Tag: Regulatory Litigation

Liability cannot be imposed on the basis of uncorroborated and unexamined statements of co-noticees.

DID YOU KNOW that in the absence of any documentary evidence and solely on the basis of uncorroborated statements of co-noticees, a noticee may not be found liable in an adjudication of a show-cause notice issued by the SEBI?.......
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Factors prescribed under the SEBI Act for calculation of quantum of penalty are mandatory but not exhaustive.

DID YOU KNOW that the SEBI Act prescribes factors that must be considered while deciding the quantum of penalty for contravention of a provision of SEBI Act? These factors include the amount of disproportionate gain/unfair advantage; the amount of loss caused to investor(s); the repetitive nature of the default. These factors are not exhaustive and other factors beyond these can also be looked at to reduce the quantum of penalty.......
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Mandatory requirement of payment of pre-deposit can be waived on the ground of undue hardship

DID YOU KNOW that certain statutes like FEMA have for a requirement of pre-deposit of penalty/duty as a pre-condition for appeal? These statutes confer power on the Appellate Tribunal to waive this condition of pre-deposit, provided the person claiming waiver is able to show “undue hardship”. Undue hardship is linked to financial position and can be proved by showing that there is lack of liquidity, despite having illiquid assets in the balance sheet......
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Conditions prescribed by statutory law cannot be altered or diluted by the Government by way of executive orders.

DID YOU KNOW that conditions prescribed by statutory law cannot be diluted by the Government by way of executive orders? .......
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Subsequent change in law does not affect binding contractual obligations of statutory authorities.

DID YOU KNOW that statutory authorities cannot deviate from binding contractual obligations on the ground that subsequent changes in law have invalidated the contract?.......
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CBSE cannot dispute or reject the details reflected in public records such as birth certificate.

DID YOU KNOW that while considering requests for changes in its records and certificates, the CBSE cannot refuse to accept the details reflected in public documents such as a birth certificate?.......
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CBSE bound to rectify its records to bring them in conformity with public records such as birth certificate.

DID YOU KNOW that the CBSE is bound to rectify incorrectly recorded details in its records to bring them in conformity with public documents such as a birth certificate?.......
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