Author: JSA

If you are not happy with the results, please do another search

Amendment in EPF Scheme to allow withdrawal of non-refundable advance by EPF members

The Ministry of Labour & Employment issued a notification GSR 225(E) amending the EPF Scheme, 1952 to allow withdrawal of non-refundable advance by Employee Provident Fund (EPF) members/subscribers in the wake of the COVID -19 pandemic.

Para 68L(3) has been inserted in the EPF Scheme, 1952, stating that employees working in establishments and factories across India, who are members of the EPF Scheme, 1952, are eligible for the benefit of non-refundable advance. The amended Employees Provident Fund (Amendment) scheme, 2020 came into force on 28 March 2020.

The notification permits withdrawal of upto the amount of basic wages and dearness allowance for 3 months or upto 75% of the amount standing to member’s credit in the EPF account, whichever is less, in the event of outbreak of epidemic or pandemic. Further, field offices have been directed to promptly process any application received from EPF members to help them fight the situation.

Tags EPF

SEBI relaxes compliance requirement pertaining to disclosure filings under the SAST Regulations, 2011

In view of the developments arising due to the spread of the COVID-19 pandemic, and the consequent travel restrictions and various other logistical challenges, a need for temporary relaxations in compliance with certain deadlines in SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SAST Regulations”) was felt.

Therefore, SEBI, vide circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 dated March 27, 2020, issued certain relaxations for compliance with respect to the disclosure filings to be made under the provisions of the SAST Regulations.

The disclosure filings under Regulations 30(1), 30(2) and 31(4) of the SAST Regulations, requires shareholders to compile, collate, and disseminate information of their consolidated shareholding as on March 31, 2020, to the company and the stock exchanges within 7 working days from the end of the financial year. These reports as per the 2020 calendar are required to be filed by April 15, 2020.

It has therefore been decided to extend the due date of filing disclosures, in terms of Regulations 30(1), 30(2) and 31(4) of the SAST Regulations for the financial year ending March 31, 2020 to June 01, 2020. This relaxation has come into effect on and from March 27, 2020.

Tags SEBI

Relaxation in compliance with requirements pertaining to AIFs and VCFs

A need was felt to extend the due date for regulatory filings for Alternate Investment Funds (“AIFs”) and Venture Capital Funds (“VCFs”), as a result of the recent market events due to the COVID-19 pandemic. Therefore, the Securities Exchange Board of India (“SEBI”) on 30 March 2020, vide circular No. SEBI/HO/IMD/DF1/CIR/P/2020/58, issued a relaxation in complying with the requirements pertaining to AIFs and VCF.

Accordingly, the due date for regulatory filings for AIFs and VCFs for the periods ending 31 March 2020 and 30 April 2020 has been extended by 2 months, over and above the timelines prescribed under SEBI (Alternative Investment Funds) Regulations, 2012 and circulars issued thereunder.

Tags VENTURE CAPITAL

Stamp Duty Revisions to take effect on 1 July 2020

Notification no. S.O. 1226(E), dated 30 March 2020, issued by the Ministry of Finance, (Department of Revenue) stated that “for the words and figures “the 1st day of April 2020”, the words, figures and letters “the 1st day of July 2020” shall be substituted”. It further stated that, “the principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number S.O. 4419 (E), dated the 10 December 2019 and subsequently amended vide notification dated 8th January, 2020, published vide number S.O.115 (E) dated the 8th January, 2020”,

The principal notification issued on 10th December 2019, vide notification no. S.O. 4419 (E) (“Principal Notification”), stated that the date on which the provisions of Part I of Chapter IV of the Finance Act, 2019 (“Act”) shall come into force shall be the 9th day of January, 2020.

Note:

Part I of Chapter IV of the Act deals with provisions pertaining to “Amendment to the Indian Stamp Act, 1899”; and
Section 11 of the said Act states that the provisions of Part I of Chapter IV, shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

In this regard the Principal Notification notified, the 9th day of January 2020 as the date on which the provisions of Part I of Chapter IV of the said Act shall come into force.

Subsequently, on 8th January 2020, vide notification no. S.O. 115(E) (“Subsequent notification”), an amendment was made to the Principal Notification, amending the date on which the provisions of Part I of Chapter IV of the Act shall come into force to be, the 1st day of April 2020 instead of the 9th day of January 2020.
Further, on 30 March 2020 vide notification no. S.O. 1226(E) (“Latest Notification”), further amendment was made to the Subsequent Notification, amending the date on which the provisions of Part I of Chapter IV of the said Act shall come into force to be the 1st day of July 2020 instead of 1st day of April, 2020.

As incorrect news was circulated that the reference to the extension to 1 July 2020 was the extension of the Financial Year itself, the Ministry of Finance, on 30 March 2020, issued another notification clarifying that there is no extension of the Financial Year and that the Latest Notification relates to certain amendments to the Indian Stamp Act, such as putting in place an efficient mechanism for collection of Stamp Duty on Security Market Instruments transactions through Stock Exchanges or Clearing Corporation authorized by Stock Exchanges Depositories. This change was earlier notified to be implemented from 1st April 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to 1st July 2020.

Temporary relaxation in processing of documents pertaining to FPIs

In light of the recent events pursuant to COVID-19, a need was felt for temporary relaxations with respect to compliance requirements for Foreign Portfolio Investors (“FPIs”). Accordingly, Securities and Exchange Board of India (“SEBI”) on 30 March 2020, vide circular no. SEBI/HO/FPI&C/CIR/P/2020/056 granted the following relaxations pertaining to a situation where FPI applicants are unable to send original and/or certified documents as specified in Operational guidelines for Foreign Portfolio Investors & Designated Depository Participants (“DDPs”) issued under SEBI (FPIs) Regulations, 2019:

DDPs & Custodians may consider and process the request(s) for registration/ continuance/ KYC / KYC review & any other material change on the basis of scanned version of signed documents (instead of originals) and copies of documents which are not certified, received from:

a) e-mail IDs of their Global Custodians/existing clients where these details are already captured in records; or

b) e-mail IDs of new clients received from domains which are duly encrypted with Transport Layer Security (TLS) or similar encryption or the documents are password protected.

These documents may be uploaded on KYC Registration Agencies so that the other intermediaries may rely on said documents.
These temporary relaxations shall be applicable only till 30 June 2020.
Within 30 days from the aforesaid deadline, the DDPs & Custodians shall ensure to obtain the original and/or certified documents (as applicable normally).
In case required documents for registration/ KYC are not received by the said deadline, the accounts of such FPIs shall be blocked for any fresh purchase.
In case documents are still not received within 3 months of the said deadline, DDPs & Custodians shall report these cases to SEBI for appropriate action. Further, Intermediaries should undertake necessary due diligence including that required for regulatory and risk-based approach towards compliance with Anti-Money Laundering (AML) requirements while processing these documents based on scan copy.

Recent Legal and Regulatory Changes Impacting Debt Transactions

In March 2020, there have been several changes in the Indian legal and regulatory landscape that will have an impact on debt transactions. Many of these changes have been precipitated due to the nationwide lock-down imposed as a result of COVID-19. The key changes are summarised below.

1. Insolvency regime

Increase in default threshold: The threshold for initiating the corporate insolvency resolution process (“CIRP”) under section 4 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) has been increased from Rs. 100,000 to Rs. 10,000,000. This move will benefit various companies, especially medium and small enterprises, who may be unable to repay their debts in a timely manner and be forced into insolvency due to COVID-19.
Extension of CIRP timelines: The period of lockdown (i.e. March 24, 2020 to April 15, 2020) in relation to COVID-19 will be excluded for the purpose of calculating the 330-day period for completion of the CIRP. This will be applicable for all cases where the CIRP has been initiated and pending before any bench of the National Company Law Tribunal (“NCLT”) or in appeal before the National Company Law Appellate Tribunal (“NCLAT”).
Extension of timelines due to lockdown: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) were amended to provide that if any activity in relation to the CIRP cannot be completed during the lockdown period imposed by the Government due to COVID-19, then such lockdown period will not be counted for the purposes of any timeline within which such activity has to be completed under the CIRP Regulations. This will provide a breather to many resolution professionals who were struggling to complete certain activities given the nationwide lockdown.
Priority financing: The Central Government has sponsored the Special Window for Affordable and Middle-Income Housing Investment Fund I for providing priority debt financing for completion of stalled housing projects that are in the affordable and middle-income housing sector. Any debt availed from such fund will be treated as “interim financing” under the IBC and will receive priority in repayment under the CIRP or liquidation of the corporate debtor.
Special GST process: Corporate debtors undergoing CIRP have to obtain a new GST registration in each state and union territory where they are carrying on business. The same must be obtained within 30 days of appointment of the interim resolution professional or resolution professional. Where any CIRP is ongoing on March 21, 2020 (the date of the notification), then the new registration has to be obtained within 30 days of such notification. The process set out in the notification has to be followed for filing returns and availing input tax credit.
Applicability to Jammu & Kashmir: The application of the IBC has been extended to the Union Territory of Jammu and Kashmir with effect from March 18, 2020 pursuant to the Jammu and Kashmir Reorganisation (Adaptation of Central Laws) Order, 2020.
December 2019 Ordinance codified by an IBC amendment: Various amendments that were introduced to the IBC pursuant to an ordinance in December 2019 were codified pursuant to a formal amendment to the IBC on March 13, 2020. These amendments are effective from December 28, 2019 (the date of the ordinance). The key changes brought about pursuant to the ordinance and this amendment include the following:

(i) Restrictions on governmental authorities and regulators from suspending or terminating any license, quota, concession, clearance or similar right granted to the corporate debtor;(ii) No interruption of supply of goods and services to the corporate debtor which are critical to preserve the value and manage the operations of the corporate debtor

(iii) Protection to the corporate debtor its assets from offences committed prior to the CIRP period by the erstwhile management and promoters of the corporate debtor; and

(iv) Minimum number or percentage of applicants required to initiate CIRP proceedings by certain classes of creditors.

2. Moratorium permitted by the Reserve Bank of India (“RBI”)

On March 27, 2020, the RBI announced certain regulatory measures to ease the burden of debt servicing brought about by disruptions on account of COVID-19. The measures were aimed at ensuring continuity of viable businesses. One of the measures was to provide a moratorium to borrowers.

Moratorium on Term loans: The RBI permitted all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and non-banking financial companies (including housing finance companies) (“lending institutions”) to grant a moratorium in respect of term loans (including agricultural term loans, retail and crop loans), of three months on payment of all “instalments” falling due between March 1, 2020 and May 31, 2020. The “instalments” will include (i) principal and/or interest components, (ii) bullet repayments, (iii) equated monthly instalments, and (iv) credit card dues. The repayment schedule for such loans as also the residual tenor, will be shifted across the board by three months after the moratorium period. However, interest will continue to accrue on the outstanding portion of the term loans during the moratorium period. It is noteworthy that the moratorium related provisions are not applicable to foreign lenders, foreign portfolio investors (“FPIs”), mutual funds or alternative investment funds that have extended any debt to Indian borrowers.
Deferment of interest on Working capital facilities: In relation to working capital facilities sanctioned in the form of cash credit/overdraft (“CC/OD”), lending institutions have been permitted by RBI to defer the recovery of interest applied in respect of all such facilities during the period from March 1, 2020 upto May 31, 2020 (“deferment”). The accumulated accrued interest will be recovered immediately after the completion of this period.
Recalculation of Drawing power: Lending institutions can also recalculate the drawing power of borrowers facing stress due to COVID-19 in relation to CC/OD facilities sanctioned to them. The recalculation can be by reducing the margins and/or by reassessing the working capital cycle. This relief is available in respect of all such changes effected up to May 31, 2020 and contingent on the lending institutions being satisfied that the change is necessitated due to a fallout of COVID-19.
Asset classification: Any moratorium / deferment / recalculation of drawing power will not be treated as a concession or change in terms and conditions of loan agreements due to financial difficulty of the borrower under the RBI (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 dated June 7, 2019. Therefore, such measure itself will not result in a downgrade of asset classification. The asset classification of term loans which are granted any relief mentioned above will be determined based on the revised due dates and the revised repayment schedule. Further, for working capital facilities where relief is provided, the special mention account status and the out of order status will be evaluated considering the application of accumulated interest immediately after the completion of the deferment period as well as the revised terms.
No adverse impact on credit history: Any rescheduling of payments, including interest, will not qualify as a default for the purposes of supervisory reporting and reporting to credit information companies (“CICs”) by the lending institutions. CICs shall ensure that the actions taken by lending institutions pursuant to the above announcements do not adversely impact the credit history of the beneficiaries.
Board approved policy: The board of each lending institution must frame appropriate policies to deal with the above measures. The policies must set out objective criteria for considering the abovementioned reliefs and must also be made available in the public domain.

3. Increased corporate bond limits

The RBI has increased the limit for FPI investment in corporate bonds to 15% of the outstanding stock for the financial year April 1, 2020 to March 31, 2021. The revised limits for FPI investment in corporate bonds are as follows:

FPI Investment limit in corporate bonds for FY 2020-2021	Rs. (crores)
Current limit	3,17,000
Revised limit: April 1, 2020 to September 2020	429,244
Revised limit: October 2020 to March 2021	541,488

4. Time periods for creating reserves extended

Under the Companies Act, 2013, certain type of companies that have issued secured debentures are required to invest at least 15% of the value of debentures maturing in the next financial year into certain prescribed form of investments by April 30. The timeline to make such prescribed investments has now been extended to June 30 for this financial year.
Under the Companies Act, companies which have accepted deposits from the public or its members have to deposit an amount equal to 20% of the deposits maturing in the following financial year in a separate deposit repayment reserve account with a scheduled bank. Such deposit has to be made by April 30 each year. The timeline for this deposit has now been extended to June 30 for this financial year.

5. Certain relaxations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”)

Financial information: Companies that propose to issue non-convertible debentures, non-convertible preference shares or commercial paper which are to be listed can now provide audited financial information for the period ending September 30, 2019 for all issuances upto May 31, 2020 (instead of issuances upto March 31, 2020).
Extension of timelines for filings/disclosures: Timelines for certain filings and disclosures that need to be made in relation to listed non-convertible debentures, non-convertible preference shares or commercial paper have been extended. These include the following: (i) The timeline for initial disclosures for large corporates have been extended by 45 days upto June 30, 2020; (ii) The timeline for annual disclosures for large corporates have been extended by 60 days upto June 30, 2020; (iii) The timeline for declaration of half-yearly financial results has been extended by 45 days to June 30, 2020; and (iv) The timeline for declaration of annual financial results has been extended by 30 days to June 30, 2020.

6. Encumbrances on units of Real Estate Investment Trusts (“REITs”)

Creation of encumbrance: On March 23, 2020, the Securities and Exchange Board of India (“SEBI”) has, by way of a circular, permitted sponsors and sponsor group entities holding any units under the SEBI (Real Estate Investment Trusts) Regulations, 2014 (“REIT Regulations”) during the mandatory holding period to create an encumbrance on such units. The encumbrance will include a pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, transaction, condition or arrangement in the nature of encumbrance. Any agreement in relation to the encumbrance shall include the conditions for creation and invocation of encumbrance under the SEBI circular.

Invocation of encumbrance: Any encumbrance cannot be invoked during the holding period prescribed under the REIT Regulations unless the following conditions are fulfilled: (i) the person(s) invoking the encumbrance (whether directly or through any trustee or agent acting on its behalf) shall get itself or its nominee to become re-designated sponsor upon compliance with the terms and conditions for re-designation of sponsor as specified under REIT Regulations; however this condition is not applicable in case the person invoking the encumbrance is already a member of the sponsor group; and (ii) the re-designated sponsor has to fulfil the obligations specified for sponsor under REIT Regulations.

Disclosures of encumbrance to the REIT manager: The sponsor(s) and sponsor group entity creating any encumbrance on the REIT units held by them has to provide details of the encumbrance to the manager of the REIT within two working days from the date of creation of such encumbrance in a prescribed format. Further, they must also notify the manager of any change in the above information pursuant to release or invocation of encumbrance, or in any other manner, within two working days from the date of such event.

Disclosures to stock exchanges: Within two working days from the receipt of encumbrance related details mentioned above, the REIT must disclose such information to every stock exchange where units of the REIT are listed. The disclosure has to be in a prescribed format.

7. Encumbrances on units of Infrastructure Investment Trusts (“INVITs”)

Creation of encumbrance: On March 23, 2020, the SEBI has, by way of a circular, permitted sponsors and sponsor group entities holding any units under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 (“INVIT Regulations”) during the mandatory holding period to create an encumbrance on such units. The encumbrance will include a pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, transaction, condition or arrangement in the nature of encumbrance. Any agreement in relation to the encumbrance shall include the conditions for creation and invocation of encumbrance under the SEBI circular.

Invocation of encumbrance: Any encumbrance cannot be invoked during the holding period prescribed under the INVIT Regulatio
Disclosures of encumbrance to the INVIT manager: The sponsors creating any encumbrance on the INVIT units held by them has to provide details of the encumbrance to the manager of the INVIT within two working days from the date of creation of such encumbrance in a prescribed format. Further, they must also notify the manager of any change in the above information pursuant to release or invocation of encumbrance, or in any other manner, within two working days from the date of such event.
Disclosures to stock exchanges: Within two working days from the receipt of encumbrance related details mentioned above, the INVIT must disclose such information to every stock exchange where units of the INVIT are listed. The disclosure has to be in a prescribed format.

8. Extension of amendments to stamp duty on Debentures

Pursuant to certain amendments that were made to the stamp duty law, the stamp duty rate on the debentures was modified from a maximum of 0.25% or Rs. 25 lacs, whichever was lower, to an ad valorem rate of 0.005% of the value of the debentures. These new stamp duty rates were to come into effect from April 1, 2020. However, they are now proposed to come into effect from July 1, 2020.

Tags GST, INCOME TAX, LOCKDOWN

Relaxations provided on compliances to be met by units / developers / co‐developers of SEZs

In view of the sudden outbreak of COVID‐19 pandemic and the nation-wide lockdown, the Department of Commerce on 30 March 2020, provided certain relaxations on compliances to be met by units / developers / co‐developers of Special Economic Zones (“SEZs”). Such compliances to which the relaxations will apply, includes:

Requirement to file Quarterly Progress Report (QPR) attested by Independent Chartered Engineers by Developers/ Co‐developers;
SOFTEX form to be filed by IT/ITES units;
Filing of Annual Performance Reports (APR) by SEZ units;
Extension of Letter of Approvals (LoA) which may expire, in the cases of:

a) Developers/co‐developers who are in the process of developing and operationalising the SEZ;

b) Units which are likely to complete their 5 years block for NFE assessment;

c) Units which are yet to commence operations.

The Development Commissioners of SEZs has been directed to ensure that in cases where any compliance is not met during this period impacted by the above disruption, no hardship is caused to Developers / Co‐Developer / Units and no punitive action is taken.

Further, as may be possible, all extensions of LoAs and other compliances may be facilitated through electronic mode in a time‐bound manner. In the cases where it is not possible to grant extension through electronic mode or in cases where a physical meeting is required, the Development Commissioners has been asked to ensure that the Developer / Co‐developer / Units do not face any hardship due to such expiry of validity during this period of disruption. Ad‐hoc interim extension / deferment of the expiry date may be granted without prejudice till 30 June 2020 or further instructions of the Department on the matter, whichever is earlier.

Tags LOCKDOWN

Introduction of the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID-19

In order to reduce compliance burden during the unprecedented public health situation caused by COVID-19, the Ministry of Corporate Affairs, on 30 March 2020 issued a press release pertaining to the introduction of the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” (the revised LLP Settlement Scheme, 2020 is available here), which is already in effect, to provide a first of its kind opportunity to both companies and LLPs to make good any filing related defaults, irrespective of the duration of default, and make a fresh start as a fully compliant entity.

During the period starting from 1st April 2020 and ending on 30th September 2020, the following benefits are available to companies and LLPs, under the Fresh Start Scheme and Modified LLP Settlement Scheme, respectively:

It incentivizes compliance and reduces compliance burden;
Companies and LLPs are permitted to file any and all belated filings i.e., filings that the company or LLP are yet to carry out and for which the statutorily prescribed time limit has expired;
A one-time waiver of additional filing fees for delayed filings by the companies or LLPs with the Registrar of Companies;
Provides longer timelines for entities to comply with various filing requirements under the Companies Act, 2013 and Limited Liability Partnership Act, 2008;
Significantly reduces certain financial burden on companies and LLPs, especially for those with long standing defaults, thereby giving them an opportunity to make a “fresh start”;
Provides the opportunity to file for immunity from penal proceedings, including against imposition of penalties for late submissions and provides additional time for filing appeals before the concerned Regional Directors against imposition of penalties, if already imposed. However, the immunity is only against delayed filings in MCA21 and not against any substantive violation of law. The application seeking immunity shall be filed after 30 September 2020, and can be filed only if there are no pending appeals against notices or adjudicated orders (appeals, if any, are to be withdrawn before filing application for immunity).

Clarifications issued in furtherance of the guidelines issued by the Ministry of Home Affairs

Official Advisory — Breakup marriage couple with divorce certification

The Ministry of Home Affairs has issued guidelines on the measures to be taken by Ministries/ Departments of Government of India, State/Union Territory Governments, and State/ Union Territory Authorities for containment of the COVID-19 epidemic in the country on March 24, 2020 (Annexure to the order). This was further modified on March 25, 2020 and March 27, 2020. A summary of these guidelines is available at https://jsacovid19.blogspot.com/2020/03/21-day-nationwide-lock-down-guidelines.html.

In furtherance to the guidelines issued on 24 March 2020 and the addenda on March 25, 2020 and March 27, 2020, certain clarifications have been issued by the Home Secretary on March 29, 2020. These clarifications are as follows:

Transportation of all goods, without distinction between essential and non-essential goods, will be allowed;
Pension and provident fund services provided by Employees Provident Fund Organisation shall remain functional;
Services of the Indian Red Cross Society will continue to remain functional;
Shops dealing with groceries, including hygiene products, such as hand wash, soap, disinfectants, body wash, shampoos, surface cleaners, detergents and tissue papers, toothpaste/oral care, sanitary pads and diapers, battery cells, chargers, etc. shall remain open;
The entire supply chain of milk collection and distribution, including its packaging material shall remain functional; and
Newspaper delivery supply chain shall also remain functional.

Further, the Central Government has allowed the use of the State Disaster Response Fund (SDRF) for the benefit of homeless people, including migrant labourers, stranded due to lockdown measures and sheltered in relief camps, and other places, in order to provide them food etc., as part of COVID-19 containment measures. The Ministry of Health Affairs has issued further orders under the Disaster Management Act, 2005, directing district authorities, to ensure strict implementation of additional measures to stop the movement of migrants, to provide them with quarantine facilities, shelter, food, etc.; and to protect their economic rights by ensuring payment of wages; and protecting them from eviction by landlords.

Tags LOCKDOWN

Suspension of Limitation Period

Taking suo moto cognisance of difficulties faced by litigants in view of the COVID-19 pandemic, and to avoid overcrowding at filing counters in courts, the Supreme Court has passed an order dated 23 March 2020 with respect to the period of limitation for filing requirements.

A 3 judge bench of the Supreme Court headed by the Chief Justice of India, exercising its powers under Article 142 read with Article 141 of the Constitution of India, directed that the period of limitation in all proceedings before any Court/Tribunal, irrespective of the limitation prescribed under the general law or special law, whether condonable or not, would stand extended with effect from 15 March 2020 till any further orders passed by the Supreme Court in this regard.

In effect, if the limitation period for filing of any proceeding, be it a petition, application, suit, appeal or any other proceeding, expired on or after 15 March 2020, the same stands extended. The date till which limitation would stand extended will be notified by the Supreme Court in its subsequent orders.

The order, having been passed under Articles 141 and 142 of the Constitution of India, has the effect of law and is binding on all courts, tribunals and authorities.