Three-Month Deadline For Passing Arbitral Award Under NSE Byelaws Is Directory And Not Mandatory: Bombay High Court

The Bombay High Court has ruled that a "three-month deadline for passing an arbitral award under NSE byelaws is directory and not mandatory." The court's decision provides a significant victory for the company. The ruling clarifies that a court cannot dismiss a case for a mere technicality. This is a crucial precedent for other cases involving tax disputes and is a crucial reminder to all tax authorities to follow due process. The court's decision is a crucial reminder to all that they must be diligent in their dealings.