MINISTRY OF CORPORATE AFFAIRS
Signing of charge e-forms by insolvency resolution professional or resolution professional or liquidator for companies under resolution or liquidation vide Companies (Registration of Charges) Second Amendment Rules, 2022
The amendment inserts a new rule 13 to the Companies (Registration of Charges) Rules, 2014 dealing with ‘Signing of charge e-forms by insolvency resolution professional or resolution professional or liquidator for companies under resolution or liquidation'.
MCA revises threshold for paid up capital of ‘small companies' vide Companies (Specification of definition details) Amendment Rules, 2022
The Central Government has notified Companies (Specification of definition details) Amendment Rules, 2022 to amend the Companies (Specification of Definition Details) Rules, 2014.
MINISTRY OF FINANCE
New Form ITR-A for successor entities to furnish their return of income, notified vide Income-tax (31st Amendment) Rules, 2022
The amendment inserts a new Rule 12AD providing return of income under Section 170A and a new form ITR-A for ‘successor entities' to furnish their return of income u/s 170A of the Income Tax Act, 1961 consequent to business reorganisation.
Ministry of Finance issues revised guidelines for compounding of offence under the Income -Tax Act, 1961
On 16-9-2022 the CBDT has issued revised guidelines for compounding of offence under the Income-Tax Act, 1961 to simplify and facilitate compounding of offences under Income Tax Act, 1961 with reference to various offences covered under the prosecution provisions of the Act.
CBDT introduces new form 69 for Application for re-computation of income under section 155(18) vide Income-tax (32nd Amendment) Rules, 2022
On 28-09-2022, the Ministry of Finance has notified the Income-tax (32nd Amendment) Rules, 2022 which shall come into force from 1st October 2022. The amendment inserts a new Rule 132 dealing with Application for recomputation of income under section 155 (18) and introduces new form 69 for Application for re-computation of income under sub-section (18) of section 155.
MINISTRY OF ROAD TRANSPORT AND HIGHWAYS
Norms for non-transport vehicle registered in other countries, notified vide Motor Vehicles Non Transport Vehicles Visiting India Rules, 2022
The Rule provides that a non-transport vehicle registered in the other country, when entering India, must be so constructed and maintained as to be at all times under the effective control of the person driving it.
MINISTRY OF WOMEN AND CHILD DEVELOPMENT
District Magistrates to issue adoption orders vide Juvenile Justice (Care and Protection of Children) Model Amendment Rules, 2022
Under Rule 2(1), clause (vi a) has been inserted which provides “conflict of interest” as “a situation in which a person has a private or personal interest sufficient to appear to influence the objective exercise of his or her official duties and where such person shall be ineligible to be associated with any statutory structure defined under the Act.” In clause (xviii) under the definition of “Social worker” the experience of the Social worker in child education and development has been decreased to 3 years from 7 years.
MINISTRY OF LAW AND JUSTICE
Government re-designates title of Assistant Solicitor General of India as Deputy Solicitor General of India
The notification clarifies that the re-designation from ‘Assistant Solicitor General of India', the Senior Central Standing Counsel in High Courts, to ‘Deputy Solicitor General of lndia', has been done to remove confusion and doubt between Additional Solicitor General of lndia and Assistant Solicitor General of lndia, as both of them use same abbreviation ‘ASG'.
Criminal Procedure (Identification) Rules, 2022
The Central Government has notified Criminal Procedure (Identification) Rules, 2022 in order to specify the procedure for taking measurements of convicts and other persons for the purposes of identification and investigation in criminal matters and to preserve records.
MINISTRY OF HEALTH AND FAMILY WELFARE
Food Safety and Standards (Labelling and Display) First Amendment Regulations, 2022
On 09-09-2022, the Food Safety and Standards Authority of India notified Food Safety and Standards (Labelling and Display) First Amendment Regulations, 2022 in order to amend Food Safety and Standards (Labelling and Display) Regulations, 2006. The amendment inserts a proviso in the Regulation 5 sub clause 10 dealing with ‘Date Marking' providing that for the products with shelf life of more than three months, the “DD/MM/YY” format may also be used.
MINISTRY OF ROAD TRANSPORT AND HIGHWAYS
Comprehensive reforms in the Trade Certificate regime vide Central Motor Vehicles (Fifteenth Amendment) Rules, 2022
The Central Government has notified Central Motor Vehicles (Fifteenth Amendment) Rules, 2022 in order to amend the Central Motor Vehicles Rules, 1989 and to simplify and streamline the Trade Certificate regime. It will come into effect from 01-11-2022. The existing trade certificates will continue to be valid till their renewal is due.
MINISTRY OF COMMUNICATIONS
Registration of International Mobile Equipment Identity Number vide Prevention of tampering of the Mobile Device Equipment Identification Number (Amendment) Rules, 2022
The Central Government has notified Prevention of tampering of the Mobile Device Equipment Identification Number (Amendment) Rules, 2022 to amend the prevention of tampering of the Mobile Device Equipment Identification Number, Rules, 2017.
RESERVE BANK OF INDIA (RBI)
RBI issues new guidelines for Regular Entities on Digital Lending
On 02-09-2022, Reserve Bank of India issued guidelines on Digital Lending which would be applicable to the ‘existing customers availing fresh loans' and to ‘new customers getting onboarded'. REs will be given time till 30-11-2022 to process these guidelines.
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
SEBI issues circular to prevent performance/return claimed by regulated platforms offering algorithm strategies for trading
On 02-09-2022, the Securities and Exchange Board of India (‘SEBI’) issued a circular on performance/ return claimed by unregulated platforms offering algorithm strategies for trading to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
SEBI issues circular on Validation of Instructions for Pay-In of Securities from Client Demat account to Trading Member (TM) Pool Account against obligations received from the Clearing Corporations
On 19-09-2022, the Securities and Exchange Board of India(‘SEBI’) issued a circular on validation of Instructions for Pay- In of Securities from Client Demat account to Trading Member (‘TM’) Pool Account against obligations received from the Clearing Corporations to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets. These guidelines will come into effect from 25-11-2022.
SEBI permits REITs and InvITs to issue Commercial Papers
InvITs and REIT shall abide by the guidelines prescribed by Reserve Bank of India for issuances of commercial papers.
SEBI issues Amendment to guidelines for preferential issue and institutional placement of units by a listed InvIT/ REIT
Bar for minimum listing period of 12 months required in case of issuance of units through “institutional placement” is removed.
SEBI issues circular on Credit Ratings supported by Credit Enhancement
On 28-09-2022, the Securities and Exchange Board of India (‘SEBI') has issued a circular modifying the guidelines on Credit Ratings supported by Credit Enhancement (‘CE') to provide for enhanced transparency and improved rating process for CE Ratings. The circular dated 13-06-2019 through which various measures were mandated in reference to credit ratings of securities having explicit credit enhancement feature. These modifications will come into effect from 1-01-2023.
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI)
Insolvency professional must not accept any fees or charges from any professional and/or support service provider vide IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2022
The Insolvency and Bankruptcy Board of India has notified Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022 to futher amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
Declaration must provide that the corporate person has made provision for preservation of its records after its dissolution vide IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022
The Insolvency and Bankruptcy Board of India has notified IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 to amend the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
Registration fee for Information Utilities increased vide IBBI (Information Utilities) (Second Amendment) Regulations, 2022
The amendment modifies Regulation 6 dealing with ‘Conditions for Registration' and modifying the fee payable to the Board from 50 lakhs to one crore.
New Form AA introduced for application for registration as an insolvency professional vide IBBI (Insolvency Professionals) (Fourth Amendment) Regulations, 2022
On 28-09-2022, the Insolvency and Bankruptcy Board of India has notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Fourth Amendment) Regulations, 2022 which introduces a new Form AA for application for registration as an insolvency professional. The amendment modifies Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
APPOINTMENTS
SC Judge Justice Sanjay Kishan Kaul nominated as the Chairman of Supreme Court Legal Services Committee
The Central Authority has nominated Mr. Justice Sanjay Kishan Kaul, Judge, Supreme Court of India, as Chairman of the Supreme Court Legal Services Committee.
SC Collegium recommends Bombay HC Chief Justice Dipankar Datta for elevation as Supreme Court judge
On 26-09-2022, the Supreme Court in the collegium meeting has recommended elevation of Mr Justice Dipankar Datta.
SC Collegium recommends transfer and appointment of Chief Justices of 5 High Courts
The Supreme Court Collegium in its meeting held on 28th September, 2022 has recommended elevation of Judges as Chief Justices of the High Courts.
