CITIBANK N.A. vs STANDARD CHARTERED BANK

The Supreme Court addressed Civil Appeals arising from suits filed under the Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992. The Court held that the Special Courts have jurisdiction over both civil and criminal liabilities related to securities transactions, emphasizing the need for swift recovery of funds and accountability for malpractices. The appeals were decided in favor of Standard Chartered Bank, affirming the decrees against Citi Bank and Canbank Mutual Fund, thereby upholding the integrity of financial institutions.