Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Special Court (Trial of Offences relating to Transactions in Securities) Act 1992-Section 9A |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992-Section 9A-Whether Company Law Board a Court-Whether it is divested of the jurisdiction powers and authority to entertain matters or claims arising out of transactions in securities entered into between the stated dates in which a notified person is involved-Whether by reason of Sub-section (2) claims or matters pending"before it on the commencement of the Amendment Ordinance stand transferred to the Special Court-Yes.Companies Act, 1956 : 'Court' meaning of-Whether Company Law Board is a Court.Words & Phrases: 'Court'-Meaning of in the context of sections 111 & 155 of Companies Act, 1956.The Canara Bank had made an application before the Company Law Board (CLB) under section 111 of Companies Act seeking relief against the Nuclear Power Corporation of India Ltd, which had refused to register in its books bonds of the Nuclear Power Corporation purchased by Canara Bank. The Standard Chartered Bank had also claimed ownership of the said bonds. Canara Bank alleged that it had acquired the said bonds from the Andhra Bank Financial Services Ltd, through a broker, a person notified under the provisions of Section 3(2) of the Special Court Act. The application of the Canara Bank was pending disposal before C.L.B. when, on 25th January, the Special Court Act was amended by the Special Court (Trial of offences relating to Transactions in Securities) Amendment Ordinance, 1994 and Section 9-A was introduced. The Canara Bank and the Nuclear Power Corporation took the stand that the application of Canara Bank stood transferred to the Special Court Act; the Standard Chartered Bank contended that the CLB retained the jurisdiction to deal with the application. The CLB held that it was not a court within the meaning of the Companies Act nor was it a civil court. Its jurisdiction was, therefore, unaffected by the provisions of Section 9-A(2) of the Special Court Act. Aggrieved by the order or CLB Canara Bank preferred the present appeal. |
Judge | Honble Mr. Justice S.P. Bharucha |
Neutral Citation | 1995 INSC 160 |
Petitioner | Canara Bank |
Respondent | Nuclear Power Corporation Of India Ltd. And Ors. |
SCR | [1995] 2 S.C.R. 482 |
Judgement Date | 1995-03-06 |
Case Number | 3206 |
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