Criminal Law
Mode of Citation- ILC-2017-SC-CRL-....
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Criminal Law
Mode of Citation- ILC-2017-SC-CRL-....
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ILC-2016-SC-CRL-Apr-2

Pallav Sheth Appellant Vs. Canara Bank

Head Note

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







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@2016 Indian Law
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