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The complaint alleged that despite investing nearly ₹42 lakh and waiting over a decade, the homebuyers were handed an incomplete unit without an occupation certificate, while the builder also failed to honour its pre-EMI commitment, adversely affecting their financial credibility.
Written statement was e-filed within 44 days from the receipt of the complaint which was beyond 30 days prescribed time-limit but the delay beyond 30 days held to be extendable if sufficient cause explained, thus making the prescribed period to be of 45 days. The written statement was thus filed within the prescribed period.
JSA advised SBI Capital Markets Limited, Axis Capital Limited, HDFC Bank Limited, and ICICI Securities Limited
The penalty imposed was based on deficiencies in statutory and regulatory compliance on behalf of HDFC bank.
The appropriate process was not done and like a highway robber NSDL through illegal directions from SEBI transferred the pledged shares which were fungible, to the clients of Karvy which action was without any authority of law.
Shardul Amarchand Mangaldas & Co. advised HDFC Bank in granting financial assistance by way of a rupee term loan facility to Torrent
“If a man has been wronged, so long as the wrong lies within the human machinery of administration of justice, that wrong must be remedied.”
Allahabad High Court: The Division Bench of Naheed Ara Moonis and Vivek Varma, JJ., reiterated the law laid down by the Supreme Court