Supreme Court · 2004 INSC 494 · Decided 3 September 2004
Canbank Financial Services LTD. v. The Custodian and ORS.
- Court
- Supreme Court of India
- Citation
- 2004 INSC 494 · [2004] SUPP. 4 S.C.R. 60
- Case number
- CIVIL APPEAL No. 164/1994
- Decided
- 3 September 2004
- Bench
- N. SANTOSH HEGDE, S.B. SINHA, A.K. MATHUR (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- CPC; Contract Act Section 23; Transfer of Property Act Section 10, 6(d); Companies Act Section 3(3)
Headnote
c D E F G H The Special Courts (Trial of Offences Relating to . Transactions in securities) Act, 1992. Sections 3, 4, 9A and I 3-Units with stipulation making their transfer impermissible-Application for investment by some entities in own name­ However, consideration for allotment paid by a thereon, though first received by those entities, later handed over to stock broker-Transfer of these units by stock broker in discharge of his liabilities towards another person who . also paid remaining consideration for units-Validity and legality of-Held: Stipulation . . making transfer
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