JUDGMENT :

Mehta, J.

1. The factual and legal issues involved in these appeals are common and hence the same have been heard together and are being decided by this common judgment.

2. The instant appeals under Section 10 of the Special Court (Trial of Offences relating to transactions in Securities) Act, 1992 (hereinafter being referred to as the ‘Act of 1992’) arise out of the final judgments passed by the Special Court, Bombay constituted under the Act of 1992 of even date i.e. 11th March, 2011, in MA Nos. 162 and 184 of 2008 in MA No.343 of 1994 in MA No. 193 of 1993.

3. Before proceeding to consider the appeals on merits, it would be apposite to consider the broad scheme of the Act of 1992.

4. The Act was promulgated as large-scale irregularities committed by some share brokers in collusion with the employees of Banks and Financial Institutions(in short ‘FIs’) came to light in relation to transaction in Government/other securities leading to diversion of funds from the banks/FIs to the individual accounts of certain brokers.

5. The Act provided a mechanism to deal with the above situations and in particular, to ensure speedy recovery of the huge amounts illegally diverted, punish the