Supreme Court of India · 2022-05-12
PTC INDIA FINANCIAL SERVICES LTD. vs MR. VENKATESHWARLU KARI
- Citation / case number
- SC 2019/24185
- Court
- Supreme Court of India
- Petitioner
- PTC INDIA FINANCIAL SERVICES LTD.
- Respondent
- MR. VENKATESHWARLU KARI
- Author
- HON'BLE MR. JUSTICE SANJIV KHANNA
- Bench
- HON'BLE MS. JUSTICE BELA M. TRIVEDI HON'BLE MR. JUSTICE SANJIV KHANNA
Judgment text excerpt
The Supreme Court addressed whether the Depositories Act, 1996 and the SEBI Regulations override the provisions of the Indian Contract Act, 1872 concerning contracts of pledge. The court analyzed the legal implications of the Depositories Act in relation to the rights and obligations arising from a pledge under the Contract Act. Ultimately, it was held that the provisions of the Depositories Act do not negate the principles of pledge as established under the Contract Act, thereby affirming the applicability of common law principles in such transactions.