Western India Regional Council of
The Institute of Chartered Accountants of India

Law Update Details

March 2019 CA. Ramesh Prabhu

(1) Lapse of Ordinance on CHS: W.P 236 of 2019: Sarla Mitter Bedi & Anr. vs. The Deputy Registrar, Cooperative Societies, Mumbai & Ors. Hon’ble Bombay High Court has held that Ordinance dated 30th Oct, 2018 to create a new chapter for CHS has lapsed on 31st Dec, 2018 and any election disputes need to be decided within 6 months of filing the petition by the Authorities.

(2) New Stamp Duty Amnesty Scheme: Maharashtra Cabinet has taken the decision to introduce Stamp duty Amnesty Scheme by waving 90% of the penalty for both residential and commercial properties. On 13th Feb, 2019 an ordinance to amend section 9 of the Maharashtra Stamp Act, 1958 to help the Government launch fresh amnesty scheme for reducing the penalty on the deficient portion of stamp duty in a variety of cases.

(3) Society to take over Incomplete Project: Hon’ble High Court Bombay in Co. Aplication No. 297 Of 2018: Saifuddin Huseini Hajee & Ors (Orbit Terrace Coop Hsg Society), Nina Concrete Systems Private Limited vs. Orbit Corporation Limited & Ors. Has allowed the society to take over the incomplete project by settling the Banks loan and official liquidators claim.

(4) Law to Ban Unregulated Deposits: The Banning of Unregulated Deposit Schemes Ordinance, 2019 has been promulgated on 7th Feb, 2019 by the Central Govt to provide for a comprehensive mechanism to ban the unregulated deposit schemes and to protect the interest of depositors and the matters connected therewith or incidental thereto.


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