Supreme Court of India

Clariant International Ltd. and Anr. v. Securities and Exchange Board of India

Neutral citation

Reported as [2004] SUPP. 3 S.C.R. 843

Bench N. Santosh Hegde J.

Decided 25 August 2004

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.

12 Supreme Court benches have cited this judgment.

What the Court ordered

We are of the opinion that C while calculating the amount of interest, the amount of dividend paid to the shareholders should be excluded.

Judgment, page 41

From the headnote

Securities and Exchange Board of India Act, 1992: Section 2(2)- "Shareholders "-Rights of-Held: Purely contractual in nature. Section 1 I-Interest of investors in security-Power of Board-Held: Board has wide power to issue directions both in the interest of the securities market as well as for protection of interest of investors-Such c power includes a direction to pay interest. Sections 11to11- , 15- to 15-JA, 15-T. 15-U, 15-V and 15-Z Securities Appellate Tribunal-Powers and function of-Jurisdiction Nature and scope of-Held: Not in any way fettered by the statute-The Tribunal which is an

Authorities it was built on

2003 Dipak Chandra Ruhidas v. Chandan Kumar Sarkar cited by 11
2002 H.S. Ahammed Hussain and Anr. v. Irfan A. Hammed and Anr. cited by 2

Where later benches applied it

2025 I.K. Merchants Pvt. Ltd. & Ors. v. The State of Rajasthan & Ors. relied on
2023 Dr. Premachandran Keezhoth & Anr v. The Chancellor Kannur University & Ors. relied on
2022 Securities and Exchange Board of India v. Sunil Krishna Khaitan and Others relied on
2017 Dushyant N. Dalal and Another v. Securities and Exchange Board of India relied on
2017 National Securities Depository Ltd. v. Securities and Exchange Board of India followed
2024 Gaurav Kumar v. Union of India and Ors. referred to
2023 M/s Suneja Towers Private Limited & Anr. v. Anita Merchant referred to
2022 Securities and Exchange Board of India v. Mega Corporation Limited referred to
2022 Small Industries Development Bank of India v. M/s. Sibco Investment Pvt. Ltd. referred to
2014 Securities and Exchange Board of India v. M/s. Akshya Infrastructure Pvt. Ltd. referred to
2011 Swami Vivekanand College of Education & Ors. v. Union of India & Ors. referred to
2013 Bharat Sanchar Nigam Limited v. Telecom Regulatory Authority of India and Others mentioned

Of those, 4 relied on · 1 followed · 6 referred to · 1 mentioned

Sign in free to read it

The full judgment, page by page, as published in the Supreme Court Reports
The ratio: what the Court held, verbatim, with the page it sits on
Every bench that relied on it, and every bench that argued against it
Search every reported judgment, by party, citation or question
Download the PDF, copy pinpoint citations ready for a filing

An email address, no password.