Personal guarantor insolvency: creditors may initiate proceedings and banks urged to monitor guarantors and collate data for action.
The Rules permit creditors to file insolvency applications against personal guarantors to corporate debtors, and the advisory asks Public Sector Banks to implement monitoring mechanisms and an information technology system to collate data on such guarantors for follow-up and action under the insolvency resolution framework.

International loan financing supports pandemic response: World Bank credits for health, social protection and MSME stimulus in India.
Three World Bank loans to India were provided as budgetary financing for COVID-19 response: a health loan to part-finance national health measures and strengthen public health preparedness (partially disbursed), a social protection loan to accelerate the social protection response and support relief under welfare packages (fully disbursed), and an economic stimulus loan to support MSMEs under the domestic stimulus programme (fully disbursed).

MGNREGA fund allocation under relief package expands employment support; EPF contributions covered for eligible establishments.
The Government allocated additional funds under the Aatma Nirbhar Bharat Package to supplement the MGNREGA allocation for the financial year to provide employment to needy workers. Under the Pradhan Mantri Garib Kalyan Package the Government covered both employer and employee components of the Employees' Provident Fund contribution for eligible establishments and extended that support under the Aatma Nirbhar Bharat Package; funds for self-employed groups were provided under the National Rural Livelihood Mission.

Company law investigations use inquiries, inspections and investigations under statutory provisions, with serious cases referred to SFIO and prosecutions.
The Ministry of Corporate Affairs examines complaints and, through Regional Directors and Registrars of Companies, orders inquiries, inspections and investigations under the Companies Act, 2013; complex frauds and matters of large public interest are referred to the Serious Fraud Investigation Office (SFIO), and completed enquiries have led to prosecutions under the Act.

Corporate meeting and filing relaxations enable virtual meetings and fee waivers to ease compliance during emergency period.
The Ministry of Corporate Affairs introduced the Companies Fresh Start Scheme and a corresponding LLP Settlement Scheme to permit filings without additional fees and provide specified immunities; authorised virtual conduct of board and general meetings; issued filing relaxations under the investor protection fund framework; allowed CSR spending on healthcare, sanitation and disaster management; and Registrars of Companies issued a uniform order extending the annual general meeting deadline for 2019-20 by three months without applications or fee.

Additional borrowing limit for states allows part consent to raise open market borrowing to assist COVID-19 response.
The Government advanced the first instalment of the State Disaster Response Fund to States for COVID 19 response, with state wise disbursal detailed in Annexure I. Concurrently, States were permitted an additional borrowing limit up to 2 per cent of Gross State Domestic Product for 2020 21, and central consent was issued for 0.50 per cent of GSDP to be raised through Open Market Borrowing during the year, with state wise consent particulars set out in Annexure II.

Multi cap allocation requirement mandates equal large, mid and small cap exposure; funds may rebalance, switch, merge or convert.
SEBI mandates a minimum 25% allocation each to Large Cap, Mid Cap and Small Cap stocks in Multi Cap schemes to ensure True to Label presentation and appropriate benchmarking, with a remaining portion for manager flexibility. Mutual funds may comply by rebalancing portfolios, facilitating unit-holder switches, merging Multi Cap schemes with other schemes, or converting scheme categories; the regulator allows time for orderly compliance and will consider industry proposals on implementation.

Procurement shortlist for IT network overhaul advances, shortlisted vendors move forward for centralized network and IP telephony upgrade.
The regulator issued an Expression of Interest for upgrade and revamp of IT network, IP telephony and video conferencing, requiring centralised control of network and IP telephony and solutions that are robust, secure, stable, efficient, easy to manage and equipped with contemporary collaborative features; eight vendors were shortlisted for the next procurement stage.

Board governance reforms for Insolvency Professional Agencies proposing director qualifications and annual board self-evaluation regulations
The Discussion Paper proposes amending the Model Bye Laws Regulations to require Governing Boards of Insolvency Professional Agencies to prescribe and certify minimum qualifications and experience for both independent and shareholder directors as part of "fit and proper" criteria, and to mandate an annual self-evaluation of the Governing Board on three dimensions: composition and quality, meetings and procedures, and functions and development.

Extension of AGM timeline allows companies additional time to hold AGMs and RoCs to issue orders without applications.
The Ministry of Corporate Affairs directed a general extension of the timeline for holding Annual General Meetings, authorizing Registrars of Companies to issue extension orders without formal applications or fee payment, and covering cases with previously filed but pending applications, as COVID 19 relief to ease compliance with AGM timelines.

Business Reform Action Plan rankings announced, aiming to boost investment and ease of doing business across states.
Ranking of states under the Business Reform Action Plan 2019 was declared to benchmark implementation of 180 reform points across 12 regulatory areas. The methodology incorporates substantial ground-level feedback to assess reform effectiveness. The ranking aims to attract investment and enhance Ease of Doing Business through competitive state benchmarking. Ministers urged measures to reduce regulatory burden-such as removing renewals, simplifying forms, adopting risk-based or third-party inspections, digitising approvals and rationalising regulations-and the top ten performers, led by Andhra Pradesh, Uttar Pradesh and Telangana, were listed.

Appointment of Insolvency Professionals via a zone wise panel; selection by weighted scoring and mandatory consent to serve if appointed.
A Panel of Insolvency Professionals maintained by the IBBI will be used by SEBI to appoint Administrators; inclusion requires expression of interest and compliance with eligibility conditions, and selection is by a weighted scoring methodology based on ongoing workload, completed resolution assignments, and completed liquidation or bankruptcy assignments, with ties resolved by registration seniority. Submission of interest constitutes unconditional consent to act and refusal to accept appointment carries exclusionary consequences; the IBBI compiles and forwards Panels to SEBI and will review these Guidelines periodically.

Attachment of bank and demat accounts ordered to recover unpaid investor dues following non-compliance with refund and fine directives
Regulator ordered attachment of bank accounts, demat accounts, lockers and mutual fund holdings of directors of three companies to recover dues after failure to comply with refund directions, raising funds without public issue compliance, and non-payment of fines; banks and depositories were directed to prevent debits while permitting credits to preserve assets and secure realisation of amounts due.

Resolution framework for COVID-19 loan stress to be reviewed with banks and NBFCs to enable viability-based revival.
Review of the resolution framework for COVID-19-related stress in bank loans will bring together Scheduled Commercial Banks and NBFCs to finalise bank policies, identify eligible borrowers based on viability, and address procedural or implementation issues to enable timely and coordinated adoption of revival measures.

Proxy advisor grievance mechanism extension gives listed companies recourse to securities regulator for resolving disputes over voting recommendations.
Sebi extended the effective date for its procedural guidelines on proxy advisors, preserving requirements that advisors formulate, disclose and annually review voting recommendation policies, disclose when recommendations will not be provided, and enabling listed entities to approach the regulator to resolve grievances and for Sebi to examine potential non compliance with the code of conduct and procedural guidelines.

Cross-border asset recovery enabled repatriation of liquidation proceeds and supports disgorgement actions against alleged corporate fraudsters.
The Ministry of Corporate Affairs coordinated cross-border litigation in US Chapter 11 proceedings to secure repatriation of liquidation proceeds for unsecured creditors, obtained authorization to examine key individuals by subpoena, and initiated disgorgement proceedings against entities promoted or controlled by the alleged perpetrators; further distributions are subject to expenses and competing claims.

Minimum public shareholding norms relaxed for firms after insolvency to permit staged restoration and enhanced disclosure on relisting.
Relaxation of minimum public shareholding norms is proposed for companies relisting after corporate insolvency resolution, with calibrated staged compliance pathways reflecting lower initial public float at relisting and progressive increases to standard levels, consideration of lock-in release to achieve compliance, and enhanced disclosure requirements covering pre/post net worth, shareholding on full conversion, funds infused, creditor settlement, investor liabilities, and identities and experience of new promoters and key managerial personnel.

Audit appointment illegality found; statutory audit failed Standards of Auditing, prompting regulatory review and possible disciplinary action.
NFRA concluded in its Audit Quality Review Report that the appointment of BSR & Associates LLP as statutory auditor of IL&FS Financial Services Limited was ab initio illegal and void, and identified significant non compliance with the Standards of Auditing resulting in material misstatements, deficient going concern assessment, lack of communication with Those Charged With Governance, inappropriate materiality determination, and systemic IT process deficiencies; NFRA will consider initiation of disciplinary proceedings under the Companies Act.

Capital expenditure monitoring urged to accelerate public enterprise spending and ensure timely, effective use of allocated funds.
The Finance Minister held a video review with secretaries and CMDs of seven CPSEs to assess FY 2020 21 capital expenditure, address COVID related impediments, and direct closer monitoring and planning by ministries. Participants were instructed to prioritise timely utilisation of allocated funds and to take measures to achieve 50% of capital outlay by the end of Q2, with enhanced coordination and oversight to accelerate project execution and support economic recovery.

Business Responsibility and Sustainability Report strengthens non financial disclosures; phased implementation and MCA portal integration follow
The Committee recommends the Business Responsibility and Sustainability Report (BRSR) with two disclosure formats-a comprehensive format and a lite version-to capture ESG parameters, advocates gradual phased implementation coordinated with securities market regulators, integration of BRSR filings with the MCA portal, capacity building by professional bodies and envisages use of BRSR data to develop a Business Responsibility Sustainability Index.