STANDARD CHARTERED BANK vs THE CUSTODIAN

The Supreme Court examined the provisions of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, particularly Sections 3 and 5, which empower the Central Government to appoint a Custodian and establish a Special Court for the trial of offences related to securities transactions. The Court held that the Custodian has the authority to notify individuals involved in such offences and attach their properties, which are to be managed by the Special Court. The judgment clarified the jurisdiction of the Special Court over matters arising from transactions in securities and upheld the actions taken by the Custodian against the appellant bank regarding the transfer of shares from a notified party.