The weekly messenger | Edition 05.22

Auditing news

FRN will be compulsory field for UDIN generation w.e.f. 1 February 2022 ‒ 31 January 2022

The Institute of Chartered Accountants of India (ICAI) has notified that w.e.f. 1 February 2022, the Firm Registration Number (FRN) will be a compulsory field for generating Unique Document Identification Number (UDIN). The purpose of mandating the FRN is to enable the firms to consolidate the total UDINs generated by its partners on its behalf for its clients.

For more information, click here.

Extension of Last Date for Updating UDINs at e-filing Portal ‒ 31 January 2022

The Central Board of Direct Taxes (CBDT) has further extended the last date for updating the UDINs for all the Income Tax (IT) forms at the e-filing portal till 30 April 2022, as currently the e-filing portal does not support the UDIN updation for all the IT forms.

For more information, click here.

Regulatory news

Schemes of Arrangement by Listed Entities ‒ 1 February 2022

The Securities and Exchange Board of India (SEBI) vide its Master Circular dated 22 December 2020 had issued a framework for Schemes of Arrangement by listed entities.

Post that, the SEBI vide its Circulars dated 16 November 2021 and 18 November 2021 respectively, had issued some further amendments in the aforesaid Master Circular, wherein it was notified that certain additional documents need to be submitted to the Stock Exchange before submitting the scheme to the NCLT for sanction, including the submission of a No Objection Certificate (NOC) from the lending scheduled commercial banks/financial institutions/debenture trustees.

Now SEBI has further clarified that the aforesaid requirement w.r.t. submission of the NOC has to be read as follows:

‘NOC from the lending scheduled commercial banks/ financial institutions/ debenture trustees, from not less than 75% of the secured creditors in value’.

The amended provisions will become applicable for all the schemes filed with the stock exchanges after 16 November 2021.

For more information, click here.

Disclosures in the abridged prospectus and front cover page of the offer Document - 4 February 2022

In order to further simplify, provide greater clarity and consistency in the disclosures across various documents and to provide additional but critical information in the abridged prospectus, the SEBI has revised the format of disclosures in the abridged prospectus.

For more information, click here.