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September, 2021 - MMJC - Page 2
September 6, 2021
SEBI moves to empower independent directors
In a bid to empower independent directors of listed companies, market regulator SEBI has overhauled rules relating to their appointment, removal, and remuneration aimed at giving more say to shareholders while reducing the influence of promoters. Makarand Joshi, founding partner, MMJC and Associates LLP, said, “SEBI has given more teeth to independent directors since both
September 6, 2021
SEBI relaxes norms for promoters of IPO-bound firms; lock-in period reduced to 18 months
At a time when many companies are looking to list on the stock exchanges through an initial public offer (IPO), the Securities and Exchange Board of India (SEBI) has relaxed the norms related to the lock-in of shares held by promoters of such companies. “The change in regulatory framework for the promoter and promoter group
September 6, 2021
Explained | How new RBI rules change the way auditors function in banks
The Reserve Bank of India (RBI) has tightened norms for the appointment and functioning of auditors in commercial banks and non-banking finance companies (NBFCs). The role of auditors has been questioned whenever bank frauds have happened in the past including the PNB scam, YES Bank, IL&FS and DHFL episodes. The irregularities, in most cases, happened over
September 6, 2021
Debt resolution plan: Exchanges give firms 30 minutes to inform them of NCLT order
In a bid to curb speculative trading, stock exchanges have mandated listed companies undergoing insolvency processes to inform them within 30 minutes of an NCLT approving their debt resolution plan. Makarand Joshi, Partner, MMJC, said market speculation begins immediately after the IBC bidding process starts and continues till the resolution plan is approved. Tight secrecy
September 4, 2021
The failure or breach of the settlement agreement cannot be a ground to trigger CIRP against Corporate Debtor
The petition was filed by M/s. Omega Properties Private Limited – the Operational Creditor (OC) under section 9 of Insolvency and Bankruptcy Code, 2016 (IBC/Code) seeking admission of the petition, initiation of Corporate Insolvency Resolution Process (CIRP), granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. Prajay Properties Private
September 4, 2021
Have you changed Internal Committee members under POSH Act after 3 years?
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (“POSH Act“) was enacted with the objective of providing protection against sexual harassment of women at workplace and for the prevention and redressal of complaints of sexual harassment and for matter connected therewith or incidental thereto. Constitution of Internal Committee Under the
September 4, 2021
SEBI holds Compliance Officer liable for selectively tracking of trading of certain designated persons
Facts of Case and allegations: SEBI conducted investigation into trading pattern of Marksons Pharma Ltd (‘MPL’). During examination SEBI observed that certain employees of MPL, who were also “designated persons” of MPL, had executed contra trades in violation of Clause 10 of the Code of Conduct as per SEBI (Prohibition of Insider Trading) Regulations, 2015
September 4, 2021
Amendment to SEBI (PIT) Regulations
Securities and Exchange Board of India (SEBI) vide its notification dt: 26 April 2021 has amended Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 [PIT 2015/PIT regulations]. Vide this amendment SEBI has omitted Regulation 7(1)(a) of PIT 2015. Prior to amendment Regulation 7(1)(a) of PIT 2015 read as follows, “Every promoter,
September 1, 2021
Pre-packed Insolvency Resolution process for MSME – A boon in disguise during Pandemic?
Introduction: The President of India has promulgated Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 on 4 April 2021 to allow pre-packaged insolvency resolution process (PPIRP) for Corporate Debtors classified as a Micro, Small or Medium Enterprise (MSMEs) under section 7 of the Micro, Small and Medium Enterprises Development Act, 2006. The Ordinance is promulgated to
September 1, 2021
Discussion Paper on Review of Regulatory Provisions relating to Independent Directors
Why this Discussion Paper: As per the Code of Conduct, Independent Directors (IDs) are expected to pay specific attention on the integrity of financial information and on related party transactions along-with safeguarding the interests of the minority shareholders. Accordingly, the Audit Committee of the board which is responsible for approving related party transactions and for