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The article in this issue of Corporate Amicus analyses the recently introduced E-waste (Management) Rules, 2022. The new Rules will come into force on 1 April 2023 and will introduce recycling targets in the extended producer responsibility (‘EPR’) plan of the producers of e-waste. The article elaborately discusses major changes and the widened scope as compared to the earlier 2016 Rules. The authors discuss the registration requirements, reduction of compliances on bulk consumers, introduction of recycling certificate, introduction of refurbishing certificate and deferred liability, and incorporation of penal provisions. According to them, expanding the definition of e-waste and electronic equipment, specifying the recycling target with proper implementation mechanism and clearly specifying the penalties for violation of the new Rules will assist in better implementation of the collection, processing and recycling of e-waste…
Notifications and Circulars
Mode of Settlement on Request for Quote (RFQ) platform notified
Fee payable for complaints to District Commission, State Commission and National Commission for consumer dispute redressal revised
Monitoring and periodical reporting of the compliance with the requirements pertaining to ‘Security and Covenant Monitoring’ system hosted by Depositories
Future contracts on Corporate Bond Indices allowed
SEBI (Alternative Investment Funds) (Amendment) Regulations, 2023 notified
Foreign Investment in India - Rationalisation of reporting in Single Master Form (SMF) on FIRMS Portal notified
Comprehensive Framework on Offer for Sale (OFS) of Shares through Stock Exchange Mechanism notified
Food Safety and Standards (Labelling and Display) Amendment Regulations notified
Relaxation from compliance with certain provisions of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Ratio decidendi
‘Date of Default’ cannot be strictly construed as the date of Non-Performing Assets - NCLAT
NCLT does not enjoy parallel jurisdiction with SEBI for addressing violations of the regulations framed under the SEBI Act, 1992 - Supreme Court
Special provisions of MSMED Act do not offend provisions of the Arbitration Act requiring arbitrator to disclose his independence and impartiality - Calcutta High Court
News Nuggets
Recovery proceedings under SARFAESI Act will prevail over those under MSMED Act
Debt recovery - Amount deposited by auction purchaser is not to be adjusted towards amount of pre-deposit to be deposited by borrower under Section 18 of the SARFAESI Act
Terminating services of contractual employees for unsatisfactory performance is perverse when done without any notice
Assignment of debt - Failure of Corporate Debtor to make payment within stipulated time not reverts the debt back to original creditor
Insolvency - Adjudicating Authority has authority to direct tenant to vacate premises of the Corporate Debtor
Insolvency - Adjudicating Authority does not possess residual equity-based jurisdiction to direct modifications of claims once the resolution plan is approved by Classes of Creditors
Arbitration - Clause in tax invoice when deserves to be construed as arbitration clause
Arbitration proceedings under MSMED Act, 2006 for supplies made prior to registration under the MSMED Act, 2006 is void-ab-initio
Order passed by an emergency arbitrator in a foreign seated arbitration can be considered while dealing with an application under Section 9
