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RBI Issues Instructions on Investments in AIFs to Prevent Evergreening of Loans

Reserve Bank of India (“RBI”), vide its notification dated December 19, 2023, has issued a circular with instructions on the procedure to be followed by the Regulated Entities (“REs”) in order to make investments in units of Alternative Investment Funds (“AIFs”), and to address concerns relating to possible evergreening through this route. REs make investments […]

SEBI Outlines the Process for Dematerialisation / Crediting of Units by AIFs Where Investors Haven’t Provided Demat Account Details

In June 2023, Securities and Exchange Board of India (“SEBI”) mandated all schemes of Alternative Investment Funds (“AIFs”) to issue or convert their units in dematerialised form within a specified timeframe. SEBI, vide its circular dated December 11, 2023, has now laid down the process for dematerialising/ crediting the units issued by AIFs, where investors […]

Legalaxy – Monthly Newsletter Series – Vol VII – December, 2023

We are pleased to share with you the link to our newsletter “Legalaxy” for December 2023, providing updates on the recent and relevant legal developments in India. Below are the key highlights of the newsletter: SEBI streamlines procedure for dealing with unclaimed funds SEBI carried out regulatory changes towards fraction investing for SM REITs and […]

SEBI Carried Out Regulatory Changes Towards Fractional Investing for SM REITs and Index Providers, Fresh Investment by AIFs in Dematerialised Form

Securities and Exchange Board of India (“SEBI”), in its board meeting held on November 25, 2023, approved the following decisions: Amendments to SEBI (Real Estate Investment Trusts) Regulations, 2014, so as to create a regulatory framework for facilitating Small and Medium Real Estate Investment Trusts (“SM REITs”). SM REITs with an asset value of at […]

Gujarat HC: Purchaser of an asset in a liquidation process is not liable for payment of government dues which were not substantiated adequately during the CIRP and not lodged with the liquidator

The Gujarat High Court (“Gujarat HC”) has, by its judgment pronounced on September 22, 2023, in the matter of KRBL Limited v. State of Gujarat [C/SCA/19804/2022], held that the purchaser of an asset in a liquidation process of a corporate debtor is not responsible for payment of any government dues, if the claim was not […]

NCLAT: No bar on the initiation of CIRP, if default is committed prior to Section 10A Period and continues during the Section 10A Period.

National Company Law Appellate Tribunal, New Delhi (“NCLAT”) in the case of Beetel Teletech Limited v. Arcelia IT Services Private Limited [Company Appeal (AT)(Insolvency) No. 1459 of 2022], vide its order dated September 11, 2023, held that there is no bar on the initiation of Corporate Insolvency Resolution Process (“CIRP”) if a default is committed […]