https://www.taxtmi.com/caselaws?id=439512 The Court held that RBI communications issued in the context of inspection and pending litigation did not amount to binding directions conferring a right to retain interest on escrowed unclaimed matured deposits, and no real inconsistency was shown between Chapter IIIB of the RBI Act and the Companies Act transfer provisions. It further held that the interest accrued on the escrow account was payable to the Investor Education and Protection Fund, because the statutory scheme under the Companies Acts covers both the principal unclaimed deposits and the accrued interest. The writ petitions therefore failed, and the principal together with accrued interest was directed to be transferred to the statutory fund, subject to permissible court-related deductions. en-us Mon, 26 Jun 2023 00:00:00 +0530 Tue, 27 Jun 2023 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439512 The Court held that RBI communications issued in the context of inspection and pending litigation did not amount to binding directions conferring a right to retain interest on escrowed unclaimed matured deposits, and no real inconsistency was shown between Chapter IIIB of the RBI Act and the Companies Act transfer provisions. It further held that the interest accrued on the escrow account was payable to the Investor Education and Protection Fund, because the statutory scheme under the Companies Acts covers both the principal unclaimed deposits and the accrued interest. The writ petitions therefore failed, and the principal together with accrued interest was directed to be transferred to the statutory fund, subject to permissible court-related deductions. Case-Laws Companies Law Mon, 26 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439512