However, during the hearing on Tuesday, Justice Krishna Kumar found that the licence period ended in October 2021 and that there was no document produced to conclusively establish that Mitcoin’s licence was renewed.
“The private respondents have not produced any material to establish that either their approval/ licence/ permission is valid and subsisting as on today,” the Court observed in its order.
Justice Kumar was also not convinced by certain documents submitted by Mitcoin’s counsel to argue that it had applied for certain modifications and that the reply to this communication indicated that its licence was still active.
“Till we decide it, you don’t broadcast. Clients may tell you whatever they want, this is a show-cause notice from the Central government. You will have to contest this. Instead of contesting this, what you do is you give an application for change of something and say that this amounts to renewal?” Justice Kumar orally observed.
The matter will be heard next on July 9.
Source: Barandbench
