Suman L. Shah vs The Custodian
Parties (2)
Case Significance
Suman L. Shah vs The Custodian is a Supreme Court of India decision dated March 5, 2024 (citation: insc-2024-170). Appeals under the Special Court (Trial of Offences relating to transactions in Securities) Act, 1992 where the Custodian sought recovery of amounts allegedly diverted through benami companies linked to notified person Pallav Sheth during the 1992 securities scam. The Supreme Court found that the Special Court's findings that the appellants failed to prove repayment were contrary to facts and law, as it was unreasonable to expect retention of account books after more than a decade. The impugne The bench comprised Justices Pamidighantam Sri Narasimha and Sandeep Mehta. The judgment was delivered by Justice Sandeep Mehta.
Summary
Appeals under the Special Court (Trial of Offences relating to transactions in Securities) Act, 1992 where the Custodian sought recovery of amounts allegedly diverted through benami companies linked to notified person Pallav Sheth during the 1992 securities scam. The Supreme Court found that the Special Court's findings that the appellants failed to prove repayment were contrary to facts and law, as it was unreasonable to expect retention of account books after more than a decade. The impugned judgments were quashed and amounts deposited pursuant to earlier orders were directed to be reimbursed.
What was the outcome of Suman L. Shah vs The Custodian?
Appeals under the Special Court (Trial of Offences relating to transactions in Securities) Act, 1992 where the Custodian sought recovery of amounts allegedly diverted through benami companies linked t...
Judgment
Read the full judgment on the official India Courts portal.
Read on Indian KanoonSource: Indian Kanoon (insc-2024-170)