Insolvency and Bankruptcy Board of India Liquidation Processes Ending with Order of Dissolution / Closure: As on 31st October, 2022 Click here
The existing public equity shareholders (i.e. non-promoter public shareholders as defined at para B below) of the corporate debtor shall be provided an opportunity to acquire equity of the fully diluted capital structure of new entity (New entity means the resulting entity pursuant to CIRP) to the extent of upto the minimum public shareholding percentage (currently 25%), on the same pricing terms as agreed upon by the resolution applicant. The new entity shall endeavour to achieve at least 5% public shareholding through such mode of offer made to the non-promoter public shareholders. The offer to acquire shares / allotment would be made in an equitable manner to such public equity shareholders. The above mechanism shall be an integral part of the resolution plan submitted by resolution applicant for all listed entities undergoing CIRP.
The Board conducted an exercise of review of regulations, circulars based on experience gained. It is observed that certain circulars are no longer required on account of being already provided in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 [IP Regulation] or the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 [Model Bye-Laws Regulations] or the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 [IU Regulations], as the case may be. Accordingly, it has been decided to rescind circulars listed in the Annexure, with immediate effect. You are advised to take note of the above and follow the provisions of relevant Regulations.
Inviting comments from Public / Stakeholders on draft regulations related to New Delhi International Arbitration Centre F.No.A-60011/48/2022-NDIAC Government of India Ministry of Law & Justice Department of Legal Affairs Shastri Bhawan, New Delhi, dated the 28th October, 2022 Subject: Inviting…
The Board had issued three circulars, namely, (i) circular No. IP/005/2018 dated January 16, 2018 specifying the format for disclosure of relationship by the insolvency professional (IP) (ii) circular no. IPA/009/2018 dated April 19, 2018 mandating IPAs to submit Annual Compliance Certificate in the format given in the circular and (iii) circular No. IBBI/IPA/43/2021 dated July 28, 2021 specifying the list of contraventions by IP and the amount of penalty to be imposed by IPAs. The Board has notified Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022 on November 01, 2022, vide which provisions of aforesaid circulars have been incorporated in the Model Bye Laws Regulations and the said circulars stand rescinded. By the said amendment, no change in the list of contraventions by the IP and the amount of monetary penalties, has been introduced, as contained in the circular no. IBBI/IPA/43/2021, dated July 28, 2021.
The Competition Commission of India (Commission) has imposed a penalty of Rs. 1,337.76 crore on Google for abusing its dominant position in multiple markets in the Android Mobile device ecosystem, apart from issuing cease and desist order. The CCI also directed Google to modify its conduct within a defined timeline.