CANBANK FINANCIAL SERVICES vs CUSTODIAN .

The Supreme Court addressed the legality of transactions involving CANCIGO units under the Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992. The Court held that the transactions were subject to scrutiny due to irregularities identified by the Reserve Bank of India, emphasizing the need for compliance with regulatory directives. The Court ultimately ruled in favor of the Appellant, affirming the validity of the transactions while recognizing the overarching authority of the Reserve Bank in such matters.