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Supreme Court Upholds SEBI Order Against Corporate Giant in Futures Manipulation Case. The Court held that cornering 93.63% open interest through agents and dumping shares to depress settlement price constituted fraud under PFUTP Regulations.

The case involves appeals by Reliance Industries Limited (RIL) against orders of the Securities Appellate Tribunal (SAT) which upheld SEBI's findings ...

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Bombay High Court Allows Appeal in Negotiable Instruments Act Case — Reinstates Conviction Under Section 138. Partial Recovery Before Cheque Issuance Does Not Rebut Presumption Under Section 139 N.I. Act When Cheque Covers Balance Due.

The appeal arises from a judgment of the Sessions Court, Amravati, which set aside the conviction of the accused under Section 138 of the Negotiable I...

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Supreme Court Upholds Conviction of Bank Manager in Embezzlement Case — Circumstantial Evidence Sufficient to Prove Criminal Conspiracy and Misappropriation of Funds

The appellant, N. Raghavender, was the Branch Manager of Sri Rama Grameena Bank, Nizamabad Branch from May 1990 to September 1995. He was convicted by...

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Bombay High Court Dismisses Revenue's Appeal in Service Tax Case on Bifurcation of Interest and Service Charges. Tribunal's finding that no service tax liability arises prior to 01.03.2006 due to absence of mechanism for bifurcation of value of service from interest amount upheld.

The appeal was filed by the Commissioner of CGST & Central Excise under Section 35G of the Central Excise Act, 1944, challenging the order of the Cust...

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Bombay High Court Allows Writ Petition Challenging SARFAESI Act Possession Notice — Bank Directed to Consider One-Time Settlement Offer. Failure to Consider OTS Proposal Before Taking Possession Violates Principles of Fairness and Natural Justice Under Section 13(2) of SARFAESI Act, 2002.

The petitioner, Surendra Nikose, had availed a housing loan from the State Bank of India (respondent). Due to financial difficulties, he defaulted on ...

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Bombay High Court Dismisses Bank's Petition Challenging Banking Ombudsman Award for Wrongful Debit Despite Stop Payment Instructions. Bank's Liability Upheld as Limitation Period Under Banking Ombudsman Scheme 1995 is Directory, Not Mandatory.

The case involves a dispute between Canara Bank (the petitioner) and Shri Uttam Rathod (respondent no.1), a proprietor of M/s. Rishi Impex, who held a...