Good News for All SSNL Deep Discount Bond Holders
In a setback to the Gujarat government, the high court today ruled that an act passed by the state assembly in 2008 to empower Sardar Sarovar Narmada Nigam Ltd (SSNNL) to redeem its bonds before maturity was illegal. A bench of acting Chief Justice Jayant Patel and Justice N V Anjaria termed the SSNNL (Conferment of Power to Redeem Bonds) Act, passed in March 2008, as "ultra-vires" and "void". However, the court also said that its order would come into effect after two months. The court further directed the petitioners as well as investors, who have already redeemed their bonds, to approach the civil court to collect the amount of loss they have incurred due to the Act.
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