Canara Bank Vs. Nuclear Power Corporation of India Ltd. and Others
EmailAppeal: Civil Appeal No. 7 of 1997 with 8539 and 8662 of 1997 and Civil Appeal No. 2175 of 1998 (arising out of S.L.P. (C) No. 22663 of 1997) and Civil Appeal No. 2176 of 1998 (arising out of S.L.P. (C) No. 1740 of 1998) and C.A. No. 2177 of 1998 (arising out of S.L.P. (C) No. 20302 of 1997) with C.A. No. 2178 of 1998
(Arising out of S.L.P. (C) No. 20567 of 1997)
(Arising out of S.L.P. (C) No. 20567 of 1997)
Petitioner: Canara Bank
Respondent: Nuclear Power Corporation of India Ltd. and Others
Apeal: Civil Appeal No. 7 of 1997 with 8539 and 8662 of 1997 and Civil Appeal No. 2175 of 1998 (arising out of S.L.P. (C) No. 22663 of 1997) and Civil Appeal No. 2176 of 1998 (arising out of S.L.P. (C) No. 1740 of 1998) and C.A. No. 2177 of 1998 (arising out of S.L.P. (C) No. 20302 of 1997) with C.A. No. 2178 of 1998
(Arising out of S.L.P. (C) No. 20567 of 1997)
(Arising out of S.L.P. (C) No. 20567 of 1997)
Judges: B.N. Kirpal & Syed Shah Mohammed Quadri, JJ.
Date of Judgment: Apr 21, 1998
Head Note:
ECONOMICS OFFENCES
Special Court (Trial of Offences Relating to Transaction relating to Securities) Act, 1922
Offences relating to securities transactions – Orders passed in Mis. Petition No 81 of 1995 and judgements and orders passed on Suit No 11 of 1996 set aside and special court directed to dispose of the matter de novo. Judges of special court not to be influenced by observations / findings recorded in orders and judgments set aside. Judges at liberty to arrive at same or different findings.
Special Court (Trial of Offences Relating to Transaction relating to Securities) Act, 1922
Offences relating to securities transactions – Orders passed in Mis. Petition No 81 of 1995 and judgements and orders passed on Suit No 11 of 1996 set aside and special court directed to dispose of the matter de novo. Judges of special court not to be influenced by observations / findings recorded in orders and judgments set aside. Judges at liberty to arrive at same or different findings.
JUDGEMENT:
Order
1. C.A. No. 7 of 1997, C.A. No. 8539 of 1997; C.A. No. 8688 of 1997, C.A. No. 2175 of 1998 (arising out of SLP (C) No. 22663 of 1997) and C.A. No. 2176 of 1998 (arising out of SLP (C) No. 1740 of 1998).
Special leave granted in S.L.P. (C) No. 22663 of 1997 and S.L.P. (C) No. 1740 of 1998.
2. We have heard Shri Harish N. Salve, learned senior counsel for the Canra Bank and its trustees and Shri K.S. Cooper, learned Senior counsel for the Standard Chartered Bank as well as the learned counsel appearing for other parties.
3. After going through the judgments and orders under appeal and the documents on the record, in our opinion it will be appropriate that the judgment and order dated 27-11-1996 passed in Misc. Petition No. 81 of 1995 and judgments and orders dated 23rd September, 1997, 30th September, 1997, 30th September, 1997/1st October, 1997 and 1st October, 1997 passed in Suit No. 11 of 1996 by the Special Court are set aside.
4. The said matters shall stand remanded to the Special Court to be disposed of de novo on the basis of the pleadings as they stand and on the basis of array of parties in Suit No. (sic) of 1996 as originally pleaded. The evidence already recorded by the Special Court shall be evidence at the fresh hearing with liberty to the parties to adduce additional evidence if so advised.
5. The Special Court shall hear Misc. Petition No. 81 of 1995 and Suit No. 11 of 1996 together.
6. In passing this order, we express no opinion on the merits of the impugned judgments and orders. However, the learned Judge in passing orders de novo shall dispose of the matters without being, in any manner, influenced by the observations made/findings recorded by him in any of the impugned judgments recorded by him in any of the impugned judgments and orders. He shall be at liberty to arrive at the same or different conclusion.
7. The interim order dated 13-1-1997 passed by this Court directing the suit bonds to continue to remain with the Officer on Special Duty attached to the Special Court, shall continue until final disposal of the aforementioned proceedings of the Special Court.
8. We accordingly remand the proceedings to the Special Court with a direction to dispose of the proceedings at an early date preferably within four months from today.
9. These appeals are disposed of No. order as to costs.
C.A. No. 2177 of 1998 (arising out of S.L.P. (C) No. 20302 of 1997) and C.A. No. 2178 of 1998 (arising out of S.L.P. (C) No. 20567 of 1997).
10. Special leave granted.
11. In view of the order passed hereinabove, and in view of the Special Court having, in the impugned judgments and orders relied on the observations made in orders dated 27-11-1996, which orders we have set aside without pronouncing any opinion on merits and remanded the matters to be determined afresh, we feel it fit to dispose of these appeals also by setting aside the
orders under appeal and remanding the matters to be heard afresh by the Special Court which may decide them as deemed fit.
12. Accordingly, the appeals are disposed of. No order as to costs.
1. C.A. No. 7 of 1997, C.A. No. 8539 of 1997; C.A. No. 8688 of 1997, C.A. No. 2175 of 1998 (arising out of SLP (C) No. 22663 of 1997) and C.A. No. 2176 of 1998 (arising out of SLP (C) No. 1740 of 1998).
Special leave granted in S.L.P. (C) No. 22663 of 1997 and S.L.P. (C) No. 1740 of 1998.
2. We have heard Shri Harish N. Salve, learned senior counsel for the Canra Bank and its trustees and Shri K.S. Cooper, learned Senior counsel for the Standard Chartered Bank as well as the learned counsel appearing for other parties.
3. After going through the judgments and orders under appeal and the documents on the record, in our opinion it will be appropriate that the judgment and order dated 27-11-1996 passed in Misc. Petition No. 81 of 1995 and judgments and orders dated 23rd September, 1997, 30th September, 1997, 30th September, 1997/1st October, 1997 and 1st October, 1997 passed in Suit No. 11 of 1996 by the Special Court are set aside.
4. The said matters shall stand remanded to the Special Court to be disposed of de novo on the basis of the pleadings as they stand and on the basis of array of parties in Suit No. (sic) of 1996 as originally pleaded. The evidence already recorded by the Special Court shall be evidence at the fresh hearing with liberty to the parties to adduce additional evidence if so advised.
5. The Special Court shall hear Misc. Petition No. 81 of 1995 and Suit No. 11 of 1996 together.
6. In passing this order, we express no opinion on the merits of the impugned judgments and orders. However, the learned Judge in passing orders de novo shall dispose of the matters without being, in any manner, influenced by the observations made/findings recorded by him in any of the impugned judgments recorded by him in any of the impugned judgments and orders. He shall be at liberty to arrive at the same or different conclusion.
7. The interim order dated 13-1-1997 passed by this Court directing the suit bonds to continue to remain with the Officer on Special Duty attached to the Special Court, shall continue until final disposal of the aforementioned proceedings of the Special Court.
8. We accordingly remand the proceedings to the Special Court with a direction to dispose of the proceedings at an early date preferably within four months from today.
9. These appeals are disposed of No. order as to costs.
C.A. No. 2177 of 1998 (arising out of S.L.P. (C) No. 20302 of 1997) and C.A. No. 2178 of 1998 (arising out of S.L.P. (C) No. 20567 of 1997).
10. Special leave granted.
11. In view of the order passed hereinabove, and in view of the Special Court having, in the impugned judgments and orders relied on the observations made in orders dated 27-11-1996, which orders we have set aside without pronouncing any opinion on merits and remanded the matters to be determined afresh, we feel it fit to dispose of these appeals also by setting aside the
orders under appeal and remanding the matters to be heard afresh by the Special Court which may decide them as deemed fit.
12. Accordingly, the appeals are disposed of. No order as to costs.
