KILLICK NIXON LTD. versus THE CUSTODIAN AND ORS.

KILLICK NIXON LTD. versus THE CUSTODIAN AND ORS.

The orders challenged are purely interlocutory in nature and do not decide any rights between the parties. Section 10 of the Act specifically excludes appeals against interlocutory orders and hence, the appeal is not maintainable. Even on merits, the decrees were rightly treated as consolidated, as the companies were front companies controlled by the notified party.

Parties
Appellant: Killick Nixon Ltd.; Respondent: The Custodian; Respondent: Dhanraj Mills Private Limited; Respondents: Other group companies
Jurisdiction
India
Judgment Date
27 April 2010
Procedural Posture
Civil Appeal / Appeal Against Interlocutory Order of Special Court
Outcome
Appeals dismissed
Legal Topics
Appropriation of Sale Proceeds, Fraudulent Securities Transactions, Maintainability of Appeals Against Interlocutory Orders
Securities Law Banking Law Corporate Law Appropriation of Sale Proceeds Fraudulent Securities Transactions Maintainability of Appeals Against Interlocutory Orders

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Parties

Killick Nixon Ltd.

Appellant

The Custodian

Respondent

Dhanraj Mills Private Limited

Respondent

Other group companies

Respondents

Procedural Posture

Civil Appeal / Appeal Against Interlocutory Order of Special Court

Legal Issues

  1. 1 Whether appeal against interlocutory order of Special Court is maintainable under section 10 of the Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992
  2. 2 Whether sale proceeds should be apportioned individually against each decree or treated as consolidated

Ratio Decidendi

The orders challenged are purely interlocutory in nature and do not decide any rights between the parties. Section 10 of the Act specifically excludes appeals against interlocutory orders and hence, the appeal is not maintainable. Even on merits, the decrees were rightly treated as consolidated, as the companies were front companies controlled by the notified party.

Court Disposition

Appeals dismissed

Orders

  • No order as to costs