Reference: Reserve Bank of India
Update:
COVID-19- Operational and Business Continuity Measures
RBI has provided a list of steps for preventing and controlling the local transmission of disease to be taken by the respective banks/financial institutions as a part of their existing operational and business continuity plans, namely;
- Dectection of infected employees including travel plans and quarantine requirements as well as avoiding spread of panic among staff and members of the public.
- Taking stock of critical processes and revisiting Business Continuity Plan (BCP) with the aim of continuity in critical interfaces and preventing any disruption of services.
- Taking steps of sharing important instructions/strategy with the staff members at all levels for soliciting better response and participation and sanitizing the staff members about preventive measures/steps to be taken in suspected cases.
- Encouraging customers to use digital banking facilities as fas as possible.
RBI also advises the entities to assess impact on their balance sheet, asset quality, liquidity etc arising out of potential scenarios.
Implication:
Quick Response Team may be constituted for the purpose, which shall provide regular updates to the top management on significant developments.
Reference: Employment/Labour Laws
Update:
Employees’ Pension Scheme (Amendment) Scheme, 2020
Considering demands of EPS, 1995 pensioners, the Government has constituted a High Empowered Monitoring Committee for complete evaluation and review of EPS, 1995. It has given State/UT-wise details of number of employees enrolled under EPS, 1995 in Annexure-1
Implication:
The Government has notified decision to restore normal pension after completion of 15 years from the date of such commutation.
Reference: Securities and Exchange Board of India
Update:
Monetary penalty on G R K Reddy and 21 others
GRK Reddy, GRK Reddy Sons HUF, Global Inforserv Ltd, Marg Capital Markets Ltd, Marg Projects and Infrastructure Ltd, Raghunatha Reddy SV, Nagaraja Reddy SV, Chandra Reddy E, Subhash Reddy Y, Revanth S, Hymavathi S, Laxmi E, Manjula Y, Mallikarjuna Rao G, Parvathi Devi G, Surendranathan Reddy Gorepatti, VP Rajini Reddy, Madhusudhan Reddy Gorepatti, Exemplarr Worldwide Ltd and Akshya Infrastructure Private Limited (Noticees 1-22) respectively, have failed to make public announcement on the respective dates during the financial years 2006-07, 2007-08 and 2010-11 thereby violating the provisions of regulation 11(1) read with regulation 14(2) of the SAST Regulations which relate to the consolidation of holdings and timing of the public announcement of offer.
Hence, SEBI imposed a monetary penalty of Rs. 74,75,00,000/- on the noticees for violating the said provisions.
Implication:
The Noticee shall remit / pay the said amount of penalty jointly and severally within 45 days of receipt of this order.
Update:
Monetary penalty on Akshya Infrastructure Private Limited
Akshya Infrastructure Private Limited (Noticee) did not carry out the changes in the LOO as specified by SEBI vide letter dated November 30, 2012, failed to send LOO to the shareholders and to make public announcement for revision of the offer price in compliance with SEBI observation letter dated November 30, 2012 thereby violating the provisions of regulation 18(2) read with regulation 26 of the SAST Regulations which is related to the submission of letter to the board and upward revision of offer.
Hence, SEBI imposed a monetary penalty of Rs 25,00,000/- on the Noticee for violating the said provisions.
Implication:
The Noticee shall remit / pay the said total amount of penalty within 45 days of receipt of this order.
KNOWLEDGE ALERT
Insights to help you sharpen your Governance, Risk and Compliance Knowledge
Issued by: Knowledge Management Team of JHS & Associates LLP (JHS), Chartered Accountants
DISCLAIMER
- JHS & Associates LLP, Chartered Accountants [“JHS”] by means of this presentation is not rendering any professional advice, or services whatsoever.
- JHS is under no obligation whatsoever to update, or revise this presentation, or the information provided herein.
- JHS has taken reasonable care to ensure that the information in this presentation is accurate. It however accepts no legal responsibility for any consequential incidents that may arise from errors or omissions contained in this presentation.
- This presentation is strictly confidential and is for the intended recipient only. It is solely for the recipient to determine what may, or may not be accurate or appropriate.
- This presentation should be viewed solely in conjunction with the oral session conducted by JHS, failing which it is deemed to be incomplete.
- This presentation is based on the information available to JHS at the time of preparing the same, all of which are subject to changes which may, directly or indirectly impact the information and statements given in this presentation.
- This presentation has been prepared on the basis of information available in the public domain and is intended for guidance purposes only. This information is not comprehensive and has not been independently verified as to accuracy, or completeness by JHS.
- This presentation may not be used for any other purpose without the prior written consent of JHS.
- Neither JHS, nor any person associated with JHS will be responsible for any loss howsoever sustained by any person or entity who relies on this presentation. Interested parties are strongly advised to examine their precise requirements for themselves, form their own judgments and seek appropriate professional advice.
If you do not wish to receive this knowledge alert you may please write to us on connect@jhsassociates.in .If you have any questions or seek more clarity please write to us on connect@jhsassociates.in.
Copyright © 2020. JHS & Associates LLP, Chartered Accountants. All Rights Reserved
