Supreme Court of India
Canbank Financial Services v. Custodian and Anr.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In the result, we cannot sustain the view adopted by the Special Court on the application of Appellant for releasing its money.
Judgment, page 5
From the headnote
Special Court (Trial of Offences Relating to Transal:tions in Securities) Act, 1992: S.3-Share broker notified under the Act-Money received as sale proceeds of shares belonging to a customer sold by share broker-Attachment of-Held, the money belongs to the customer and the share broker was holding the same in trust-Even if the share broker blended the money with his own money, s. 66 of Trusts Act arms the court to impose a charge on the whole property of the trustee to the extent of amount due-Customer is entitled to the amount-Indian Trusts Act, 1882--s.66. Respondent No. 2, a share broker,
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