https://www.taxtmi.com/caselaws?id=102423 Ready forward transactions in marketable securities were treated as forbidden by the securities and banking law regime, including where the securities were unlisted, because the statutory scheme and binding banking prohibitions extended beyond listed securities and allowed only limited spot delivery contracts. The transactions were therefore void. As a composite contract, the two legs could not be severed into separate valid and invalid parts, so no right, title or interest passed under them and statutory attachment remained effective. Restitution, if any, was left to be considered only within the Special Court distribution framework. en-us Tue, 14 Dec 1993 00:00:00 +0530 Tue, 14 Feb 2012 18:03:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102423 Ready forward transactions in marketable securities were treated as forbidden by the securities and banking law regime, including where the securities were unlisted, because the statutory scheme and binding banking prohibitions extended beyond listed securities and allowed only limited spot delivery contracts. The transactions were therefore void. As a composite contract, the two legs could not be severed into separate valid and invalid parts, so no right, title or interest passed under them and statutory attachment remained effective. Restitution, if any, was left to be considered only within the Special Court distribution framework. Case-Laws Companies Law Tue, 14 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102423