Government of India enacts The Epidemic Diseases (Amendment) Ordinance, 2020 due to COVID 19
The Ordinance states that any person who harms any healthcare service personnel/property while on duty may suffer imprisonment or fine or both. In case of damage to property compensation payable shall be twice amount of fair market value. The Ordinance is applicable all over India.
Ministry of Home Affairs permits shops selling non-essential goods to open during lockdown
The Ministry of Home Affairs in its order dated 24th April 2020 has revised the lockdown guidelines by allowing registered shops and establishments to remain open subject to specific conditions.
Period of lockdown has been excluded from liquidation time frame
Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020, state that the period of lockdown imposed by the Central Government in the wake of Covid-19 outbreak shall not be counted for the purposes of computation of the timeline for any task that could not be completed due to such lockdown, in relation to any liquidation process.
Lockdown period excluded from timeline for corporate insolvency resolution process
IBBI has inserted regulation 40C in nsolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations which excludes the ongoing national lockdown period from the time frame specified in the regulation for completing various activities that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process.
MCA has extended the time period for Reservation / Re-submission of names for Companies & LLPs
The Ministry of Corporate Affairs on 23rd April 2020, has relaxed the rules for Re-Submission of forms and has extended the period/days for filing of Names for companies.
SEBI extends the regulatory compliance timeline for depository and depository participants
The Securities and Exchange Board of India vide its circular dated 24th April 2020 has extended the timelines for complying with regulatory requirements by the depositories and depository participants due to COVID-19 pandemic.
SEBI issues clarification on Know Your Client (KYC) Process and Use of Technology for KYC
The Securities and Exchange Board of India has issued circular dated 24th April 2020 to simplify, harmonize abd clarify the process of KYC by investors / RI.
SEBI issues relaxation in holding AGM by top 100 listed entities under LODR Regulation
SEBI has also relaxed regulation 44(5) of LODR whereby the top 100 listed entities by market capitalization whose financial year ended on December 31, 2019, may hold their AGM within a period of 9 months from the closure of the financial year that is by September 30, 2020.
State governments of Tamil Nadu has permitted infrastructure works to resume, with state-specific conditions
The Revenue and Disaster Management Department of Tamil Nadu vide its order dated 23rd April 2020 has relaxed certain basic infrastructure maintenance activities in rural areas and non-containment zones which includes MGNREGA and construction projects.
Foreign Exchange Management (Non-debt Instruments) Rules Amended to prevent opportunistic takeover of domestic firms
The Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2020 in which it has made it mandatory that foreign investments from countries that share a land border with India to obtain prior approval from the government to prevent opportunistic takeover of domestic firms amid COVID-19 pandemic.
