Standard Chartered Bank vs Andhra Bank Financial Services Ltd. & ...

The Supreme Court ruled on the interpretation of the Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992, specifically addressing the rights of Standard Chartered Bank (SCB) regarding the allotment of bonds by Nuclear Power Corporation of India Ltd. (NPCL). The Court held that SCB's claim was rightly dismissed by the Special Court due to the absence of the original letter of allotment, which is essential for establishing ownership of the bonds. The Court affirmed the Special Court's decision to allow Canara Bank's application for registration as the owner of the bonds, emphasizing the necessity of proper documentation under the Act.