures for Non-life Insurers (Provisional and Unaudited)-for and up to the Month of June, 2022	Click Here
4	List of Valid Insurance Brokers as on 10th Aug 2022	Click Here

9. DEPARTMENT OF TELECOMMUNICATIONS _(DOT)

Sl.	Particulars	Link
1	High Speed Internet	Click here
2	Base Rate of 5G Spectrum	Click here
3	4G, 5G and E-Band Spectrum	Click here
4	Rural Fibre Network	Click here
5	Bharatnet scheme	Click here
6	Department of Telecommunications issues Public Advisory on frauds related to installation of Mobile Tower	Click here

10. MSME / SME UPDATES

Sl.	Particulars	Link
1	E-Commerce Marketing Platform	Click here
2	Udyam Sakhi Portal	Click here
3	Credit Schemes for Women Owned MSMEs	Click here
4	Implementation of Schemes for MSMEs Under Atma Nirbhar Bharat	Click here
5	Package to Support MSMEs Sector	Click here

11. COMPETITION COMMISSION OF INDIA (CCI)

Sl.	Particulars	Link
1	‘Large user base in India will bring global M&A under CCI’	Click here
2	India Proposes Changes to Competition Law; Moots More Power for CCI	Click here
3	Competition Amendment Bill 2022 to strengthen antitrust watchdog CCI	Click here

12. CABINET DECISIONS / NEW ACTS

Sl.	Particulars	Link
1	Cabinet approves India’s Updated Nationally Determined Contribution to be communicated to the United Nations Framework Convention on Climate Change	Click here
2	Lok Sabha passes Central Universities (Amendment), Bill 2022	Click here
3	Cabinet approves ratification of the eleventh Additional protocol to the Constitution of the Universal Postal Union	Click here

13. CURRENT AFFAIRS QUIZ (TAKEN FROM VARIOUS SOURCES)

Sl.	Questions	Answers
1	Which is the first global Big Tech Company to join the Open Network for Digital Commerce (ONDC)?	Microsoft
2	Manisha Kalyan, who was seen in the news, is associated with which sports?	Football
3	When is the ‘World Bio-fuel Day’ celebrated?	August 10
4	Which company developed the ‘2nd generation (2G) Ethanol Plant’, which was recently inaugurated?	IOCL
5	Which Indian Armed Force launched the ‘Him Drone-a-thon’ programme?	Indian Army
6	V Pranav, who was seen in the news, is associated with which sports?	Chess
7	The world’s highest railway bridge is located in which Indian state/UT?	Jammu and Kashmir
8	Who chairs the Governing Council meeting of NITI Aayog?	Prime Minister of India
9	Which state appointed Deloitte India as its consultant?	Uttar Pradesh
10	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.

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:

[Sl.	Particulars	Link
1	In the matter of Deepak Nitrite Limited under SEBI (Prohibition of Insider Trading) Regulations, 2015	Click Here
2	SEBI files FIR for Cyber Security Incident	Click Here
3	Email accounts of 11 Sebi officials hacked, FIR registered: Police	Click Here
4	Sebi files FIR in cyber security incident; no sensitive data lost	Click Here
5	Sebi now making surprise visits to private equity and hedge funds	Click Here
6	MFs join NFO bandwagon as SEBI lifts curbs	Click Here

2. MCA – 21 UPDATES

Sl.	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).	Click Here
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.	Click Here
3	400 CAs, company secretaries under lens for allegedly incorporating Chinese shell companies.	Click Here
4	MCA reworks rules for winding up businesses	Click Here

3. RBI / BANKS UPDATES

Sl.	Particulars	Link
1	UNSCR 1718 Sanctions Committee on DPRK amends one Entry on its Sanctions List	Click here
2	International Trade Settlement in Indian Rupees (INR)	Click here
3	RBI imposes Monetary Penalty on Ola Financial Services Private Limited	Click here
4	RBI releases data on ECB/FCCB/RDB for May 2022	Click here
5.	Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract	Click here
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)	Click here
7.	RBI Bulletin – July 2022	Click here

4. IBC / INSOLVENCY LAW UPDATES

Sl.	Particulars	Link
1	In the matter of Mr. Dilip Kumar Niranjan, Insolvency Professional	Click here
2	In the matter of Mr. Mahender Kumar Khandelwal, Insolvency Professional	Click here
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]	Click here
4	Invitation for One Day Workshop on “Committee of Creditors: An Institution of Public Faith”	Click here

5. LABOUR LAW UPDATES

Sl.	Particulars	Link
1	Basic pay, wages: Govt open to relook labour code proposals	Click Here
2	New labour laws: Rule change for final settlement of wages gets delayed	Click Here
3	Almost all states prepared draft rules on labour codes; implementation at an appropriate time: Bhupender Yadav	Click Here
4	Employee’s Termination Without Departmental Inquiry Based On Incomplete & Non-Specific Show Cause Notice Violative Of S.25G Of ID Act: Gujarat HC	Click Here
5	Why should you check your EPF contribution after salary hike	Click Here

6. PRESS INFORMATION

Sl.	Particulars	Link
1	India’s Public Service Broadcaster Launches New Logo	Click here
2	NCW launches a series of awareness programmes on NRI marriages in Punjab	Click here
3	NITI Aayog Welcomes Parameswaran Iyer as Its CEO	Click here

4	Government formulates strategy to promote NER as agri export hub	Click here
5	Paper Import Monitoring System (PIMS) to come into effect from 1st October, 2022; Online registration facility to be available from 15th July 2022	Click here
6	CCPA issues Advisory to e-commerce platforms on sale of Ayurvedic, Siddha and Unani drugs	Click here
7	Department of Consumer Affairs sets up committee to develop comprehensive framework on the Right to Repair	Click here
8	Simplified regulatory framework for e-commerce exports of jewellery through courier mode	Click here
9	Department of Consumer Affairs launches ‘Jagriti’, a mascot to empower consumers and generate awareness towards consumer rights	Click here

7. IPO & INVESTMENT SECTION

Issuer Company

Issue Price (Rs)

Issue Size (Rs Cr)

Agni Green Power

Limited IPO

NSE SME

Jul 20, 2022

Jul 22,

2022

10000

5.25

Healthy Life Agritec Limited IPO

BSE SME

Jul 13, 2022

Jul 18,

2022

10000

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.

To read more: Click Here

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.

To read more: Click Here

8. IRDAI – INSURANCE UPDATES

Sl.	Particulars	Link
1	Constitution of Task force to study and make recommendations on issues faced by Life Insurers and Reinsurers	Click here
2	Use and File Procedure for Retail Products for Agriculture & Allied Activities	Click here
3	Ease of filing insurance products for Agriculture and allied activities	Click Here
4	Repealing of circulars	Click Here

DEPARTMENT OF TELECOMMUNICATIONS _(DOT)

Sl.	Particulars	Link
1	India closes a telecom loophole to keep Chinese vendors away	Click here
2	DoT to soon okay equity conversion of Vodafone-Idea	Click here
3	5G: India keeps Chinese firms away from telecom equipment market	Click here
4	Adani group to begin telecom journey with Gujarat circle	Click here
5	Adani gets LoI for 5G services in Gujarat; final list of bidders on July 20	Click here

10. MSME / SME UPDATES

Sl.	Particulars	Link
1	Govt calls for ‘update’ as it marks MSME Day	Click here
2	Updated Handbook for MSMEs launched in J&K	Click here
3	MSMEs not to be affected by recession: Government	Click here
4	How data insights can help MSMEs grow their business	Click here
5	Walmart and Flipkart to digitise MSMEs in Jammu and Kashmir in collaboration with its trade body	Click here

11. COMPETITION COMMISSION OF INDIA (CCI)

Sl.	Particulars	Link
1	CCI approves acquisition of Solenergi Power Private Limited by Shell Overseas Investments B.V.’s from Actis Solenergi Limited	Click here
2	CCI approves acquisition by Shrem InvIT of equity in ten road infrastructure projects from Dilip Buildcon Limited (DBL) and its associates	Click here
3	CCI approves increase in proportion of voting rights held by CPPIB in ReNew Energy Global	Click here
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	Click here
5	CCI approves acquisition of Ageas Federal Life Insurance Company Limited by Ageas Insurance International NV	Click here

12. CABINET DECISIONS / NEW ACTS

Sl.	Particulars	Link
1	Consultation on Public Private Partnership in Digital Agriculture	Click here
2	Cabinet approves Taranga Hill-Ambaji-Abu Road new rail line to provide connectivity and improve mobility	Click here

3	Centre amends the Legal Metrology (Packaged Commodities) Rules 2011 for ease of doing business and reducing the compliance burden for the electronic industries	Click here
4	Tele-Law service is being made free of cost for citizens from this year- Shri Kiren Rijiju	Click here

13.CURRENT AFFAIRS QUIZ (TAKEN FROM VARIOUS SOURCES)

Sl.	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:

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).
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.
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.

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
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.
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
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.

New Market Tension For LIC Shareholders

The decline that started after the listing in the shares of Life Insurance Corporation of India (LIC), which has offered the biggest IPO in the country’s history, continues unabated. The company’s shares reached a new all-time low on the first day of the week. It is worth noting that the upper price band of LIC’s stock was Rs 949, due to which they have broken a lot.

On Monday, when the market opened, the company’s shares were at a level of Rs 800.25 on the NSE, which reached Rs 786.10 shortly after. Along with this, in the past, where the company was snatched from the company of being the sixth most valuable company in the country, ICICI had snatched it. So at the same time, due to the continuous fall in the shares of LIC, the market cap of the company has further reduced to below Rs 5 lakh crore.

LIC IPO: Valuation Decreased Due To Poor Market Environment

Due to the Russia-Ukraine crisis, the effect of the bad stock market environment has started showing on the country’s biggest IPO. The government may bring the IPO of Life Insurance Corporation of India (LIC) before May 12. In this, it will now sell 7 percent stake. It is estimated to get Rs 50,000 crore in lieu of this. Earlier it was expected to get 63,000 crores on 5% stake.

Sources say that the government is now preparing to sell seven per cent stake in LIC through IPO instead of five per cent. Its plan was to launch the IPO by March this year, but it was postponed due to the bad market environment due to the Russia-Ukraine crisis. Now it will have to be brought before May 12 because under the old draft, its last date is May 12. If after this period the government brings the IPO of LIC, then it will have to submit a fresh draft.

Earlier: The company was supposed to raise 63 thousand crores at 5 percent stake,

Now: 50 thousand crores can be found at 7 percent stake.

New Update On LIC IPO You Must Know

Big news has come out about the IPO of the country’s largest insurance company LIC. Recent, widely discussed reports suggested that the biggest IPO of all time could be postponed amid the turmoil in the markets due to the Russo-Ukraine war. Now according to a report, DRHP has been submitted afresh with SEBI regarding IPO on behalf of Life Insurance Corporation of India.

The government does not want to take the risk,

the report quoted sources as saying that LIC has submitted afresh DRHP on the basis of the December quarter results. It is worth noting that regarding its launch, it was said by the government in the past that the ongoing war between Russia and Ukraine has affected the global markets as well as the Indian market. Due to this, huge fluctuations are being seen in the stock market. The Finance Minister himself had said that the government does not want to take any kind of risk in this matter.

Big Update On LIC IPO

With the announcement of LIC IPO, the atmosphere of discussions about it is intensifying. Questions like price bands, discounts for policy holders and retail investors are being discussed continuously. Due to the volatility in the market due to the Russia-Ukraine war, the government has not yet announced a specific date for the IPO, but it is believed that it can be brought soon.

Many questions are arising in the minds of retail investors as well as policy holders regarding this IPO. However, on the other hand, the curiosity in the minds of people about IPO is also very high. In the IPO, 10% shares will be reserved for LIC policy holders, but here the policy holders will have to keep in mind that they must have a demat account.

Government will soon hand over final paper to SEBI

The final paper can be submitted to the market regulator SEBI very soon on behalf of the government regarding the IPO. According to PTI, these documents will contain details of the price range, discounts for policy holders and retail buyers and the actual number of shares.

Big Update For Those Who Are Waiting For LIC IPO

India is set to miss its revised disinvestment target by a huge margin for the second time in the last eight years. This is likely to happen as the government’s plan to raise Rs 60,000 crore from the Life Insurance Corporation of India (LIC) IPO is jeopardized. This will be the second time for the government to miss the disinvestment target since it came to power in 2014. Earlier in 2019-20 also, the government had missed the revised disinvestment target of 65,000 crore. Only 50,304 crores were raised that year.

In the current financial year, a revised target has been set to raise 78,000 crores from disinvestment. So far the government has been able to raise only 12,400 crores.

Government’s concern increased

In view of the turmoil in the stock markets due to the deepening of the Russia-Ukraine war, the government may postpone LIC IPO to the next financial year. If this happens, the disinvestment target will remain incomplete.
Stock markets have been volatile since Russia’s attack on Ukraine. The government is worried that if the IPO is brought in such a situation, it may not get favorable investor support. Due to this, the amount that the government will get from its stake sale may be less than expected.

Bikaji is Coming With IPO Of Rs 1000 Crore

Bikaji Foods International, a Rajasthan-based namkeen and sweets maker, is about to come out with its IPO. This IPO of Bikaji Foods is going to be worth 1000 crores.

Bikaji has submitted draft papers for this with the market regulator SEBI. Bikaji Foods, the market leader in the family pack segment, manufactures over 250 products.

So many shares will be issued

According to the documents submitted with SEBI, the company will issue a total of 2,93,73,984 equity shares under the offer for sale (OFS).

In this issue, the promoters of the company Shiv Ratan Agarwal and Deepak Agarwal will issue 25 lakh shares each. Apart from this, other investors of the company will also issue their shares.

LIC IPO: Policyholders To Fulfill These Conditions To Participate in IPO

Most of the investors of the country investing money in the market are eagerly waiting for LIC’s IPO. Especially for such investors who have an insurance policy in LIC. There is a big reason behind this. The government has announced that when LIC IPO opens, shares will be kept in reserve for policyholders. LIC has also issued an advertisement for this. In this, policyholders have been told that if you want to apply for an IPO, then certain conditions have to be fulfilled. Now what are these conditions, let us know…

LIC has filed a draft letter with the capital market regulator SEBI on February 13, 2022 for selling 5 per cent stake in the government for around Rs 63,000 crore. LIC plans to launch an IPO in March 2022 for more than 31.6 crore shares or 5 percent government stake. In the IPO, LIC employees and policy holders will get a discount on the floor price.

Provided that the PAN details are updated

LIC has asked that all policyholders should ensure that their PAN details are updated in the policy records of our Corporation at the earliest.

Can update online

Visit the official website of LIC https://licindia.in/.
Click on the option of ‘Online PAN Registration’.
Tap on the ‘Proceed’ button on the same page.
Enter required details.
Enter the Captcha code in the box.
Request for OTP from your registered mobile number.
Once you get the OTP, enter it in the portal and submit.
After submitting the form, a message will appear on the success of the registration request.

Demat account will also have to be opened

Regarding IPO, LIC has said in an advertisement given in newspapers that there will be reservation in IPO for policyholders having one or more LIC policies. It is necessary for policyholders to link PAN information by February 28, 2022. Apart from this, it is also necessary to open a Demat account. For this, Demat accounts will also be opened at the Common Service Center. If a policyholder does not have a Demat account, then he should make a plan to open it at his own expense. The corporation clearly stated that the policyholder will bear the cost of opening a demat account and updating PAN. The Corporation will not bear any expenses. Demat account is necessary for buying and selling shares in equity markets.

Want To Invest in LIC IPO? Policy Holders Should Do This Work Before 28th February

Life Insurance Corporation of India (LIC) has asked all its policy holders to update their PAN details in their policy records to participate in its upcoming IPO. This information has been received from LIC’s Draft Red Herring Prospectus (DRHP).

LIC has filed a draft letter with the capital market regulator SEBI on February 13 for the government to sell its 5 per cent stake for around Rs 63,000 crore.

Policy holders will get discount

According to preliminary information, the initial public offering (IPO) for more than 31.6 crore shares or 5 percent government stake of LIC is likely to hit the market in March. In this IPO, LIC employees and policy holders will get a discount on the floor price.

Update PAN details Policy Holders

LIC said that all our policy holders should ensure that their PAN details are updated in the policy records of our corporation at the earliest.

As per the DRHP letter, a policyholder who has not updated his/ her PAN details with our corporation before the expiry of two weeks (February 28, 2022) from the filing of DRHP with SEBI, will not be considered as an eligible policyholder. Policyholders can update their PAN details by visiting the LIC website themselves or with the help of their agent.

Check PAN-LIC Update Status

First of all go to https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus.

Fill the details of policy number, date of birth and PAN, as well as enter the captcha. Then press submit button.

After the completion of the process, the status will be displayed in front of you on the screen.

Can update online like this

Visit the official website of LIC https://licindia.in/.

Click on the option of ‘Online PAN Registration’.

Tap on the ‘Proceed’ button on the same page.

Enter required details.

Enter the Captcha code in the box.

Request for OTP from your registered mobile number.

Once you get the OTP, enter it in the portal and submit.

After submitting the form, a message will appear on the success of the registration request.

What are the documents required in IPO?

Pan Card.

Registered mobile number will have to be entered.

An OTP will be sent to the mobile number registered with LIC.

Countdown Starts For Country’s Biggest IPO

LIC Applies For IPO With SEBI, IPO Size May Be Around Rs 63000 Crore

The countdown has started for the country’s biggest IPO. Life Insurance Corporation (LIC) has filed for IPO with SEBI. The Secretary of DIPAM gave this information. He said that DRHP (Draft Paper) has been filed for LIC IPO today. The biggest ever Initial Public Offer (LIC IPO) in the history of the country is expected to hit the market by March.

The DRHP of LIC IPO has been filed today with the SEBI. pic.twitter.com/jM9CDBMWVH

— Secretary, DIPAM (@SecyDIPAM) February 13, 2022

The valuation has been estimated at around Rs 12.6 lakh crore. It is being told that the size of the IPO can be around Rs 63000 crore. The total equity will be about 632 crore shares. The government is selling 5 per cent stake in it. The central government is selling 31.6 crore shares.

IPO open10th August and Closes on 12th August 2021 – Aptus Value Housing

About Company

Incorporated in 2009, Aptus Value Housing is a retail-focused housing finance company that primarily serves low and middle-income self-employed customers in the rural and semi-urban markets of India. As per the CRISIL report, it is one of the largest housing finance companies in South India in terms of AUM of 37,909.31 million as of December 31, 2020. The company offers home loans to retail customers to purchase
homes, construct residential property, house improvement and extension, loans against property, and business loans. It undertakes all types of lending activities such as sourcing, underwriting, valuation, and legal assessment of collateral, the credit assessment, and collection. As of December 31, 2020, the total home loans accounted for 51.76% of AUM. As of December 31, 2020, 99.42% of the AUM was from customers belong to the low and middle-income group with a monthly income of less than Rs. 50,000.

Issue Details Consolidated Basis
• Issue Opens on 10th August & Closes on 12th August

• Object of the issue : To Part finance for Tier-1 Capital requirment.

• Issue Size : Fresh Issue Rs. 500 Cr, OFS Rs. 2280.05 Cr., Total Issue Size Rs. 2780.05 Cr.

• Offer Price : Rs. 346 to 353 (F. V. Rs. 2)

• Listing on BSE and NSE Platform

• BRLM : Citigroup Global Markets, Edelweiss Financial Services, ICICI Securities, Kotak Mahindra Capital

• Company Management : M. Anadan, Padma Anandan, and Westbridge Crossover Fund, LLC

• Registrar : KFin Tech Pvt. Ltd.

• Pre Issue Promoter Holding : 74.87% • Post Issue Promoter Holding : 72.23%

• Issue constitutes 15.89% of the post issue paid up capital

• Average of last 3 Yrs. EPS Rs. 4.83 & RONW 13.52%

• Pre IPO Equity Capital Rs. 96.28 Cr.

• Post IPO Equity Capital Rs. : 99.12 Cr

• Pre IPO P/BV Ratio : 8.58 (NAV : 41.12) • Post Issue : P/BV Ratio : 6.84

• Pre IPO P/E Ratio : 63.60 • Post IPO asking PE on fully diluted equity : 64.60

• Industry Peer group PE Ratio : 67.99

Recommendation : Company’s financial track record is good but unlikely to sustain due to tough
competition & soften of interest rates. On valuation front considering P/BV of 6.84 & PE of 64.60, issue is fully priced compared to listed peers. Investors may apply for long term prospective.

Author can be reached at cajayprakashpandcompany@gmail.com

You can drop me message for your valuable feedback or mail your query or any assignment at above mail ID.

The author, CA Jayprakash Pandey is a practicing Chartered Accountant (Founder of Jayprakash P & Company) having Office at Mumbai, with more than 5 years of professional cum practical experience, Direct Tax, International Taxation, Indirect Tax & FEMA related advisory, litigation & compliance matters.

Disclaimer:

The purpose of this is to share knowledge and it is for education purpose only. This does NOT constitute NOR does this form part of neither it is to be construed as, A LEGAL OPINION. The analysis is solely based on the reading abilities of the Author. They may be correct/incorrect as per you. No representation or warranty, express or implied, is made or given in respect of any information provided. UNDER NO circumstances should any recipient rely on this communication as a basis for any legal decision. The views expressed are of personal to the author. They do not reflect the views of any organization he may be directly/indirectly associated with. Neither author nor any of its affiliates accepts any legal liability, or responsibility, for, or provides any assurance or guarantee of accuracy, authenticity, completeness, correctness, dependability, reliability, suitability or timeliness of, any part of this article. The contents of this article are based only on the understanding of the Law, Rules, Notifications, etc. of the author and THEY ARE NOT BASIS FOR ANY LEGAL OPINION.

Paytm is going to bring the biggest IPO of the country so far, Vijay Shekhar Sharma to step down from the role of promoter

The country’s largest digital payments company Paytm is going to bring the country’s biggest IPO ever. Under this, it plans to sell new shares worth $ 1.6 billion (Rs 120 billion). The company will seek approval from the shareholders for this.

Paytm also plans to remove its founder Vijay Shekhar Sharma from the role of promoter to make it easier for him to comply with the compliance requirements and conditions. Sharma holds less than 15 per cent stake in the company. The company has hired four banks to manage the IPO.

The country’s biggest IPO in which the company plans to raise Rs 21,800 crore ($ 3 billion). Paytm plans to launch an IPO around Diwali in November. Through the IPO, its valuation is to reach $ 25 billion to $ 30 billion.

5 big IPOs coming next week

KIMS

The IPO of Krishna Institute of Medical Sciences (KIMS) will open on June 16 and close on June 18. Through this IPO, the company will try to raise Rs 2144 crore. Its price band has been fixed at Rs 815 to Rs 825. In this IPO, new shares up to Rs 200 crore will be issued. At the same time, promoters and other investors will sell 2.35 crore shares through offer for sale.

Dodla Dairy

The IPO of Dodla Dairy will open on June 16, while it will close on June 18. The price band of this IPO has been fixed at 421-428 per share. This IPO includes a fresh issue of Rs 50 crore. At the same time, there will be an offer for sale of 1,09,85,444 shares from the promoters. Investors can benefit from the IPO of this Hyderabad-based company.

Sona Comstar

Sona BLW Precision Forgings, the country’s largest auto parts maker, will launch its IPO market on June 14. It will close on 16th June. It will open for anchor investors on June 11. On Wednesday, the company has fixed the price band of Rs 285-291 per share for the IPO of Rs 5,550 crore.

Navodaya Enterprises

The IPO of event management company Navodaya Enterprises will also open on June 14 and close on June 17. In this, shares worth Rs 34 lakh are reserved for the market giants. Whereas shares worth Rs 43.68 crore will be issued for subscription. The company has fixed the issue price of the IP at Rs 20 per share. Through this a target has been set to raise Rs 46.08 crore.

Shyam Metallics And Energy

The IPO of steel manufacturing company Shyam Metalics and Energy Ltd will open on June 14 and close on June 16. Anchor investors will be able to bid on June 11. Under the IPO, new shares worth Rs 657 crore will be issued and existing shareholders will bring an offer for sale worth Rs 252 crore. The company has fixed the price band from Rs 303 to Rs 306 per share for its Rs 909 crore IPO.

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Paytm is going to bring the biggest IPO of the country so far, Vijay Shekhar Sharma to step down from the role of promoter

5 big IPOs coming next week

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