Amendments to existing lawsLegislation Updates

Ministry of Home Affairs makes the following AMENDMENT to the NOTIFICATION of the Government of India dated 20-09-2019 and in pursuance of the Regulation 6 and 8 for the award of the decoration SARDAR PATEL NATIONAL UNITY AWARD of the Gazette of India:—

Regulation 6– Substitute “Any citizen of India without distinction of religion, race, caste, gender, place of birth, age or occupation and any institution/organization shall be eligible for the Award.” for “Any person without distinction of race, occupation, position or sex shall be eligible for the award.”

Regulation 8– Substitute “The names of the person or organization or institution, upon whom the decoration is conferred, shall be published in the Gazette of India and a register of all such recipients shall be maintained under the direction of the President.” for “The names of the persons, upon whom the decoration is conferred, shall be published in the Gazette of India and a register of all such recipients shall be maintained under the direction of the President.”

*Please refer to the notification passed pertaining to the regulations here: REGULATIONS


Ministry of Home Affairs

[Notification dt. 20-09-2019]

Legislation UpdatesRules & Regulations

F.No.I-19034/2/2019-NI-II Per./—The President is pleased to make the following regulations for the award of the decoration SARDAR PATEL NATIONAL UNITY AWARD:-

1. The decoration shall be conferred by the President by a Sanad under his hand and seal.

2. The decoration shall be in the form of a Lotus leaf, six centimeters in length, six and two centimeters at its greatest breadth and four millimeters in thickness. It shall be of fine silver and gold. On its obverse shall be embossed a replica of the lotus four and five centimeters circle and three-four of a centimeters in diameter with petals of lotus spreading out from sixteen petals and one-two of a centimeter the rope circle, and all sixteen petals attached or based with rope circle and inner circle an embossed photo of Sardar Vallabhbhai Patel spreading out from one-six of a centimeter and between rope and circle of photo embossed the words SARDAR PATEL NATIONAL UNITY AWARD in Hindi. The portrait of Sardar Patel shall be embossed upon a circular shaped gold metal with a diameter of two centimeters and on the reverse shall be embossed the State Emblem and motto in Hindi. The Emblem, the lotus and the petals shall be of fine silver plated with gold and the inscription shall be of frosted gold.

3. A sealed pattern of the decoration (manufactured according to the specification described above and the drawing in the ANNEXURE to these regulations) shall be deposited and kept.

4. The decoration shall be worn by men on the left breast, suspended from a plain lotus tri-colour ribbon one and four centimeters in width and by women the same colour and width fashioned into a bow.

5. The decoration shall be awarded for notable and inspiring contributions to promote the cause of national unity and integrity and to reinforce the value of a strong and united India.

6. Any person without distinction of race, occupation, position or sex shall be eligible for the award.

7. The decoration may be awarded posthumously in very rare and only in highly deserving cases.

8. The names of the persons, upon whom the decoration is conferred, shall be published in the Gazette of India and a register of all such recipients shall be maintained under the direction of the President.

9. The miniature of the decoration which may be worn on certain occasions by recipients shall be half the size of the SARDAR PATEL NATIONAL UNITY AWARD, and a sealed pattern of the said miniature shall be deposited and kept.

10. The President may cancel and annul the award of the decoration to any person or organization or institution and thereupon his name shall be erased from the Register and he shall be required to surrender the decoration and the Sanad. But it shall be competent for the President to restore the decoration and Sanad and to withdraw the orders of cancellation and annulment. The notice of cancellation or restoration in every case shall be published in the Gazette of India.


Ministry of Home Affairs

[Notification dt. 20-09-2019]

Legislation UpdatesNotifications

No. SEBI/LAD-NRO/GN/2019/08.— In exercise of the powers conferred under Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, namely:-

1. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2019.

2. They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 –

   I. in Regulation 2, in sub-regulation (1),-

                      i. clause (x), shall be substituted with the following, namely,-
“ “innovators growth platform” means the trading platform for listing and trading of specified securities of issuers that comply with the eligibility criteria specified in Regulation 283;”

                     ii. in clause (y), the words “institutional trading platform” shall be substituted with the words  “innovators growth platform”.

II. in Regulation 3, in clause (i), the words “institutional trading platform” shall be substituted with the words “innovators growth platform”.

III. in CHAPTER X, in the heading, the words “INSTITUTIONAL TRADING PLATFORM” shall be substituted with the words “INNOVATORS GROWTH PLATFORM”.

IV. in Regulation 282, in sub-regulation (3), the words “and not to retail individual investors” shall be omitted.


Please follow the link for detailed notification: NOTIFICATION

Legislation UpdatesRules & Regulations

G.S.R. 160(E)—In exercise of the powers conferred by Section 9 and clause (e) of sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 [Notification No. FEMA 10(R)/2015-RB dated January 21, 2016], namely:—

1. Short Title and Commencement:—
(i) These regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2019.
(ii) They shall come into force from the date of their publication in the Official Gazette.

2. Amendment to Regulation 4:
In Regulation 4, the existing sub-regulation (G)(2), shall be substituted as follows:—
“(2) An authorized dealer in India may, subject to the directions as may be issued by the Reserve Bank, allow ship-manning / crew managing agencies in India and re-insurance and composite insurance brokers registered with IRDA to open and maintain non-interest bearing foreign currency accounts in India for the purpose of undertaking transactions in the ordinary course of their business.”

[No. FEMA 10(R)(2)/2019-RB]

[Notification dt. 27-02-2019]

Reserve Bank of India

Legislation UpdatesRules & Regulations

G.S.R. 151(E)—In exercise of the powers conferred by clause (g) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments to the Foreign Exchange Management (Export and import of Currency) Regulations, 2015 (Notification No. FEMA 6(R)/RB-2015 dated December 29,2015) (hereinafter referred to as ‘the Principal Regulations’), namely:—

1. Short Title & Commencement:—

(i) These Regulations may be called the Foreign Exchange Management (Export and import of Currency) (Amendment) Regulations, 2019
(ii) They shall come into force from the date of their publication in the Official Gazette.

2. Amendment to Regulation 8

(i) The existing sub-Regulation (1) of Regulation 8 shall be substituted with the following, namely:—

    (1) take or send out of India to Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs. 100 in either case), provided that an individual travelling from India to Nepal or Bhutan can carry Reserve Bank of India notes of Mahatma Gandhi (new) Series of denominations Rs. 200/- and/or Rs. 500/- up to a total limit of Rs. 25,000;

[No. FEMA 6(R)/(1)/2019-RB]

Reserve Bank of India

Legislation UpdatesNotifications

No. L-1/144/2013-CERC— In exercise of powers conferred under Section 178 of the Electricity Act, 2003 and all other powers enabling it in this behalf, and after previous publication, the Central Electricity Regulatory Commission hereby makes the following regulations, to amend Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2014, (hereinafter referred to as “the Principal Regulations”), namely:

1. Short title and commencement: (1) These regulations may be called the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) (Second Amendment) Regulations, 2019.

(2) These regulations shall come into force with effect from the date of notification in the Official
Gazette.

2. Insertion of new Regulation: The following new Regulation shall be inserted after Regulation 49 of the Principal Regulations.

“49A Transmission Majoration Factor:

Transmission Majoration Factor admissible for the transmission projects executed through JV route in terms of Regulation 4.10A of the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2001 shall be available for a period of 25 years from the date of issue of the transmission licence.”

Amendments to existing lawsLegislation Updates

The Insolvency and Bankruptcy Board of India (IBBI) has notified on 04-07-2018, the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018.

The following are salient amendments to the regulations:

a. The regulations provide that wherever the corporate debtor has classes of creditors having at least ten creditors in the class, the interim resolution professional shall offer a choice of three insolvency professionals in the public announcement to act as the authorised representative of creditors in each class. A creditor in a class may indicate its choice of an insolvency professional, from amongst the three choices provided by the interim resolution professional, to act as its authorised representative. The insolvency professional, who is the choice of the highest number of creditors in the class, shall be appointed as the authorised representative of the creditors of the respective class.

b. An application for withdrawal of an application admitted under Section 7, 9 or 10 of the Code (for closure of corporate insolvency resolution process) may be submitted to the interim resolution professional or the resolution professional, as the case may be, before issue of invitation for expression of interest, along with a bank guarantee towards estimated cost incurred for certain purposes under the process. The committee of creditors (CoC) shall consider the application within seven days of its constitution or seven days of receipt of the application, whichever is later. If the application is approved by the CoC with 90% voting share, the resolution professional shall submit the application to the Adjudicating Authority on behalf of the applicant, within three days of such approval.

c. Where rate of interest has not been agreed to between the parties in case of creditors in a class, the voting share of such a creditor shall be in proportion to the financial debt that includes an interest at the rate of eight per cent p.a.

d. Where the appointment of resolution professional is delayed, the interim resolution professional shall perform the functions of the resolution professional from the fortieth day of the insolvency commencement date till a resolution professional is appointed.

e. A meeting of the CoC shall be called by giving not less than five days’ notice in writing to every participant. The CoC may, however, reduce the notice period from five days to such other period of not less than forty-eight hours where there is any authorised representative and to twenty-four hours in all other cases. The authorised representative shall circulate the agenda to creditors in a class and announce the voting window at least twenty-four hours before the window opens for voting instructions and keep the voting window open for at least twelve hours.

f. The resolution professional shall form an opinion whether the corporate debtor has been subjected to certain transactions (preferential transactions, undervalued transactions, extortionate transactions or fraudulent transactions) by 75th day and make a determination of the same by 115th day of the insolvency commencement date.  Where the resolution profesional makes such a determination,  he shall apply to the Adjudicating Authority for appropriate relief before 135th day of the insolvency commencement date.

g. The resolution professional shall publish an invitation for expression of interest (EoI) by the 75th day from the insolvency commencement date. The invitation shall specify the criteria, ineligibility, the last date for submission of EoI and other details and shall not require payment of non-refundable deposit. Any EoI received after the specified time shall be rejected. The resolution professional shall conduct due diligence based on material on record and issue a provisional list of prospective resolution applicants within 10 days of the last date of submission of EoI. On considering objections to the provisional list, the resolution professional shall issue the final list of prospective resolution applicants, within 10 days of the last date for receipt of objections.

h. The resolution professional shall issue the information memorandum, the evaluation matrix and the request for resolution plans (RFRP), within 5 days of issue of the provisional list to the prospective resolution applicants and allow at least 30 days for submission of resolution plans. The RFRP shall detail each step in the process, and the manner and purposes of interaction between the resolution professional and the prospective resolution applicant, along with corresponding timelines. The resolution plan needs to demonstrate that (a) it addresses the cause of default; (b) it is feasible and viable; (c) it has provisions for its effective implementation; (d) it has provisions for approvals required and the timeline for the same; and (e) the resolution applicant has the capability to implement the resolution plan. The CoC shall evaluate the resolution plan strictly as per the evaluation matrix to identify the best resolution plan and may approve it with the required majority. If approved by the CoC, the resolution professional shall endeavour to submit the resolution plan approved by the CoC to the Adjudicating Authority at least fifteen days before the maximum period for completion of corporate insolvency resolution process, along with a compliance certificate in the specified Form.

The regulations provide for a model timeline of the corporate insolvency resolution process assuming that the interim resolution professional is appointed on the date of commencement of the process and the time available is 180 days, as under:

Section / Regulation Description of Activity Norm Timeline
Section 16(1) Commencement of CIRP and appointment of IRP …. T
Regulation 6(1) Public announcement inviting claims Within 3 Days of Appointment of IRP T+3
Section 15(1)(c) / Regulations 6(2)(c) and 12 (1) Submission of claims For 14 Days from Appointment of IRP T+14
Regulation 12(2) Submission of claims Up to 90th day of commencement T+90
Regulation 13(1) Verification of claims received under regulation 12(1) Within 7 days from the receipt of the claim T+21
Regulation 13(2) Verification of claims received under regulation 12(2) T+97
Section 21(6A) (b) / Regulation 16A Application for appointment of AR Within 2 days from verification of claims received under regulation 12(1) T+23
Regulation 17(1) Report certifying constitution of CoC T+23
Section 22(1) / Regulation 19(1) 1st meeting of the CoC

 

Within 7 days of the constitution of the CoC, but with seven days’ notice T+30
Section 22(2) Resolution to appoint RP by the CoC In the first meeting of the CoC T+30
Section 16(5) Appointment of RP On approval by the AA ……
Regulation 17(3) IRP performs the functions of RP till the RP is appointed. If RP is not appointed by 40th day of commencement T+40
Regulation 27 Appointment of valuer Within 7 days of appointment of RP, but not later than 40th day of commencement    T+47
Section 12(A) / Regulation 30A Submission of application for withdrawal of application admitted Before issue of EoI W
CoC to dispose of the application Within 7 days of its receipt or 7 days of constitution of CoC, whichever is later. W+7
Filing application of withdrawal, if approved by CoC with 90% majority voting, by RP to AA Within 3 days of approval by CoC W+10
Regulation 35A RP to form an opinion on preferential and other transactions Within 75 days of the commencement T+75
RP to make a determination on preferential and other transactions Within 115 days of commencement T+115
RP to file applications to AA for appropriate relief Within 135 days of commencement T+135
Regulation 36 (1) Submission of IM to CoC Within 2 weeks of appointment of RP, but not later than 54th day of commencement T+54
Regulation 36A Publish Form G Within 75 days of commencement T+75
Invitation of EoI
Submission of EoI At least 15 days from issue of EoI (Assume 15 days)   T+90
Provisional List of RAs by RP Within 10 days from the last day of receipt of EoI T+100
Submission of objections to provisional list For 5 days from the date of provisional list T+105
Final List of RAs by RP Within 10 days of the receipt of objections T+115
Regulation 36B Issue of RFRP, including Evaluation Matrix and IM Within 5 days of the issue of the provisional list T+105
Receipt of Resolution Plans At least 30 days from issue of RFRP (Assume 30 days) T+135
Regulation 39(4) Submission of CoC approved Resolution Plan to AA As soon as approved by the CoC T+165
Section 31(1) Approval of resolution plan by AA T=180

Note: AAAdjudicating Authority; ARAuthorised Representative; CIRPCorporate Insolvency Resolution Process; CoCCommittee of Creditors; EoIExpression of Interest; IMInformation Memorandum; IRPInterim Resolution Professional; RAResolution Applicant; RPResolution Professional; RFRPRequest for Resolution Plan.

Ministry of Corporate Affairs