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Case Analysis Of Standard Chartered Bank & Anr. V. Custodian & Anr.
- Author(s):
- Rahul Ranjan, Pranshu Vats
- Contributor(s):
- IJLLR (see profile)
- Date:
- 2023
- Subject(s):
- Law
- Item Type:
- Article
- Permanent URL:
- https://doi.org/10.17613/67ve-tx10
- Abstract:
- In 1992, the Reserve Bank of India found large securities transaction fraud and anomalies. Due to brokers' systematic unethical misbehaviour and collusion with personnel of these institutions, money from banks and financial institutions was redirected to their accounts. A Special Court Ordinance, later replaced by the Special Court Act, 1992, was published on June 6th, 1992 in order to expedite the collection of the enormous amounts involved. According to Section 3 of the Act, the Central Government may designate a Custodian with the authority to publish the name of anyone who has been charged with a crime involving securities transactions between April 1, 1991, and June 6, 1992.1 At the time the notification was sent, any personal property—movable, immovable, or both—that belonged to the people who received it was still attached. The linked property must be managed by the Custodian in line with Special Court regulations. A High Court Judge who was currently on the bench oversaw the Special Court.2 It may try cases that are initiated against it or transferred to it, or it may take cognizance of them. This Court was qualified to use the powers and privileges that a Civil Court could have used prior to the start of the Act.
- Metadata:
- xml
- Published as:
- Journal article
- Status:
- Published
- Last Updated:
- 8 months ago
- License:
- Attribution
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