In this edition we have tried to bring you notice the latest amendment that followed in the month of September, 2023 issued by MCA, RBI, SEBI, IBBI and others.
MCA
Clarification on holding of Annual General Meeting (AGM) and EGM through video Confercnce (VC) or other Audio visual means (OAVM) and passing of Ordinary and Special resolutions by the companies under the Companies Act,2013
It has been decided to allow companies whose AGMs are due in the Year 2023 or 2024, to conduct their AGMs through VC or OAVM on or before 30th September, 2024
To Read More:
https://www.mca.gov.in/bin/dms/getdocument?mds=HaKq8Y72SkO5wIQe05fjLQ%253D%253D&type=open
SEBI
Redressal of investor grievances through the SEBI Complaint Redressal (SCORES) Platform and linking it to Online Dispute Resolution platform
In order to strengthen the existing investor grievance handling mechanism through SCORES by making the entire redressal process of grievances in the securities market comprehensive by providing a solution that makes the process more efficient by reducing timelines and by introducing auto-routing and auto-escalation of complaint, SEBI notified the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023.
To Read More:
Draft Master Direction on Treatment of Wilful Defaulters and Large Defaulters
The instructions on willful defaulters have been revised after a review of the extant instructions and consideration of various judgments/ orders from the Hon’ble Supreme Court and Hon’ble High Courts, as well as representations/ suggestions received from banks and other stakeholders. The draft Master Direction expands the scope for Regulated Entities which can classify borrowers as wilful defaulters, broadens the definition of wilful default, refines the identification process and mandates a review and finalization on wilful default aspects within six months of an account being classified as a non-performing asset.
To Read More:
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=56407
RBI
Extension till 7th October for the exchange of 2000 denomination Banknotes
As the period specified for the withdrawal has come to an end, and based on a review, it has been decided to extend the current arrangement for deposit / exchange of 2000 banknotes until October 07, 2023. With effect from October 8, 2023, banks shall stop accepting 2000 banknotes for credit to accounts or exchange to other denomination banknotes.
To Read More:
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12540&Mode=0
PM Vishwakarma Scheme
Government of India (GoI) has introduced the ‘PM Vishwakarma Scheme’ which aims to provide support to artisans and craftspeople to enable them to move up the value chain in their respective trades. The Scheme envisages, among other measures, credit support to the beneficiaries at concessional interest rate, with interest subvention support by GoI.
To Read More:
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12536&Mode=0
Read Our More Blogs: GST Service Provider