STATE BANK OF SAURASHTRA Vs. P N B

JUDGEMENT

(1.) This is an appeal filed against the judgment of the Special Court constituted under the Special Court (Trial of Offences relating to Transactions in Securites) Act, 1992 whereby the suit filed by the respondent was decreed and it was inter alia ordered that the appellant herein should purchase units which had been agreed to be sold to the respondent and deliver the same to it.

(2.) Briefly stated the facts are that the respondent paid Rs. 26,82,00,000 /- to the appellant on 10th September, 1991 for purchase of 2 crore units of the Unit Trust of India at the rate of Rs. 13.41p. per unit. Subsequently, on 23rd October, 1991 it paid further sum of Rs. 75,83, 12,500 /- as consideration for the purchase of 5.50 crore units at the rate of Rs. 13. 7875 per unit.

(3.) In respect of the aforesaid two transactions the appellant issued to the respondent two bankers receipts - one bearing No. 53 D /- 10th September, 1991 and the other being No. 81 D/- 23rd October, 1991. According to the said bankers, receipts the units were to be delivered by the appellant to the respondent against the discharge in the said receipts.