Killick Nixon Ltd vs Custodian & Ors

The Supreme Court upheld the orders of the Special Court under the Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992, affirming that M/s. Dhanraj Mills Private Limited and its Directors were involved in fraudulent securities transactions leading to the siphoning of bank funds. The Court emphasized that the properties of the notified entities were attached under Section 3(2) of the Act, and found that the corporate veil could be lifted due to the fraudulent activities. The appeal by M/s. Killick Nixon Limited was dismissed, confirming the liability for repayment of loans totaling Rs.20,81,67,031/.