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February, 2023 - MMJC
February 28, 2023
Chamber of Tax Consultants (CTC) Publication – Feb 2023
Companies Act, 2013 ROC levied penalty on Auditors for non-reporting of non-compliance of audit report – In the matter of Sonasuman Constech Engineers Private Limited – Adjudication order passed by ROC Patna, dated 04.01.2023 Taking cue from the non-filing of annual returns by the company over all the years since incorporation, ROC assumed that the
February 28, 2023
MMJC Insights dated 27 Feb, 2023
MMJC insights dated 27 Feb, 2023 covers the following: Sr. No Particulars Restructuring: 1. Can Equity Shares be converted into Redeemable Preference Shares?? FEMA Corner 2. Online Gaming or Gambling? Companies Act 3. Rules :- In conflict with the Act or a pillar to count on 4. Filing of Certain forms in physical mode with
February 23, 2023
Consultation Papers on Proposed amendments in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Securities and Exchange Board of India (“SEBI”) has issued two Consultation papers on proposed amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [‘LODR Regulations”]. One consultation paper was released on February 20, 2023 on below aspects:- Streamlining Disclosures by Listed Entities, and Strengthening Compliance with LODR Regulations Another consultation paper was released on
February 15, 2023
MMJC Insights dated 15 Feb 2023
This issue of MMJC insights dated 15 Feb, 2023 covers the following: Sr. No Particulars MCA Corner 1 After effects of transit of e-forms from V2 portal of MCA to V3 portal 2 Responsibilities of Auditor & BOD is it in tandem? SEBI Corner 3 The new era of Climate Preservation Bonds 4 Clarifications for
February 10, 2023
Website – A strong focal for investor awareness
1. Background: Securities and Exchange Board of India (‘SEBI’) and Stock Exchanges have been penalizing and warning Listed Entities to maintain a functional website and contents in accordance with Regulation 46 and Regulation 62 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 (‘SEBI (LODR) Regulations) for Equity Listed and Non-Convertible Securities Listed Entities respectively.
February 8, 2023
Buybacks made more investor friendly
Securities and Exchange Board of India (‘SEBI’) vide its notification dt: February 7, 2023 has brought in SEBI (Buyback of Securities) (Amendment) Regulations, 2023. This is effective from thirtieth day of notification of amendment in official gazette i.e. effective of amendment is March 9, 2023. A. Calculating maximum limit of buyback: For calculating maximum limit
February 7, 2023
Additional methods prescribed by SEBI for achieving Minimum Public Shareholding
Every listed entity is mandated to maintain Minimum Public Shareholding (“MPS”) under Rule 19(2)(b) and 19A of the Securities Contracts (Regulation) Rules, 1957 read with Regulation 38 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”). In case of listed entities whose MPS falls below the prescribed threshold,
February 6, 2023
Govt to become largest shareholder in Vi post conversion of AGR dues to equities for ₹16,133 cr
The government has passed an order to convert adjusted gross revenue (AGR) dues of telecom services provider, Vodafone Idea into equities for nearly ₹16,133.2 crore. This conversion of AGR dues into equities is likely to make the Centre the largest shareholder in the loss-making telecom services provider. “Though the government stake in Vodafone Idea will rise
February 6, 2023
Amendments relating to issue and listing of Non-Convertible securities
Securities and Exchange Board of India (“SEBI”) has amended Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“SEBI ILNCS”) by way of its amendment notification dt: February 3, 2023. The highlights of this amendment are as follows:- Debenture trustees already have powers to appoint nominee director on the board
February 3, 2023
Advisory from stock exchanges to listed entities undergoing CIRP
The Securities Contracts (Regulation) Act, 1956 (“SCRA”) and the Securities Contracts (Regulation) Rules, 1957 (“SCRR”) prescribes various conditions with regard to securities market. Rule 19 of SCRR deals with conditions with respect to listing of securities on recognised stock exchange, whereas Rule 19A of SCRR deals with minimum public shareholding related conditions to be fulfilled