High Court raps woman who filed pleas over 20 years

The Bombay High Court has put a stop to her litigations of a Sion resident aged 64 years, who filed a number of petitions over the property of Deepak Patel, who died in 1996. She claimed at various times to be his caretaker and then his wife. Her latest petition was dismissed by the Court for want of prosecution.

Patel’s children, who are in their 60s said the sole intention of the woman was to keep the petition she filed claiming to have a will of the man pending before the Courts. This was so that she could enjoy the benefits of the property.

Deepak Patel had died in 1996 and Seema Patel filed the petition seeking probate of his will before a Thane court. This was kept pending for 13 years, before she withdrew it in 2010. She kept delaying the case by either changing lawyers or not appearing despite undertakings. In May 2014, the High Court dismissed her new petition for want of prosecution. She moved the Court seeking that the case be restored again. But the Court refused to oblige pointing to her conduct.



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Changes in Our Business Model
25th Sept 2020
Greetings from Moneylife Advisory Services
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
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Debashis Basu