https://www.taxtmi.com/caselaws?id=112628 Special Court jurisdiction extended to offences arising from bill discounting and rediscounting transactions because the statutory definition of securities was inclusive and the enactment was to receive a liberal construction. RBI directions binding on scheduled banks and the bank's internal manual required bona fide commercial bills, proper documentation, security and caution; the transactions violated those safeguards. On that basis, deliberate use of bank funds in disregard of mandatory banking norms amounted to criminal breach of trust, and the coordinated conduct, account opening, fund routing and meetings supported criminal conspiracy. Liability was sustained for the principal accused, while the Scale IV officer was not proved guilty of conspiracy and was also not liable for breach of trust. en-us Fri, 07 Aug 2009 00:00:00 +0530 Tue, 26 Nov 2013 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112628 Special Court jurisdiction extended to offences arising from bill discounting and rediscounting transactions because the statutory definition of securities was inclusive and the enactment was to receive a liberal construction. RBI directions binding on scheduled banks and the bank's internal manual required bona fide commercial bills, proper documentation, security and caution; the transactions violated those safeguards. On that basis, deliberate use of bank funds in disregard of mandatory banking norms amounted to criminal breach of trust, and the coordinated conduct, account opening, fund routing and meetings supported criminal conspiracy. Liability was sustained for the principal accused, while the Scale IV officer was not proved guilty of conspiracy and was also not liable for breach of trust. Case-Laws Companies Law Fri, 07 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112628