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After issuance of Circular No.S.O.2561 dated 27-6-1969 under section 16 of Securities Contracts (Regulation) Act, 1956 transactions into securities by (i) Spot delivery contract; (ii) Contract for cash; (iii) Hand delivery and (iv) Special Delivery are only permitted
Case Law Details
- Case Name
- Naresh K. Aggarwala & Co. Vs. Can Bank Financial Services Ltd. (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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SUMMARY OF THE CASE LAWS
Where the contract note issued in relation to the transaction in question by the Stock Broker did not show that it was a spot delivery contract, the transaction was clearly contrary to the circular; consequently, in terms of the provisions of sub-section (2) of section 16 the transaction was illegal and was not capable of being enforced.
CASE LAWS DETAILS
DECIDED BY: SUPREME COURT OF INDIA,
IN THE CASE OF: Naresh K. Aggarwala & Co. Vs. Can Bank Financial Services Ltd., APPEAL NO: Civil Appeal No. 5173 of 2004, DECIDED ON May 5, 2010
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