Summary
The Court modified its earlier order concerning unconditional withdrawal of Rs 38.52 crore. Earlier tribunal and Supreme Court directions had required the sale proceeds to be held in fixed deposits. The operative paragraph was therefore replaced to permit withdrawal with the fixed-deposit interest actually accrued, substituting that entitlement for the earlier award of 4% simple interest.
Issues
- Whether the earlier withdrawal order should award accrued fixed-deposit interest in place of 4% simple interest.
Held
- Earlier Securities Appellate Tribunal and Supreme Court orders directed that the sale proceeds, ultimately aggregating to Rs 38.52 crore, be held in bank fixed deposits to earn interest. Those directions warranted modification of the interest component in the final withdrawal order. (¶¶ 1, 2, 3)
- Paragraph 21 of the order dated 9 May 2023 was substituted to permit unconditional withdrawal of the amount together with the accrued fixed-deposit interest. The modification application was allowed and the miscellaneous application disposed of. (¶¶ 3, 4)
Result
IA No. 100413 of 2023 allowed; paragraph 21 of the 9 May 2023 order substituted to permit unconditional withdrawal of Rs 38.52 crore with accrued fixed-deposit interest. MA No. 1278 of 2023 disposed of.