On behalf of the entire team of SB Partners, here’s wishing you a very Happy Diwali!

In the last three months we saw numerous changes in the areas of Banking and Finance, Capital Markets and Corporate Laws, Foreign Exchange and Insolvency and Bankruptcy Laws of India.

The process of ‘Private Placement of Securities’ under the Companies Act, 2013 (“Act”) was simplified by removal of various compliances like filing of Form PAS-4 and PAS-5 with ROC, passing of a shareholder’s resolution for NCD issuance provided that the amount to be raised does not exceed the borrowing limit specified under Section 180(1)(c) of the Act and likewise.

Securities and Exchange Board of India (“SEBI”) realigned the SEBI (Issue of Capital and Disclosure Requirements) Regulations with the recent developments in the security market and other currently applicable laws. SEBI also streamlined the process of public issue of debt securities, Non-Convertible Redeemable Preference Shares and Securitized Debt Instruments, given under various SEBI regulations.

In addition to the foregoing, this issue of ‘Lex Novus’ also focuses on other key regulatory developments in the field of Insolvency and Bankruptcy Laws. The Insolvency and Bankruptcy Board of India passed the IBC Amendment which replaced the IBC Ordinance. IBBI also simplified the Insolvency Resolution Process for Corporate Persons and made it more creditor friendly by inserting a provision for appointment of representatives for different classes of creditors.

We hope you find this edition of Lex Novus informative and insightful.

Read on for more...