Supreme Court of India
The State of Maharashtra v. 63 Moons Technologies Ltd.
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.
3 Supreme Court benches have cited this judgment.
What the Court ordered
We are of the opinion that the act of the financers in exploiting the depositors is a notorious abuse of faith of the depositors who innocently deposited their money with the former for higher rate of interest.
Judgment, page 66
From the headnote
Maharashtra Protection of Interest of Depositors (i n Financial Establishments) Act, 1999: ss. 2(c), 2(d), 4 and 5 – NSEL, Financial Establishment or not – Respondent holds 99.99 % of the shareholding of NSEL company - NSEL started operati ng as an exchange for spot trading in commodities – It launch ed contracts for buying and selling of commodities on its trading p latform with different settlement periods – Subsequently, there was a fraud involving settlement crises of Rs 5500 crores owed to over 13,000 sellers/investors on the trading platform of NSEL – NSE L defaulted in payment of the
Authorities it was built on
- 1977 Mohinder Singh Gill & Anr. v. The Chief Election Commissioner, New Delhi & Ors.
- 2013 Indra Sarma v. V.K.V. Sarma
- 2011 K.K. Baskaran v. State Rep. by its Secretary, Tamil Nadu & Ors.
- 2012 M/s New Horizon Sugar Mills Ltd. v. Govt. of Pondicherry Th. Addl. Sec. & Anr.
- 2013 M/s. P.G.F. Limited & Ors. v. Union of India & Another
- 2013 Soma Suresh Kumar v. Government of Andhra Pradesh & Ors.
- 2017 State Represented by the Prjncipal Secretary to Government, Home (police Xix) Department and Others v. K. S. Palanichamy and Ors.
Where later benches applied it
- 2025 National Spot Exchange Limited v. Union of India & Ors.
- 2024 In Re : T.N. Godavarman Thirumulpad v. Union of India & Ors.
- 2024 State of Himachal Pradesh and Others v. Yogendera Mohan Sengupta and Another
Of those, 1 referred to · 2 mentioned
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