LEX Revisers

Practice Areas
  • The Foreign Investment and Promotion Board (FIPB) was abolished on 24th May, 2017. Individual departments of the Government have been empowered to clear FDI proposals in consultation with Department of Industrial Policy and Promotion (DIPP) which will also issue the standard operating procedures for processing applications [Source: Press Release dated 24th May 2017 available at http://pib.nic.in/newsite/PrintRelease.aspx?relid=162097.No notification is issued in this respect].
  • A Technical Committee was constituted on 04th May, 2017 in accordance with Regulation 14 of the IBBI Regulations, 2017, by the Insolvency and Bankruptcy Board of India (IBBI)The Committee shall give its recommendation for laying down Technical Standards for the performance of core services and other services under Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 [Source: Press release dated IBBI dated 04th May, 2017].
  • In order to promote digitalization, SEBI allows investment in mutual funds through e-wallets. Also, MF/AMCs can now accept investment by an investor through e-wallets (Prepaid Payment Instruments (PPIs)) [Source: Circular No.SEBI/HO/IMD/DF2/CIR/P/2017/39, dated 8-5-2017].
  • The National Company Law Tribunal, Chandigarh Bench was reconstituted and can now exercise the powers of Division Bench for the disposal of cases related to Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016 [Source: NCLT order no. 10/36/2016-NCLT dated 12.05.2017].
  • Section 2 (a) to (d) of the Insolvency and Bankruptcy Code, 2016, which deals with voluntary liquidation or bankruptcy shall be effective from 1st April, 2017 [Source: MCA Notification no. S.O. 1570(E) dated 15th May, 2017].
  • The Employee’s Compensation (Amendment) Act, 2017 shall come into force on 15th May, 2017. The amendment purports to lay an obligation on every employer to inform the employee of his rights to compensation under the said Act, in writing as well as through electronic means, in English or Hindi or in the official language of the area of employment, as may be understood by the employee immediately at the time of employment of an employee [Source: The Employee’s Compensation (Amendment) Act, 2017 notified on 12.04.2017].
  • The Ministry of Corporate Affairs (“MCA”) vide Circular no.05/2017 dated 16th May, 2017 withdraws Circular no.03/2017 dated 27thApril, 2017, regarding the transfer of shares in respect of which dividends have remained unclaimed to IEPF Authority. The subject matter of the above mentioned circular stands withdrawn with immediate effect. Fresh instructions on the matter will be issued in due course of time. Further, vide General Circular no. 06/2017, it has been clarified that the modalities of transfer are being finalised with depositories and since it may involve opening of special demat accounts, the revised due date for transfer stands extended and shall be notified soon. [Source: Circular no.05/2017 dated 16th May, 2017 and 06./2017 dated 29th May, 2017].

 

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