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High Court of Karnataka Allows Writ Petition Quashing Banking Ombudsman Order in Demand Draft Cancellation Dispute. Petitioner Entitled to Cancellation of DD and Credit of Amount with Interest as RBI Circulars Permit Cancellation After Three Months and Complaint Was Within Limitation.

The petitioner, Doddaballapur Spinning Mills, a company registered under the Companies Act, 1956, held a current account with ICICI Bank Ltd. (respond...

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Special Court Convicts Broker and Beneficiaries in BMC Bank Securities Fraud; Acquits Employees and Other Brokers. Broker Held Liable for Dishonest Receipt of Stolen Property Under Section 411 IPC, While Beneficiaries Convicted of Cheating Under Section 420 IPC.

The case involved a criminal trial before the Special Court under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 19...

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Bombay High Court Upholds Arbitral Award in Derivative Transaction Dispute Based on Signed ISDA Agreement. Court Finds No Ground to Interfere Under Section 34 of Arbitration Act as Arbitrator's Findings on Enforceability Are Reasonable.

The dispute arose from two foreign exchange derivative transactions entered into between Sporting India Limited (the Petitioner) and HDFC Bank Limited...

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High Court of Bombay Hears Section 34 Petition Concerning Forfeiture of Bid Securities in Tender Process. The Petition Questions Whether the Arbitrator Correctly Interpreted Clause 19.6 of the Tender Instructions and the Law on Bank Guarantees.

The dispute arose out of a tender process floated by the Maharashtra State Electricity Distribution Company Limited for supply, construction, and comm...

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High Court of Karnataka Delivers Judgment in Appeal Against Dismissal of Suit for Recovery of Money Alleging Bank's Unauthorized Issuance of Demand Drafts from Cheque Mandate. The Appeal Involves Issues of Bank's Liability for Acting Contrary to Instructions Under Sections of Customs Act, 1962 and CPC.

The plaintiff, a registered company engaged in manufacturing television and monitor components, imported goods and stored them in a bonded warehouse. ...

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Special Court at Bombay Delivers Judgment in Securities Fraud Case — Accused Face Charges Under IPC and Prevention of Corruption Act for Cheating, Forgery, and Criminal Conspiracy

This criminal case arises from the 1992 securities scam, which severely impacted India's economy. The prosecution alleged that multiple accused person...

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Supreme Court Dismisses Bank's Appeal in Consumer Dispute Over Cheque Clearing Deficiency. Bank held liable for deficiency in service under Consumer Protection Act, 1986 due to negligence in presenting cheques within validity period, with compensation awarded for loss caused by expired cheques.

The Supreme Court of India heard two civil appeals filed by Canara Bank against a judgment of the National Consumer Disputes Redressal Commission. The...