Contract Law And Pledge - An Analysis Of Ptc Financial Services Pvt. Ltd. V. Venkateshwarlu Kari

Manan Doshi, O.P. Jindal Global University

ABSTRACT

Most of the times the rights of corporations are taken away and overlooked from the lens of additional revenue generation by the tax authorities. There are several laws that determine the important question of ownership of the shares during the period of pledge and their position in the pendency of a pledge agreement. In today’s fast changing world, authorities are utilisation the best means to make a customer liable to pay the entire amount without providing for the accurate forms or assurances of ownership. In one landmark that of PTC Financial Services Pvt Ltd. Venkateshwarlu Kari, the Supreme Court of India through a single judge bench of Justice Sanjiv Khanna, the right to ownership are being protected of the plaintiff in a very efficient manner. It also answers the question, “Whether the Depositories Act, 1996 read with Regulation 58 of Securities Exchange Board of India Regulation, 1996; together had the effect to override the provisions present in Indian Contract Act, 1872,” in the landmark judgment, PTC Financial Services Pvt. Ltd. v. Venkateshwarlu Kari.