Reference: Ministry of Corporate Affairs
Update:
Filing of forms ln the Registry by the Insolvency Professional or Resolution Professional or Liquidator appointed under Insolvency Bankruptcy Code, 2016
MCA has prescribed the following procedures shall be followed in respect of cases wherein filing of forms in the registry of IP/RP/Liquidator has been appointed under IBC, 2016:-
- The IRP/ RP/ Liquidator would have to first file the NCLT order approving him as the IRP/RP/Liquidator in form INC-28.
- Jurisdictional ROC, shall thereafter examine and approve the INC-28 form so filed if the same is found to be in order. If the filed Form is not in order, he shall mark the form as under Re-submission / Rejected category.
- The Master Data for the company shall, after the approval of Form No. INC28 clearly display that the said company is under CIRP or Liquidation.
MCA also clarified that in case the order of admission of a company (corporate Debtor) into cIRP or into liquidation is stayed or set aside by the Tribunal or Appellate Tribunal or other courts, such order shall be filed in Form INC-28 by the concerned IP, and the status ofthe company and the authorisation for filing of forms on behalf of company would then change accordingly.
Implication:
Unless INC-28 e-form is approved, no other forms would be enabled for filing by the IRP/RP/Liquidator in his role of designated CEO. The IRP/RP/Liquidator in his role as designated CEO shall again file e-form INC-28 upon the approval of the resolution plan, initiation of liquidation proceedings or upon withdrawal of the application for CIRp based.
Reference: Securities and Exchange board of India
Update:
Settlement Order in respect of Ashok Vishwanath Hiremath (HUF), & others
Applicants submitted a combined Settlement Application dated June 17, 2019 stating that since all belong to the promoter group, they be treated as one in view of the Hon’ble SAT observation in the matter of Gopalakrishnan Raman & Ors. Vs. SEBI
Hence, SEBI approved that the case may be settled on payment of Rs 3,17,900/- towards settlement charges.
Implication:
SEBI can take enforcement actions including commencing/reopening of the proceedings if it finds out that:
- Any representation made by the Applicants in the settlement proceedings are subsequently discovered to be untrue; or
- The Applicants breach any of the clauses/conditions of undertakings/waivers filed during the current settlement proceedings.
Update:
Monetary penalty on Akash Ispat Private Limited
Akash Ispat Private Limited(Noticee) had executed a total of 43 such trades in 14 unique contracts which allegedly led to creation of artificial volume of total 85,29,500 units. SEBI also observed that the Noticee, by executing non genuine trades during the relevant period, registered a positive close out difference of ₹1,73,27,963/-approx. The trades entered by the Noticee were reversed on the same day within a very short span of time with same counterparty at a substantial price difference without any basis for significant change in the contract price which indicates that these trades are artificial and are non-genuine in nature.
Hence, SEBI has imposed a monetary penalty of ₹5,00,000/- upon Akash Ispat Private Limited under section 15HA of the SEBI Act.
Implication:
The Noticee shall remit / pay the said amount of penalty within 45 days of receipt of this order in either of the way of demand draft.
Update:
Monetary penalty on Transchem Ltd and others (Noticees)
SEBI found that Transchem Ltd and others did not make open offer pursuant to their shareholding breaching the 25% threshold post the acquisition of shares of Transchem on January 30, 2012 and thus violated the provisions of Regulation 3(1) of SAST Regulations, 2011 that mandates that an acquirer together with persons acting in concert, shall not acquire shares or voting rights, which entitles them to exercise 25% or more than of the voting rights, unless the acquirer makes a public announcement of an open offer for acquire shares in accordance with the SAST Regulations.
Hence, SEBI imposed a penalty of Rs 4,50,000/- on the Noticees to be paid jointly and severally, under Section 15H(ii) of SEBI Act, 1992 for the violations of the provisions of Regulation 3(1) of SAST Regulations, 2011.
Implication:
The Noticees shall jointly and severally remit / pay the said amount of penalty within 45 days of receipt of this order.
Reference: Reserve Bank of India
Update:
5 NBFCs surrendered Certificate of Registration
Following 5 NBFCs have surrendered their certificate of registration issued to them by Reserved Bank of India
- Consolidated Photo & Finvest Limited
- Kamakshi Marketing Private Limited
- Kamdhenu Enterprises Limited
- Chandan Credits Limited
- Jam Hire Purchase Private Limited
Implication:
These companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Update:
Cancellation of Certificate of Registration of Two NBFCs:
RBI cancels Certificate of Registration of following Two NBFCs
- M. L. Singhi & Associates Private Limited.
- Stanchart Securities Private Limited
Implication:
The above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.
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