19 - Legal & Regulation Updates - India
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SEBI: Amendment pursuant to comprehensive review of Investor Grievance
Redressal Mechanism
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SEBI
via Circular dated February 23, 2017 has modified the existing Investor
Grievance Redressal Mechanism for the stock exchanges and depositories. The
key highlights introduced are as follows: The stock exchanges and
depositories are now required to disseminate the profiles of the Arbitrators
appointed by the parties, on their websites.
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SEBI - Consultation Paper for Review of Regulations and Relevant
Circulars pertaining to Market Infrastructure Institutions (MIIs) viz., Stock
Exchanges, Depositories and Clearing Corporations
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The
SEBI Board had earlier constituted a Committee to examine issues arising from
the ownership and governance of MIIs. The Committee had recommended that the
SECC Regulations, D&P Regulations and SEBI Circular dated December 13,
2012 which prescribes procedural norms on Recognition, Ownership and
Governance for Stock Exchanges and Clearing Corporations, requires
comprehensive review of the existing framework so as to address the concerns
and to keep in sync with the changing market dynamics. The Committee had also
recommended reviewing the SECC Regulations after 5 years from the date of
Notification of SECC Regulations i.e. June 2012.
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SEBI Circular - Prudential limits in sector exposure for Housing
Finance Companies (HFCs)
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SEBI
vide its circular dated February 22, 2017 has modified the limits in sector
exposure for HFCs. Subsequent to this modification an additional exposure to
financial services sector (over and above the limit of 25%) not exceeding 15%
of the net assets of the debt schemes of mutual funds shall be allowed only
by way of increase in exposure to HFCs.
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SEBI Circular on Mutual Funds- Amendments to SEBI (Mutual Funds)
Regulations, 1996
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SEBI
via circular dated February 28, 2017 has amended the Regulations as
follows-Clause 13 in the Seventh Schedule of the Regulations relating to
investment in units of Real Estate Investment Trust or Infrastructure
Investment Trust ("REITs/InvITs") is now applicable to all fresh
investments by all schemes, including an existing scheme.
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SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations,
2017
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SEBI
via its Circular dated February 28, 2017 has notified the amended Regulations
through which Foreign Portfolio Investors (“FPIs”) are authorized to invest
in the following securities: Unlisted corporate debt securities in the form
of Non-Convertible Debentures/Bonds issued by Public or Private Indian
Companies subject to
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MCA Circular - Clarification regarding applicability of sub-section
(2) of Sec. 391 of the Companies Act, 2013
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MCA
via its Circular dated February 22, 2017 has issued clarifications with
regards to the applicability of sub-section (2) of Sec. 391 of the Act which
deals with closure of place of business of a foreign company in India.
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RBI- Master Directions on Money Transfer Service Scheme
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Money
Transfer Service Scheme (“MTSS”) envisages a tie-up between reputed money
transfer companies abroad known as “Overseas Principals” on one hand and
agents in India known as “Indian Agents” on the other hand. These Indian
Agents disburse funds to beneficiaries in India at ongoing exchange rates.
However, since only inward remittances are allowed under the scheme, Indian
Agents are not allowed to remit any amount to the Overseas Principal.
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CBEC: Launch of a mobile application for Goods and Services Tax
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CBEC
launched a GST app called “CBEC GST”. The launch of the app is a yet another
initiative by CBEC towards improving ease of doing business, providing
services to the taxpayer and in line with the governments Digital India
initiative.
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The Ease of Compliance to Maintain Registers under various Labour Laws
Rules, 2017
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The Ease of Compliance to Maintain Registers under various Labour Laws
Rules, 2017 have come into force. The purpose of the Rules is to maintain a
combined register under various Labour laws.
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SEBI introduces the SEBI (Payment of Fees and Mode of Payment)
(Amendment) Regulations, 2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment Of
Fees And Mode Of Payment) (Amendment) Regulations, 2017, with the purpose of
introducing payment methods by way of direct credit in bank account through
NEFT/RTGS/IMPS or any other mode allowed by RBI and substitutions in certain
schedules pertaining to the payment of fees.
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Order of National Company Law Tribunal (“NCLT”), Mumbai Bench.
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Cyrus
Investment Private Limited & Anr. (“Petitioners”) v. M/s. Tata Sons Ltd.
& Ors (“Respondents”). NCLT orders the Company petition filed by the
Petitioners as not maintainable under section 241, 242 and 244 of Companies
Act, 2013 (“Act”) and lists it for hearing on the point of Waiver.
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Order of National Company Law Tribunal (“NCLT”), Kolkata Bench.
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Oriental
Sales Agencies (India) Private Limited (“Transferor Company”) & AMRI
Hospitals Limited (“Transferee Company”). NCLT rejected the request of the
petitioner for holding a separate Meeting of secured and unsecured creditors
of parties to a Scheme of Arrangement in the matter of Sections 230, 231 232
of the Companies Act, 2013.
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Reserve Bank Establishes an Inter-disciplinary Standing Committee on
Cyber Security
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The
Reserve Bank of India has set up an Inter-disciplinary Standing Committee on
Cyber Security.
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Reserve Bank of India (“RBI”) issues Circular on Infrastructure
Financing- Definition of ''Infrastructure Lending''
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The
new definition is as follows : “Infrastructure Lending” means a credit
facility extended by NBFC to a borrower, by way of term loan, project loan,
subscription to bonds/ debentures/ preference shares/ equity shares in a
project company acquired as a part of the project finance package such that
subscription amount to be “in the nature of advance” or any other form of
long term funded facility for exposure in the infrastructure sub-sectors as
notified by the Department of Economic Affairs, Ministry of Finance,
Government of India, from time to time.
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Central Motor Vehicles (Amendment) Rules, 2017
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The
Ministry of Road Transport and Highways has introduced Draft rules to amend
The Central Motor Vehicle Rule, 1989 with the introduction of Form 5A for
heavy passenger motor vehicles and heavy goods vehicles.
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Aircraft (Amendment) Rules, 2017
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Draft
of Aircraft (Amendment) Rules, 2017 has been introduced by Ministry of Civil
Aviation. Among other changed, it has proposed definitions for the following:
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The Mineral Conservation and Development Rules, 2017
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The
Mineral Conservation and Development Rules, 2017 have been introduced. The
notified Rules repeal the Mineral Conservation and Development Rules, 1988.
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Trade Marks Rules, 2017
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The
Trade Marks Rules, 2017 have been notified and have come into effect. The
notified Rules repeal The Trade Marks Rules, 2002.
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IRDAI has issued an exposure draft on Information and Cyber Security
Framework for Insurance Sector
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This
exposure draft is applicable to the following: All organizations which are
regulated by IRDAI. Entities and individuals dealing with the Regulated
Organizations as specified in the guidelines. All information, records, data
created, received or maintained by insurers, intermediates and other
registered entities who have access to the policyholder’s information.
Overseas offices of the organization considering the laws of the country in
which they operate.
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IRDAI: Addition of new Categories of Master Policyholders in
Guidelines on Claim processing for Group Insurance Policies
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IRDAI
had issued “Guidelines on Claim Processing for Group Life Insurance Policies
under Lender Borrower Schemes” dated 29/12/2014. The Guidelines provide that
insurers may settle their outstanding loan amounts by making payment to
Master Policyholders prescribed under the Guidelines. Further, the guidelines
prescribe the procedure to be adopted for the same.
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Revision of Minimum Rates of Wages in National Capital Territory of
Delhi
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The Minimum Wage Rate under Minimum Wages Act have been revised. The
above rates came into force from 3rd March 2017. The wages have been revised
for workmen classified as Skilled, unskilled and semi-skilled and also for
Clerical and Supervisory staff under the categories of Non Matriculate,
Matriculate but not Graduate, graduate and above. Also the Rate of Adjustment
for Dearness Allowance Neutralization has been set.
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SEBI: Amendments to SEBI (Alternative Investment Funds) Regulations,
2012 pursuant to SEBI (Payment of Fees and Mode of Payment)(Amendment)
Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, Second Schedule, Part B of the Regulations now allows payment
by way of direct credit in bank account through NEFT/RTGS/IMPS or any other
mode allowed by RBI. The said schedule relates to payment of fees by
Alternative Investment Funds.
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SEBI: Amendments to Securities Contracts (Regulation) (Stock Exchanges
and Clearing Corporations) Regulations, 2012 pursuant to SEBI (Payment of
Fees and Mode of Payment)(Amendment) Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, Schedule I, Form A (5) of the Regulations has been amended and
accordingly the proof of electronic mode of payment for remittance of fees
for application made under Form A has been added.
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SEBI: Amendments to SEBI (Real Estate Investment Trusts) Regulations,
2014 pursuant to SEBI (Payment of Fees and Mode of Payment)(Amendment)
Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, Schedule II (5) of the Regulations now allows payment by way of
direct credit in bank account through NEFT/RTGS/IMPS or any other mode
allowed by RBI has been introduced. The said Schedule II relates to payment
of fees by Real Estate Investment Trusts.
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SEBI: Amendments to SEBI (Issue and Listing of Non-Convertible
Redeemable Preference Shares) Regulations, 2013 pursuant to SEBI (Payment of
Fees and Mode of Payment)(Amendment) Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, Schedule III (2) and (4) of the Regulations now allows payment
by way of direct credit in bank account through NEFT/RTGS/IMPS or any other
mode allowed by RBI. The said Schedule relates to payment of fees with regard
to issue and listing of Non-Convertible Redeemable Preference Shares.
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SEBI: Amendments to SEBI (Infrastructure Investment Trusts)
Regulations, 2014 pursuant to SEBI (Payment of Fees and Mode of Payment)
(Amendment) Regulations, 2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, in Schedule II (5) of the Regulations, which relates to payment
of fees by Infrastructure Investment Trusts, the payment method by way of
direct credit in bank account through NEFT/RTGS/IMPS or any other mode
allowed by RBI has been introduced.
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SEBI: Amendments to SEBI (Depositories and Participants) Regulations,
1996 pursuant to SEBI (Payment of Fees and Mode of Payment)(Amendment)
Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, in II Schedule Part B of the Regulations, which relates to
payment of fees by Depositories and Participants, payment method by way of
direct credit in bank account through NEFT/RTGS/IMPS or any other mode
allowed by RBI has been introduced.
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SEBI: Amendments to SEBI (Custodian of Securities) Regulations, 1996
pursuant to SEBI (Payment of Fees and Mode of Payment)(Amendment)
Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, in Schedule II Part B (I) of the Regulations, which relates to
payment of fees by Custodians, payment method by way of direct credit in bank
account through NEFT/RTGS/IMPS or any other mode allowed by RBI has been
introduced.
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SEBI: Amendments to SEBI (Foreign Venture Capital Investor)
Regulations, 2000 pursuant to SEBI (Payment of Fees and Mode of Payment)
(Amendment) Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, in Schedule II Part B (1) of the Regulations, which relates to
payment of fees by Foreign Venture Capital Investor, payment method by way of
direct credit in bank account through NEFT/RTGS/IMPS or any other mode
allowed by RBI has been introduced.
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SEBI: Amendments to SEBI (Mutual Funds) Regulations, 1996 pursuant to
SEBI (Payment of Fees and Mode of Payment)(Amendment) Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, in Schedule II Clause B of the Regulations, which relates to
payment of fees by Mutual Funds, payment method by way of direct credit in
bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI has been
introduced.
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SEBI: Amendments to SEBI (Stock Brokers and Sub-brokers) Regulations,
1992 pursuant to SEBI (Payment of Fees and Mode of Payment)(Amendment)
Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017 and subsequent to
this Notification the following Schedules of the Regulations have been
amended.
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SEBI: Amendments to SEBI (Collective Investment Scheme) Regulations,
1999 pursuant to SEBI (Payment of Fees and Mode of Payment) (Amendment)
Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, in Schedule II (3) of the Regulations, which relates to payment
of fees by the applicant of the scheme, payment method by way of direct
credit in bank account through NEFT/RTGS/IMPS or any other mode allowed by
RBI has been introduced.
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SEBI: Amendments to SEBI (Merchant Bankers) Regulations, 1992 pursuant
to SEBI (Payment of Fees and Mode of Payment)(Amendment) Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode Of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, In Schedule II(4) of the Regulations, which relates to payment
of fees by Merchant Bankers, payment method by way of direct credit in bank
account through NEFT/RTGS/IMPS or any other mode allowed by RBI has been
introduced.
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SEBI: Amendments to SEBI (Registrars to an Issue and Share Transfer
Agents) Regulations, 1993 pursuant to SEBI (Payment of Fees and Mode of
Payment) (Amendment) Regulations, 2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, in Schedule II(3), which relates to Payment of fees by Share
Transfer Agents, payment method by way of direct credit in bank account
through NEFT/RTGS/IMPS or any other mode allowed by RBI has been introduced.
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SEBI: Amendments to SEBI (Bankers to an Issue) Regulations, 1994
pursuant to SEBI (Payment of Fees and Mode of Payment)(Amendment)
Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode Of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, In Schedule II(4) of the Regulations, which relates to payment
of fees by a Banker to an Issue, payment method by way of direct credit in
bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI has been
introduced.
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SEBI: Amendments to SEBI (Debenture Trustees) Regulations, 1993
pursuant to SEBI (Payment of Fees and Mode of Payment)(Amendment)
Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, In Schedule II(4) of the Regulations, which relates to payment
of fees by the Debenture trustees, payment method by way of direct credit in
bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI has been
introduced.
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SEBI: Amendments to SEBI (Underwriters) Regulations, 1993 pursuant to
SEBI (Payment of Fees and Mode of Payment)(Amendment) Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, In Schedule II(4) of the Regulations, which relates to payment
of fees by Underwriters, payment method by way of direct credit in bank
account through NEFT/RTGS/IMPS or any other mode allowed by RBI has been
introduced.
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SEBI: Amendments to SEBI (Portfolio Managers) Regulations, 1993
pursuant to SEBI (Payment of Fees and Mode of Payment)(Amendment)
Regulations,2017
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SEBI
via Notification dated March 06, 2017 has introduced the SEBI (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2017. Subsequent to this
Notification, in Schedule II(4) of the Regulations, which relates to payment
of fees by Portfolio Managers, payment method by way of direct credit in bank
account through NEFT/RTGS/IMPS or any other mode allowed by RBI has been
introduced.
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SEBI: SEBI Mandates 3 years pre-existing relationship for Promoters
under Reg. 10 of SEBI (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011
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In the
matter of proposed acquisition of shares and voting rights in Gokul Agro
Resources Limited (“Target Company”) SEBI mandates pre-existing relationship
of Promoters for at least 3 years for being ‘qualifying parties’ under
Regulation 10(1)(a)(ii) of the SEBI (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011 (“Regulations”)
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RBI: Threshold set for cash against gold loans
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RBI
has issued a notification stating that Non Banking Financial Companies
(‘NBFC’) cannot disburse more than Rs. 20,000 cash against gold loans. This
instruction is line with the rules laid down in sections 269SS and 269T of
the Income Tax Act, 1961 and shall be applicable to all NBFC’s immediately.
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National Company Law Tribunal (“NCLT”) , Ahmedabad Bench
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NCLT
mandates convening of shareholders meeting for approving amalgamation despite
receipt of consent letters. Name of the Parties: Aditya Birla Financial
Services Ltd (“ABFSL”), Aditya Birla Nuvo Ltd (“ABNL”) and Grasim Industries
Ltd (“Grasim”).
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Ministry Of Labour and Employment: Maternity Benefit (Amendment) Bill,
2016 passed by Lok Sabha
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This
Maternity Benefit (Amendment) Bill, 2016 has received legislative assent from
Lok Sabha today. The Bill was introduced based on the recommendations of the
44th Indian Labour Conference and it brings significant changes such as
enhancing maternity leave, providing crèche facilities in organizations with
50 or more employees and other such provisions empowering working women.
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Ministry of Labour and Employment: Contract Labour (Regulation &
Abolition) Central (Amendment) Rules, 2017
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The
Ministry of Labour and Employment has introduced Draft Rules to amend the
Contract Labour (Regulation and Abolition) Central Rules, 1971. The rules
which are currently open for objections and suggestions shall be taken into
consideration after an expiry of thirty days from its publication in the
official gazette.
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Ministry of Labour and Employment: Inter-State Migrant Workmen
(Regulation of Employment and Conditions of Service) Central (Amendment)
Rules, 2015
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The
Ministry of Labour and Employment has introduced Draft Rules to amend the
Inter-state Migrant workmen (Regulation of Employment and Conditions of
Services) Rules, 1980. The Draft Rules are currently open for objections and
suggestions and shall be taken into consideration after an expiry of thirty
days from the date of their publication in the official gazette.
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IRDAI: Guidelines on lnsurance e-commerce
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IRDAI
has issued guidelines on Insurance E-Commerce as part of its developmental
mandate with a view to promote e-commerce in insurance space. The guidelines
will:
. Lower the cost of transacting insurance business . Bring higher efficiencies and will have a greater reach |
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Redressal mechanism by Telecom Regulatory Authority of India
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The telecom regulator has recommended the setting up of an Ombudsman
in order to resolve the increasing number of consumer complaints in the
telecom sector.
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