NDLI: Pallav Sheth Vs. Canara Bank

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	Special Court (Trial of Offences relating to Transactions in Securities) Act 1992 Dishonest intention of misappropriation of shares
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Special Court (trial of Offences Relating to Transactions in Securities) Act, 1992 (27 of 1992)
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Disposed Off
Headnote	Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992: s.10 - Dishonest intention of misappropriation of shares -- Special Court convicted appellant u/s.409 IPC and ordered fine of Rs.1 lac — As per original chart, Rs.58.10 lacs was ‘the principal decreed against the appellant passed by Special Court in civil suit - Interest was allowed @ 18% p.a. — After adjusting Rs.20 lacs paid by appellant in 2003 by way of part settlement, balance amount with same rate of interest resulted into an amount of Rs.286 lacs payable by appellant to the Bank -- In the course of hearing, this Court noticed that there were good chances of settlement between the parties if a substantial amount could be paid to the bank by appellant so as to virtually meet the entire decretal liability within reasonable period of time — Hence in the special facts and circumstances of the case, appeal disposed of in the following terms — Appellant shall pay the decretal amount with interest calculated @ 12% per annum (in place of 18% per annum) from 20 June, 1992 with adjustment of Rs.20 lacs already paid in 2003, in two installments payable in three months and six months time respectively - On such payment, the sentence imposed upon the appellant would stand reduced to the period already undergone along with fine of Rs.1 lacs — The decree of the Special Court in Civil Suit would be treated to have been satisfied by the appellant on his making the payment of the settlement amount — In case the settlement amount is not paid by the appellant in the manner and to the extent indicated then after six months this order shall stand recalled and the appellant would surrender to serve out the remaining period of sentence of RI for six months as per the judgment under appeal which shall then stand confirmed by this Court.
Judge	Hon'ble Mr. Justice Shiva Kirti Singh
Neutral Citation	2016 INSC 313
Petitioner	Pallav Sheth
Respondent	Canara Bank
SCR	[2016] 2 S.C.R. 272
Judgement Date	2016-04-13
Case Number	1664

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