The Department of Telecommunications (DoT) has commenced the process for auction of spectrum in various frequency bands to introduce 5G services in India. As a first step, a ‘Notice Inviting Applications’ (NIA) has been issued on 15 June 2022.
On 24 May 2022, the Telecommunications Engineering Centre (TEC) has exempted certain categories of telegraph from ‘mandatory testing and certification of telecommunications equipment’ (MTCTE) requirements set out under the Indian Telegraph Rules 1951 (as amended) (Telegraph Rules) due to overlapping certification requirements applicable to certain electronic equipment.
Earlier, in case of any defective, deficient, or incomplete applications filed by a company for voluntary removal of name, from the register of companies, such applications were rejected by the registrar of companies (ROC) and companies had to file a fresh application, thereby delaying the entire process.
The Supreme Court of India (SC) by way of a judgment in Vallal RCK v. Siva Industries and Holdings Limited & Ors, Civil Appeal Nos. 1811-1812 of 2022 dated 03 June 2022 reaffirmed the legal position that an adjudicatory authority or an appellate authority cannot sit in appeal over the commercial wisdom of the Committee of Creditors (COC).
Recently, the Central Board of Indirect Taxes and Customs (CBIC) issued Instruction No. 03/2022 – GST dated 14 June 2022 (CBIC Instruction) prescribing guidelines and procedures to be followed in issuance of refund orders and post audit review, by the officers of the CBIC (Tax Department).
On 26 April 2021, the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 (PM Regulations) were revised to introduce a prior approval requirement in case of change in control of portfolio managers (PM) registered with Securities and Exchange Board of India (SEBI).
A 3-judge bench of the Supreme Court of India (SC) vide its judgment dated 03 June 2022 in the case of In re: T.N. Godavarman Thirumulpad v Union of India & Ors., I.A. No.1000 of 2003 in W.P. (C) No. 202 of 1995 has held that every national park/wildlife sanctuary should have an eco-sensitive zone (ESZ) of minimum 1 km where developmental activities shall be regulated/prohibited in terms of the Guidelines for the Declaration of the ESZ around the National Parks/Wildlife Sanctuaries issued on 09.02.2011 (2011 Guidelines) by the Ministry of Environment and Forests (MoEF).
In a bid to promote green energy in India, the Ministry of Power (MoP), on 16 August 2021 had released the Draft Electricity (Promoting Renewable Energy through Green Energy Open Access) Rules, 2021 for seeking public comments. Pursuant to the consultative process, MoP, on 6 June 2022, notified the Electricity (Promoting Renewable Energy Through Green Energy Open Access Rules) 2022 (GoAR) with immediate effect.
Recently, by a judgment dated 30 May 2022, a three-judge bench of the Supreme Court in the case of Kotak Mahindra Bank Limited versus A. Balakrishnan & Anr (Judgment dated 30 May 2022 in Civil Appeal No. 689 of 2021) held that a recovery certificate issued the Recovery of Debts and Bankruptcy Act, 1992 (RDB Act) would qualify as a “financial debt” under the Insolvency and Bankruptcy Code, 2016 (IBC), and give rise to a fresh cause of action under section 7 of the IBC.
In April 2020, the Government of India for curbing opportunistic takeovers / acquisitions of Indian companies due to the COVID-19 pandemic reviewed the Indian foreign direct investment (FDI) policy and issued Press Note No. 3 (2020 Series) (PN3) amending FDI policy as contained in Consolidated FDI Policy, 2017.
