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Regulator versus Regulator

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On 26th May 2020, SEBI passed a one of a kind order imposing a penalty of Rs. 7 lakhs on another regulator – the National Highway Authority of India (NHAI) for delayed filing of unaudited half-yearly financial results within the stipulated period of 45 days from the end of the financial year.

Our founder, Sumit Agrawal penned his views and analyzed the consequences of what he termed to be a bold yet thoughtful order passed by the AO, in an article titled “Regulator versus Regulator”, which can be found here :

Today, i.e., 27th August 2020 – SAT passed an order allowing an appeal filed before it by NHAI, observing that the penalty was harsh and excessive and reduced it to a warning. It strictly ordered that the decision shall not be treated as a precedent in other matters. While holding that the penalty cannot be sustained against NHAI, it observed that the AO failed to consider mitigating factors while imposing a penalty. It also recognized that it was beyond the control of the officials to enforce strict compliance of statutory filings given the plethora of rules that govern the NHAI.

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𝐒𝐄𝐁𝐈 𝐃𝐑𝐀𝐅𝐓 𝐂𝐈𝐑𝐂𝐔𝐋𝐀𝐑: 𝐓𝐑𝐄𝐀𝐓𝐌𝐄𝐍𝐓 𝐎𝐅 𝐈𝐍𝐓𝐄𝐑𝐄𝐒𝐓 𝐈𝐍𝐂𝐎𝐌𝐄 𝐎𝐍 𝐂𝐀𝐒𝐇 𝐂𝐎𝐋𝐋𝐀𝐓𝐄𝐑𝐀𝐋𝐒 𝐑𝐄𝐂𝐄𝐈𝐕𝐄𝐃 𝐁𝐘 𝐂𝐋𝐄𝐀𝐑𝐈𝐍𝐆 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐈𝐎𝐍𝐒 𝐅𝐑𝐎𝐌 𝐂𝐋𝐄𝐀𝐑𝐈𝐍𝐆 𝐌𝐄𝐌𝐁𝐄𝐑𝐒 𝐀𝐍𝐃 𝐔𝐏𝐒𝐓𝐑𝐄𝐀𝐌𝐄𝐃 𝐂𝐋𝐈𝐄𝐍𝐓 𝐅𝐔𝐍𝐃𝐒

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