Latest Update
NCLT Hyderabad approves Resolution Plan for M/s Galada Powers and Telecommunications Ltd.
The Hon’ble National Company Law Tribunal, Hyderabad has nodded its approval for the Resolution Plan of Rs. 42.13 Crore submitted by M/s. Amrutha Constructions Pvt.
NCLT Hyderabad Approves Resolution Plan for Indu Projects Ltd
The Hon’ble National Company Law Tribunal, Hyderabad has nodded its approval for the Resolution Plan of Rs. 501 Crore submitted by a consortium of B.
SEBI AMENDS VARIOUS REGULATIONS FOR INSERTION OF ADR MECHANISM FOR RESOLUTION OF DISPUTES
The Securities Exchange Board of India (“SEBI”) vide its Circular No. SEBI/LAD–NRO/GN/2023/137 dated July 03, 2023, notified the Securities and Exchange Board of India (Alternative
NCLT, Hyd approves Resolution Plan for Indu Projects Limited
The Hon’ble National Company Law Tribunal, Hyderabad has nodded its approval for the Resolution Plan of Rs. 501 Crore submitted by a consortium of B. Subba Reddy and C. Venkateswara Reddy for revival of Indu Projects Limited. The Resolution Plan was earlier approved by the Committee of Creditors with 100% voting share.
The Resolution Plan proposes to pay to the creditors as follows:
- Financial Creditors an amount of Rs. 394 Crores as against an admitted claim of Rs. 3,890 Crores;
- Workmen and Employees an amount of Rs. 1 Crore as against an admitted claim of Rs. 4.21 Crores;
- Operational Creditors other than workmen and employees an amount of Rs. 4.9 Crores as against an admitted claim of Rs. 178 Crores;
- Government an amount of Rs. 18,432 as against an admitted claim of Rs. 1.82 Lakhs.
SEBI AMENDS VARIOUS REGULATIONS FOR INSERTION OF ADR MECHANISM FOR RESOLUTION OF DISPUTES
The Securities Exchange Board of India (“SEBI”) vide its Circular No. SEBI/LAD–NRO/GN/2023/137 dated July 03, 2023, notified the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023. Pursuant to said Regulation it has amended the following regulations for insertion of resolution of disputes through Alternate Dispute Resolution (ADR) mechanism such as mediation and/ or conciliation and/ or arbitration:
- SEBI (Merchant Bankers) Regulations, 1992
- SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
- SEBI (Debenture Trustees) Regulations, 1993
- SEBI (Mutual Funds) Regulations, 1996
- SEBI (Custodian) Regulations 1996
- SEBI (Credit Rating Agencies) Regulations, 1999
- SEBI (Collective Investment Schemes) Regulations, 1999
- SEBI {KYC (Know Your Client) Registration Agency} Regulations, 2011
- SEBI (Alternative Investment Funds) Regulations, 2012
- SEBI (Investment Advisers) Regulations, 2013
- SEBI (Research Analysts) Regulations, 2014
- SEBI (Infrastructure Investment Trusts) Regulations, 2014
- SEBI (Real Estate Investment Trusts) Regulations, 2014
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI (Foreign Portfolio Investors) Regulations, 2019
- SEBI (Portfolio Managers) Regulations, 2020
- SEBI (Vault Managers) Regulations, 2021
This step of SEBI will help in faster, easier, and more efficient disposal of disputes between the parties under various resolution. However, the ADR Mechanism shall be initiated post exhausting all actions for resolution of complaints including those received through SCORES Portal.
Further, SEBI vide its Circular No. EBI/LAD–NRO/GN/2023/138 dated July 03, 2023 has repealed Securities and Exchange Board of India (Ombudsman) Regulations, 2003 which earlier dealt with a mechanism for filing any grievances against the listed entity and intermediaries regulated by SEBI.
NCLT Hyderabad approves Resolution Plan for M/s Galada Powers and Telecommunications Ltd.
The Hon’ble National Company Law Tribunal, Hyderabad has nodded its approval for the Resolution Plan of Rs. 42.13 Crore submitted by M/s. Amrutha Constructions Pvt. Ltd. for revival of M/s. Galada Power and Telecommunications Ltd. The Resolution Plan was earlier approved by the Committee of Creditors with 100% voting share. Accordingly, the Resolution Professional filed an application under Section 30(6) of IBC before the NCLT, seeking approval of the Resolution Plan.
The Resolution Plan proposes to pay to the creditors as follows:
- Financial Creditors an amount of 29.32 Crores as against an admitted claim of Rs. 2107.28 Crores
- The Workmen of the Corporate Debtor are to be paid Rs. 17.83 Lakhs as against an admitted claim of Rs. 18.26 Lakhs
- The Operational Creditors such as the Government will be paid Rs. 8.62 Lakhs as against an admitted claim of Rs. 345.01 Lakhs
- The Employees of the Corporate Debtor are to be paid Rs. 31.19 Lakhs as against an admitted claim of Rs. 71.16 Lakhs
- While the other Operational Creditors are to be paid Rs. 3.11 Lakhs as against an admitted claim of Rs. 124.30 Lakhs.
APPEAL UNDER POSH Act,
2013 TO BE FILED BEFORE LABOUR COURTS/ TRIBUNALS - TELANGANA
POSH_GoThe Labour Employment Training and Factories (LABOUR-II) Department vide its G.O.Ms No. 23 dated August 11, 2023, empowered various Labour Courts and Industrial Tribunals situated in the State of Telangana as a Competent Authority to hear an appeal against the recommendation(s)/ order(s) passed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal Act), 2013 (“POSH Act, 2013”). Now any person aggrieved by the recommendation(s)/ order(s) passed under the POSH Act, 2013 can prefer an appeal before Labour Courts/ Tribunal for speedy disposal of matters.
ATTENTION – DEVELOPERS/ OWNERS/ LENDERS
The Telangana State Real Estate Regulatory Authority, Hyderabad, (“TSRERA”) has received various complaints for delay in the development of the Project by the Developers/ owners by mis-utilizing the funds received for some other purpose. Thus, TSRERA vide its Circular No. 989/TSRERA/2023 dated September 04, 2023 (“Circular”), issued directions to Developers, Owners, Lenders, etc., with respect to the utilization of monies borrowed/ received against Development Projects in Telangana. Now pursuant to said direction the Developers, Owners, Lenders, Chartered Accountants, etc., are required to inter alia comply with the following:
- The entire amount borrowed for a Project shall be deposited in a separate designated account by the Borrower/ Developer/ Owner;
- The monies from the separate designated account shall be withdrawn and utilized for the development of the relevant Project only by the Developer/ Owner;
- The Lenders shall disburse the loan amount into the separate designated account of the Project only and not to any other account;
- The Chartered Accountant shall certify whether the amounts borrowed has been deposited in separate designated account of the Project or not;
- In case of amounts borrowed prior to issuance of the said circular, the Borrower/ Developer/ Owner shall ensure that the same is deposited into a separate designated account of the Project by 30.11.2023.