RBI Updates Master Directions for KYC
The Reserve Bank of India (“RBI”) has via a notification dated April 20, 2018 has updated the Master Directions on the “Know Your Customer” protocol to be followed by all entities regulated by RBI. These revised Master Directions are in accordance with the changes carried out in amended Prevention of Money Laundering (Maintenance of Records) Rules, 2005 and thereafter and is subject to the final judgment of the Supreme Court in the on-going AADHAR case.
Bombay HC on Jurisdiction of Court to Execute Arbitral Award
The Bombay High Court in an arbitration case between Kotak Mahindra Bank and Baun Foundation Trust, will be hearing a matter on a crucial point of law i.e. whether an arbitral award obtained by an entity covered under the Recovery of Debts Due to Banks and Financial Institutions Act 1993 (“RDDBI”) can be executed by the High Court or has to be sent to the Debt Recovery Tribunal for execution. The judgment on this issue of jurisdiction would be relevant and applicable on numerous other pending matters on the application of RDDBI to arbitral awards.
MP HC on Leniency Shown to Litigants for Procuring Incorrect Legal Advice
The Madhya Pradesh High Court in its judgment dated April 19, 2018 in Kalyan Singh & Ors. v Sanjeev Singh, has observed that a litigant cannot plead leniency on the grounds that he/she received incorrect legal advice from his/her lawyer. The Court held that “If a litigant feels that he has been cheated by his Counsel by not giving proper legal advice, then the said litigant has remedy, against his lawyer, under the law of the land, but to the detriment of the interest of the other litigant, no leniency can be shown to a litigant on the ground that the Counsel engaged by such litigant was not professionally competent”.