Hongkong & Shanghai Banking Corpn. Ltd vs Canbank Financial Services Ltd. & Anr

The Supreme Court upheld the decree of the Special Court, affirming that the Hongkong & Shanghai Banking Corporation Ltd. was liable to pay Canbank Financial Services Ltd. the amount of Rs. 18,59,71,808.22/- along with interest at 15% per annum. The Court found that the defendant's adjustment of the payment made by the plaintiff towards unrelated transactions with Canbank Mutual Fund was unauthorized. The judgment clarified the principles of contractual obligations and the necessity for clear communication in financial transactions, reinforcing the plaintiff's right to claim the amount paid for the bonds.