Content Provider | Supreme Court of India |
---|---|
e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Special Courts (Trial of Offences Relating to Transactions in Securities) Act |
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 Allowed |
Headnote | Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992:Certification of tainted shares by Custodian and its , release and payment of accruals - Application for - Filed by investor before Special Court - Dismissed on the ground of filing of the application after the cut off date - Justification of- Held: Not Justified - Custodian is justified in filing of application before the Special Court requesting to fix a cut off date for certification of the tainted shares - However, the cut off date fixed by the Special Court cannot be construed so as to have a binding effect of .statutory nature under the ยทยท provisions of the Transaction of Sale of Securities Act, 1956, wherein there is no fixed time limit for encashment of shares nor there is prescribed procedure for certification - Custodian cannot shirk away from his function and the duty cast upon him . Special Court is duty bound to guard the interest of the bonafide investors through the Custodian - On facts, investor had no role or involvement in treatment of the alleged equity shares as tainted which required certification before payment of dividend on the same - Investors cannot be denied his due on the ground of delay in filing the application for certification specially when they sought certification of his shares only after two months of the cut off date which had no statutory force Transaction of Sale of Securities Act, 1956.Application and interpretation of the provisions under the 1992 Act - Held: statutory object and reasons of the Act are to be taken into consideration - Different provisions are required to be construed so that each provision will have its play - In case of conflict, a harmonious construction should be adopted so that an honest and bonafide investor is not duped of his hard earned money which he invests by purchasing the equity shares - Interpretation of statutes |
Judge | Hon'ble Ms. Justice Gyan Sudha Misra |
Neutral Citation | 2011 INSC 84 |
Petitioner | Varghese K. Joseph |
Respondent | The Custodian & Ors. |
SCR | [2011] 2 S.C.R. 269 |
Judgement Date | 2011-01-31 |
Case Number | 948 |
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