2001 (9) TMI 1067

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....631. Under the provisions of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, Dhanraj Mills Private Limited was notified. 2. After notifying Dhanraj Mills Private Limited, a public notice was issued on 10th September, 1992 by the Custodian calling upon all debtors of notified parties to inform the Custodian the amounts due by them to the notified party and t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ly a sum of Rs. 90,48,631 which was due and not Rs. 95,58,631 claimed by the custodian. The appellant enquired as to how the payment was to be made to discharge its liability of Rupees 90,48,631. 5. The Custodian, by his letter dated 16th September, 1994, informed the appellant that a sum of Rs. 90,48,631 may be deposited in the attached account of respondent No. 2. It was further stated that thi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 1992 till 9th December, 1994. It was further stated that the appellant herein was to be given credit for the sum of Rs. 90,48,631 which was paid on 9th December, 1994 and this sum which was paid was to be adjusted first towards interest and thereafter towards principal. A concession was given to the appellant, inasmuch as it was directed that if interest at the rate of 20 per cent from 1st April,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the counsel for the parties, we are of the opinion that in the special circumstances of the case where a sum of Rs. 90,48,631 was paid without much ado and thereafter a further sum of Rs. 48,73,865 on 12th December, 1996 was paid pursuant to the order dated 5th November, 1996, it will be in fitness of things that there should be some concession in the rate of interest. The Special Court gave a co....