National Financial Reporting Authority Vs Charmi M Shah & Anr. (Supreme Court of India)
Supreme Court of India in National Financial Reporting Authority v. Charmi M. Shah & Anr. disposed of a Special Leave Petition (SLP) filed by the NFRA. The Court permitted the respondents to file objections to the Show Cause Notice within four weeks. It clarified that the petitioner must consider such objections on both jurisdictional grounds and other relevant aspects before passing a reasoned (speaking) order. Until such an order is issued, no coercive steps may be taken against the first respondent. The Court also noted that no findings were made on the merits of the case. Both the SLP and the related writ petition before the High Court were disposed of, while preserving the respondents’ right to challenge any adverse NFRA order in law.
FULL TEXT OF THE SUPREME COURT JUDGMENT/ORDER
Issue notice to the respondents.
Learned counsel, Mr. Rachit Mittal accepts notice who is appearing on caveat for respondent No.1.
We dispose of this Special Leave Petition by reserving liberty to the respondents herein to file their objections to the Show Cause Notice issued by the petitioner herein within a period of four weeks from today.
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