legal updates

The FLA Return needs to be submitted by all Indian companies which have received Foreign Direct Investments (FDI) or made any FDI abroad (overseas investment) in the previous year(s) including the current year i.e. who holds Foreign Assets or Liabilities in their Balance Sheets. The due date of filing the FLA Return for the financial year 2019-20 was 15th July, 2020 which was extended to 31st July, 2020, and now further extended up to 14th August, 2020

Earlier, SEBI had extended the timeline for submission of financial results by listed entities for the quarter/half-year / financial year ended 31st March 2020 to July 31, 2020 due to the impact of the CoVID19 pandemic. According to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 which requires a listed entity to submit its quarterly/half-year/annual financial results within forty-five days or sixty days, as applicable, from the end of each quarter/half-year/financial…

1. SEBI vide Circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated May 6, 2020 granted one time relaxations from strict enforcement of certain regulations of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, pertaining to Rights Issue opening up to July 31, 2020.   2.Based on the representations received from the market participants, the validity of relaxations, as provided by Circular No. SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated May 6, 2020 is further extended and shall be applicable for Rights Issues opening…

The Ministry of Micro, Small and Medium Enterprise has notified new norms to allow online registration of new enterprises based on self-declaration, doing away the requirement to upload documents and certificates, from July 1, 2020. As per the notification, MSME Department came up with a new definition/classification of MSMEs, procedure of issuing certificate called as Udyam Registration, composite criteria of investment and turnover, the meaning of investment, calculation of turnover etc has been covered. Udyam…