SC upholds Rs. 60 cr. decree in favour of Stanchart

NEW DELHI, NOV. 19. The Supreme Court has upheld an order of the Special Court, trying security scam cases, decreeing the suit of Standard Chartered Bank (Stanchart) for Rs. 60.64 croress against Canara Bank.

A bench comprising Mr. Justice B. N. Kirpal, Mr. Justice N. Santosh Hegde and Mr. Justice Ashok Bhan in its recent order said ``in our opinion the Special Court, after taking into consideration the pleadings and the evidence on the record, was right in decreeing the suit of the respondent (Standard Chartered Bank)."

According to the decree, the Special Court had found that a sum of Rs. 60.64 crores was payable by Canara Bank to Stanchart.

The trial court had also held that Canara Bank was liable to pay interest at the rate of 20 per cent per annum from November 25, 1991, till the payment of the decretal amount.

The court was informed that the decretal amount including the costs have been paid to Stanchart.

Stanchart had filed a suit against Canara Bank saying that it had purchased securities of the face value of Rs. 60 crores from the latter in 1991. However, Stanchart received securities worth only Rs. 1.61 crores.

It later filed a suit for recovery of the sum.

Writing the judgment for the apex court bench, Mr. Justice Kirpal said ``in our opinion, the decision of the Special Court calls for no interference."

- PTI

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Section  : Business
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