Prasad and Australian Securities and Investments Commission

The applicant, Prasad, sought an extension of time from the Administrative Appeals Tribunal to lodge an application for review of a decision made by the Australian Securities and Investments Commission. The application for review was lodged almost seven months after the expiry of the prescribed time limit.

The primary legal issue before the Tribunal was whether it was reasonable in all the circumstances to grant the applicant an extension of time to lodge his application for review. This required the Tribunal to consider the applicant's explanation for the significant delay and the apparent merits of the proposed application for review.

The Tribunal found that the applicant had not provided a satisfactory explanation for the extensive delay in lodging his application. It noted that the applicant appeared to have "rested on his rights" and that there was an apparent lack of merit in the substantive application for review. Consequently, the Tribunal was not satisfied that it was reasonable to grant the extension of time. The application for an extension of time for lodging an application for review was refused.