Corporate Updates – 03-03-2017


MCA has notified the Companies (Transfer of Pending Proceedings) Amendment Rules, 2017 which shall come into force from the date of publication in the Official Gazette. The Petitions relating to winding up due to inability to pay debts, pending before a High Court, which have not been served to the concerned respondent, shall be transferred to the Benches of the NCLT in accordance with their territorial jurisdiction. However, the concerned petitioner shall be required to submit the requisite information, including details of the proposed insolvency professional, now within 6 months (instead of 60 days) of the Notification, failing which, the petition would abate. Further, according to the Rules, no fees shall be payable for proceedings transferred.


SEBI has made amendments related to investments by Mutual Funds in hybrid securities such as units of REITs (Real Estate Investment Trust) / InvITs (Infrastructure Investment Trusts). The investment restrictions mentioned at Clause 13 in the Seventh Schedule of SEBI (Mutual Funds) Regulations, 1996 shall be applicable to all fresh investments by all schemes, including an existing scheme. For investment in units of REITs/InvITs by an existing Mutual Fund scheme, unit holders of the scheme shall be given a time period of at least 15 days for the purpose of exercising the exit option. Further, the circular shall be applicable with immediate effect.

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