The Tribunal refused to condone a 441-day delay, ruling that failure to monitor appeal filing cannot constitute sufficient cause. The case underscores that professional lapses and lack of diligence will not excuse late appeals.
The 2025 amendments revise exit, withdrawal, and annuity norms across NPS categories. Clear thresholds and deferment options up to age 85 are introduced for subscribers.
The circular directs all banking units to implement the provisions of Sections 10, 11, 12, and 13 of the Banking Laws (Amendment) Act, 2025 under IFSCA’s supervisory powers.
The Court held that adjudication by an officer who had previously conducted an audit on the same issue displayed a pre-disposed mind, setting aside the impugned order for independent reconsideration.
The Court held that a provisional bank account attachment under Section 83 had lapsed because the statutory one-year validity period had already expired. It ordered de-freezing of the account while allowing show cause proceedings to continue.
The Court noted that the writ petition challenging alleged fraudulent ITC was dismissed but allowed additional time to pursue a statutory appeal. The ruling permits the appeal to be filed without being treated as time-barred.
The Court held that a provisional attachment order under Section 83 ceases to operate after one year. As the order had expired, the bank and Sub-Registrar were directed not to restrict transactions.
The Court examined whether rectified refund applications filed after deficiency memos remained within the two-year limit. It held that the authority acted as per prevailing rules and the claim was time-barred.
The regulator amended banking regulations to shift statutory returns from Friday-based reporting to the last day of the fortnight. The key takeaway is simplified and uniform reporting timelines for scheduled banks.
Explains SEBI’s decision to postpone Phase III of the revamped nomination framework. Key takeaway: implementation is deferred due to system and operational challenges.
