Section 11(5) in National Financial Reporting Authority Rules, 2018
(5)The Division shall dispose of the show-cause notice within a period of ninety days of the assignment through a summary procedure as may be specified by the Authority, by a reasoned order in adherence to the principles of natural justice including where necessary or appropriate an opportunity of being heard in person, and after considering the submissions, if any, made by the auditor, the relevant facts and circumstances, and the material on record.[Provided that where the disposal does not take place within the said period, the Division shall record the reasons for not disposing off the show-cause notice within the said period, and the chairperson, may, after taking into account the reasons so recorded, extend the aforesaid period by such additional period not exceeding ninety days as he may consider necessary:Provided further that the chairperson may, if he thinks fit, grant the said extension of period more than once.] [Inserted by Notification No. G.S.R. 636(E), dated 5.9.2019 (w.e.f. 13.11.2018).]
