Supreme Court · 1997 INSC 292 · Decided 19 March 1997

B.O.I. Finance Limited ETC. v. The Custodian and ORS. ETC.

Court: Supreme Court of India
Citation: 1997 INSC 292 · [1997] 3 S.C.R. 51
Case number: CIVIL APPEAL No. 1753/1994
Decided: 19 March 1997
Bench: A.M. AHMADI, S.P. BHARUCHA, B.N. KIRPAL (3-judge bench)
Outcome: Appeal(s) allowed
Case type: Civil
Acts & sections cited: Contract Act Section 23, 57; Transfer of Property Act

Headnote

B Banking Regulation Act 1949, ss. 21, 35-A, 36(1) (a) and (b) r/w Secwities Contracts (Regulation) Act 1956, s. 16 and Special Court (Trial of Offences relating to Transactions in Securities) Act 1992, s. ]()--Circulars is sued by Reserve Bank of India under Banking Act prohibiting ready-f into by appellant banks in violation of circulars to be illegal (/Jld ordering retum of securities to Custodian-Held, non-compliance of circulars did not result in invalidation of contract by banks with third parties. Contract Act 1872, ss.23 and 57-Ready-fonvard contracts entered into D by

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