On 1 December 2022, the National Company Law Appellate Tribunal (NCLAT) disposed of appeals filed against the Competition Commission of India’s (CCI) orderwhich found a few tyre manufacturers guilty of cartelisation (Order) and remanded the matter back to the CCI for review.
Securities and Exchange Board of India (SEBI) has amended the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2022 (SEBI ICDR Regulations) through its notification SEBI/LAD-NRO/GN/2022/107 dated 21 November 2022 (Amendment), pursuant to which it has introduced confidential pre-filing of draft offer document for IPOs on main board.
The Securities and Exchange Board of India (SEBI) vide its Notification No. SEBI/LAD-NRO/GN/2022/103 dated 14 November 2022 has further amended the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations) by notifying the SEBI (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2022 (Amendment).
The Securities and Exchange Board of India (SEBI) rolled out the fourth amendment this year to the SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) dated 15 November 2022 (Fourth Amendment) to bring the alternative investment funds (AIF) regulatory space closer to global standards.
On 10 November 2022, a three Judge bench of the Supreme Court of India (“SC”) in Bank of Rajasthan Limited v. VCK Shares & Stock Broking Services Limited, 2022 SCC OnLine SC 1557, resolved the conflict regarding the position of a suit instituted by a borrower against a bank while a bank’s claim was pending before DRT. The conflict arose as there where varying judicial views and hence a reference was made to a three-judge bench.
Securities and Exchange Board of India (SEBI) vide its circular bearing reference no. SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/147 dated 31 October 2022 (the Circular) amended Chapter VIII (Specifications related to ISIN for debt securities) of the Operational Circular dated 10 August 2021 (Operational Circular). International Securities Identification Numbers (ISINs) , are unique codes with 12 characters, which are used for uniquely identifying securities like stocks, bonds warrants and commercial papers.
In its much-awaited ruling in the case of Employees’ Provident Fund Organisation (EPFO) and Another v Sunil Kumar and Others, the Supreme Court of India (SC) has upheld the constitutional validity of the Employees’ Pension (Amendment) Scheme, 2014 (EPS Amendment), with certain caveats as discussed below.
In order to encourage investments by non-institutional investors in the corporate bond market, Securities and Exchange Board of India (SEBI) vide its circular no.
On 28 October 2022, the Ministry of Electronics and Information Technology (MEITY) amended the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021 (IT Rules 2021) by way of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules 2022 (Amendment).
In the case of New Noble Educational Society v. CCIT and Another, 2022 SCC OnLine SC 1458, a three-judge bench of the Hon’ble Supreme Court of India (SC) inter alia (a) laid down important interpretational principles in relation to the scope of exemption provided to charitable educational institutions under Section 10(23C) of the Income-tax Act, 1961 (IT Act), and (b) made certain important observations as to what can be regarded as an ‘incidental’ activity in relation to education.
