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2017 (5) TMI 541 - HC - Indian LawsEntitlement for exemption from appearance in the business valuation paper for final CMA exam - Held that:- The plea that the Amendment is being given a retrospective effect, is a fallacy. I agree with the submission of Mr. G.S. Chaturvedi that Amendment was notified on May 25, 2012 and the number of chances given earlier before coming into effect of the Amendment, have not been taken into account. The Amendment was not applied for the term of June, 2012. The three exemptions granted were for the exams of December 2012, June 2013 and December 2013. The plea of the petitioner that Amendment was not given effect to the examination of June, 2012 would not mean that the cases like that of the petitioner were not covered under the Amendment. In fact, the stand of the respondent that Amendment was not applied for the examination of June, 2012 as the call letters for the examination in the said term had already been dispatched to 62,670 students and applying the Amendment immediately would have created chaos, is appealing. That cannot be a cause for grievance of the petitioner, rather, he was benefitted, because, the exam of June, 2012 was not counted as an exemption. Whether the petitioner has a right to avail the benefit of exemption for unlimited terms? - Held that:- The answer has to be “No” for more than one reason; (i) It is true that, the right of exemption has been incorporated in the Regulations. In other words, the petitioner was enjoying the benefit of the exemption, even before the impugned Amendment, in terms of the Regulations i.e. Regulation 41(2). In the absence of any challenge to the power of the respondent to amend the Regulations, which power, includes the power to limit the number of exemptions, the petitioner has no right to enjoy the benefit of exemption in perpetuity. (ii) The Amendment brought, whereby the exemption has been limited to three terms would still mean that the right of exemptions per se has not been taken away but has been limited to three terms and the benefit thereof has been given / availed by the petitioner. (iii) The objective being to improve the standard and conduct of the examination, by limiting the exemption to three terms, which is the subjective satisfaction of the concerned authority, no fault can be found with such a stipulation in the Regulation. That apart, the submission of Mr. Chaturvedi that the petitioner took advantage of the amendment and after exhausting all the three exemptions, being unsuccessful in clearing the examination has assailed the Amendment is appealing. Further the action of the respondent to limit the exemptions for three consecutive terms, i.e., December, 2012; June, 2013 and December, 2013, the same being consistent with the amendment, the action of the respondent cannot be faulted. Petition dismissed.
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