In this issue of Corporate Amicus the author in the first article questions the penal powers of SEBI. SEBI is imposing heavy penalties on companies which hampers investors’ interest and securities market. In this issue readers can also go through the article providing economic perspective on environmental jurisprudence in India. In the past few decades Supreme Court has taken environmental degradation very seriously. National Green Tribunal Act was enacted in 2010, which specifically deals with environmental litigation in India.
Notification and Circular portion of this issue covers the notification whereby list of 20 items which were reserved exclusively by manufacturers of micro and small enterprises (SSIs) has been omitted. By another notification Ministry of Corporate Affairs has notified that companies making a private placement offer to its existing members shall not be required to issue an offer letter in term of PAS 4.
Ratio Decidendi portion of this Amicus includes Supreme Court decision holding that minutes of meeting in nature of an executive decision finalized merely at the level of officers/representatives to detain the aircraft for non-payment of requisite fees was not correct and allowed the release of aircraft. This section also covers the Calcutta High Court setting aside the order of Development Commissioner communicating its view to the approval committee that it was not possible to de-notify the SEZ.
Under New Nuggets section readers can read the guidelines issued by RBI, SEBI & IRDA on International Financial Services Centre. It also covers new Foreign Trade Policy 2015-2020 with the aim to accelerate the export with two new policies of export promotion schemes - one for promotion of export of goods and while other for promotion of export of services.