Hiten P. Dalal vs Stardard Chartered Bank And Others

The Supreme Court examined the provisions of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, particularly Section 3, which empowers the Central Government to appoint a Custodian to notify individuals involved in securities offences, leading to the attachment of their properties. The Court held that the Custodian's notification under Section 3(2) results in automatic attachment of the notified person's properties, overriding other laws, including the Code of Criminal Procedure. The appeal by the bank was dismissed, affirming the Custodian's authority to demand the return of shares from the bank.