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Supreme Court upholds the constitutional validity of Section 140(5) of the Companies Act, 2013, which inter alia imposes statutory bar on the auditor(s) for a period of five years

The Hon’ble Supreme Court of India (“Supreme Court”), in the case of Union of India v. Deloitte Haskins and Sells LLP and Another [Criminal Appeal Nos. 2305-2307/2022] (“Judgement”), has upheld the constitutionality of Section 140(5) (Removal, resignation of auditor and giving of special notice) of the Companies Act, 2013 (“Companies Act”), which inter alia renders […]

Supreme Court: Secured creditor not categorized as either financial creditor or operational creditor is entitled to retain security interest in pledged shares

The Supreme Court, by a judgment pronounced on May 4, 2023, in the matter of Vistra ITCL (India) Limited and Others v. Mr. Dinkar Venkatasubramanian and Another [Civil Appeal No. 3606 of 2020], has held that by virtue of a security created by a corporate debtor in favor of a lender to secure the loan […]

SEBI Prescribes Standardised Approach to Valuation of Investment Portfolio of AIFs

SEBI, vide its circular dated June 21, 2023, has proposed that AIFs must adopt a standardized methodology for valuation of investment portfolios managed by them. Through this circular, which will be effective from November 1, 2023, SEBI has specified that: the valuation of securities for which valuation norms have been prescribed under SEBI (Mutual Funds) […]

SEBI Provides Flexibility to AIFs to Deal With Illiquid Investments During the Winding-Up Process

SEBI, vide its circular dated June 21, 2023, has sought to provide flexibility to AIFs to deal with their scheme’s investments that remain unsold due to lack of liquidity during the winding-up process by either: selling such investments to a new scheme of the same AIF, specifically for liquidating the unliquidated investments of an original […]

SEBI Proposes Mandatory Dematerialisation of Units of AIFs

SEBI, vide its circular dated June 21, 2023, has mandated all schemes of AIFs (except for schemes whose tenure (excluding permissible extensions) ends on or before April 30, 2024) to issue or convert their units in dematerialised form subject to conditions specified by SEBI from time to time and in compliance with the below mentioned […]

SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2023 Notified By SEBI

SEBI, vide notification dated June 15, 2023, has notified the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2023 to further amend the SEBI (Alternative Investment Funds) Regulations, 2012. Few of the key amendments are: (a) introduction of a new category of Alternative Investment Funds (“AIFs”) known as ‘Specified Alternative Investment Fund’; (b) requirement of issuing AIFs […]