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In a dispute over enhanced share valuation sold to the State of Rajasthan, the SC modified the High Court's judgment regarding interest rates. The Court determined that although the transaction was commercial, it involved the State with superior bargaining power, and the originally offered price was unconscionable. In the absence of any agreement regarding interest for delayed payment, the Court applied Section 34 of the CPC. The SC awarded simple interest at 6% per annum from July 8, 1975, until the date of decree, and 9% per annum thereafter until realization. The Court directed payment of the enhanced share value with applicable interest, after adjusting amounts already paid, within two months.
In a dispute over enhanced share valuation sold to the State of Rajasthan, the SC modified the High Court's judgment regarding interest rates. The Court determined that although the transaction was commercial, it involved the State with superior bargaining power, and the originally offered price was unconscionable. In the absence of any agreement regarding interest for delayed payment, the Court applied Section 34 of the CPC. The SC awarded simple interest at 6% per annum from July 8, 1975, until the date of decree, and 9% per annum thereafter until realization. The Court directed payment of the enhanced share value with applicable interest, after adjusting amounts already paid, within two months.
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TaxTMI 
TaxTMI 
