ASHOK BHAN, B.N.KIRPAL, N.S.HEGDE
Canara Bank – Appellant
Versus
Standard Chartered Bank – Respondent
B.N.KIRPAL, J.
(1) THIS is an appeal against the decision of the Special Court (Trial of Offences Relating to Transaction in Securities) Act, 1992 (hereinafter referred to as "the Special Court"). According to the decree, the special court found that a sum of Rs. 60,64,71,275.12., was payable by the appellant to the respondent who was also held entitled to interest at the rate of 20 per cent per annum from 25th November, 1991, till the payment of the decretal amount. Costs were also awarded in favour of the respondent. We are informed that the decretal amount including the costs have been paid to the respondent by 1995.
(2) THE respondent had filed a suit against the appellant basing dues on three transactions which had taken place between them. On 23.8.1991, the appellant purchased Government of India securities 2008-A of face value of Rs. 10 crores at the rate of Rs. 101.50 and on 26.8.1991, it purchased similar securities of the face value of Rs. 7 crores at the rate of Rs. 101.50 and a similar transaction was entered into on 14.9.1991 where security of face value of Rs. 43 crores was purchased at the rate of Rs. 101.50. In this manner, securities of
Login now and unlock free premium legal research
Login to SupremeToday AI and access free legal analysis, AI highlights, and smart tools.
Login
now!
India’s Legal research and Law Firm App, Download now!
Copyright © 2023 Vikas Info Solution Pvt Ltd. All Rights Reserved.