MADHUBALA SHARMA Vs. ANANDPRATYABHOOT VITT NIGAM LTD.

JUDGEMENT

(1.) BY way of the instant appeal, the appellant challenges the order dated 28th May, 2013 passed by the learned Single Judge in Co. Application No.01/2010 whereby the appellant has been directed to refund the official liquidator an amount of Rs.6,13,408/ - with simple interest @ 9% per annum from 12th May, 2006 till the date of payment.

(2.) THE appellant along with her husband had made a total of twenty investments in the sum of Rs.82,099/ - between 23rd April, 1988 to 24th June 1989 in two schemes of the company, i.e., fixed deposit scheme and hire purchase scheme. It is stated that under both the schemes, the cumulative/compound rate of interest @ 14% (for fixed deposit) and 27% quarterly or 30% p.a. (for hire purchase scheme) was payable. We may note the interest prescription on the fixed deposit and hire purchase instruments. We find that in the fixed deposit receipt the following interest is stipulated: -

(3.) THE hire purchase agreement mentions the following: