PRAG BOSIMI SYNTHETICS LTD Vs. CUSTODIAN

JUDGEMENT

(1.) THE Petitioners claims that they have purchased 17% NTPC Bonds and certain shares from the 2nd Respondent. They claim to have paid Rs. 23,12,72,352/- to the 2nd Respondent for such purchase. Admittedly the

(2.) ND Respondents have received the sum of Rs. 23,12,72,352/- on 7th May 1992. The shares and/or Bonds were not delivered. No Bonds and/or shares are available for delivery to the Petitioners. Therefore the claim can only be for return of monies. 2.The Petitioners have, in the alternative made a money claim for return of the balance amount. It is an admitted position that a sum of Rs. 8,48,85,486/- has been returned to the Petitioners.Admittedly between the parties the interest was to be at the rate of 29% p. a. This is also clear from the 2nd Respondent's letter dated 29th May 1992 (Exh. C to the Petition).

(3.) THE question whether interest is payable after the date of the Notification and if so, at what rate, is kept open to be decided at time actual distribution takes place.