THAKOR CHATRABHUJBHAI SHINGALA Vs. STATE OF GUJARAT

JUDGEMENT

(1.) RULE. Shri L.B. Dabhi, learned APP waives service of notice of rule on behalf of respondent no. 1 and Shri Anand Gogia, learned advocate waives service of notice of rule on behalf of respondent no. 2.

(2.) IN the facts and circumstances of the case and with the consent of the learned advocates appearing on behalf of the respective parties the present application is taken up for final hearing today.

(3.) SHRI Tolia, learned advocate appearing on behalf of the applicant has requested to consider the case of the applicant for reducing the rate of interest from 16% to reasonable rate of interest between 9% to 10%. It is submitted that due to the proceedings initiated up to the Hon'ble Supreme Court the applicant did not deposit the amount, which was required to be deposited, pursuant to the earlier order passed by this Court in Criminal Miscellaneous Application No. 1430/2008 while releasing the applicant on bail. It is submitted that the applicant is ready and willing to deposit the aforesaid amount with reasonable rate of interest. It is submitted that as such the learned Sessions Court allowed the application of the applicant for reschedule but the learned Sessions Court while passing the order in Criminal Miscellaneous Application No. 1155/2009 did not specify the rate of interest. It is submitted that the interest, which is to be charged cannot be penal interest to earn profit. It is submitted that the aforesaid amount was required to be deposited pursuant to the order passed by the learned Sessions Court while releasing the applicant on bail and, therefore, it is requested to pass an order to reduce the rate of interest from 16% to reasonable rate of interest.