SUDHIR S.MEHTA vs CUSTODIAN

The Supreme Court upheld the order of the Special Court under the Special Courts (Trial of Offences Relating to Transactions in Securities) Act, directing the Custodian to seek opinions on the timing for bid submissions and the grouping of shares for bidding. The Court emphasized the need for adequate time for bidders and the importance of legal advice regarding Capital Gains Tax liabilities. The appeals were dismissed, affirming the Special Court's directions and the process for the sale of shares.