Pallav Sheth Appellant Vs. Canara Bank
Criminal Laws - Trial of Offences Relating to Transactions in Securities
Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 - Section 10 - Appeal filed under - The appellant was liable to pay the agreed price of Rs.83,00,000/- for 20000 shares which were not returned to the respondent-bank. In fact the appellant issued cheques to meet it but the cheques were not honoured - The defence of the appellant that such liability was only a civil liability without any criminal intention was not accepted by the learned Special Court and the appellant stood convicted for offence under Section 409 of the IPC - The parties entered into a settlement and the appellant is directed to pay the decretal amount with interest calculated at the rate of 12% per annum with adjustment of Rs.20,00,000/- already paid in 2003. On such payment the sentence imposed upon the appellant shall stand reduced to the period already undergone along with fine of Rs.1,00,000/- - Appeal disposed.
Topic(s)-Trial of Offences Relating to Transactions in Securities