Can a final order permitting withdrawal of sale proceeds be modified to add fixed deposit interest?
Criminal Appeal — Modification of final order — Sale proceeds — Fixed deposit interest — Withdrawal —
Criminal Appeal — Modification of final order — Fixed deposit interest on sale proceeds —
Held: Where earlier orders had directed sale proceeds to be placed in bank fixed deposits to earn higher interest, a final order permitting withdrawal of the amount is modified so that the fixed deposit interest accrued also goes to the appellant. Application allowed. (¶2, 3)
Can a final order permitting withdrawal of sale proceeds be modified to add fixed deposit interest?
Yes. Earlier orders had directed the sale proceeds, aggregating ₹38.52 crore, to be placed in bank fixed deposits to garner a higher rate of interest, so paragraph 21 of the final order was substituted to permit unconditional withdrawal along with the accrued fixed deposit interest. (¶2, 3) [¶2, ¶3]
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“By way of this application, the appellant seeks modification of the order dated 09.05.2023 passed by this Court allowing the appeal. Thereby, the condition imposed upon the appellant by the Courts below to furnish a bank guarantee for release of the sum of ₹38.52 crore was set aside and the appellant was permitted to withdraw the said amount along with 4 percent simple interest payable from 08.05.2006 till the date of actual payment.”
“While so, the appellant produced copies of various orders passed earlier, be it by the Securities Appellate Tribunal or by this Court, directing the sale proceeds, which ultimately aggregated to ₹38.52 crore, to be placed in bank fixed deposits so as to garner a higher rate of interest. Reference in this regard may be made to the order dated 08.05.2006 of the Securities Appellate Tribunal and the orders dated 05.12.2008, 14.05.2009 & 16.11.2009 passed by this Court.”
“In that view of the matter, the final order dated 09.05.2023 passed in Criminal Appeal No. 1434 of 2023 shall stand modified by substituting para 21 therein as under:”
“IA No. 100413/2023 is allowed and, in consequence, M.A. No. 1278/2023 stands disposed of.”
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By way of this application, the appellant seeks modification of the order dated 09.05.2023 passed by this Court allowing the appeal. Thereby, the condition imposed upon the appellant by the Courts below to furnish a bank guarantee for release of the sum of ₹38.52 crore was set aside and the appellant was permitted to withdraw the said amount along with 4 percent simple interest payable from 08.05.2006 till the date of actual payment.
While so, the appellant produced copies of various orders passed earlier, be it by the Securities Appellate Tribunal or by this Court, directing the sale proceeds, which ultimately aggregated to ₹38.52 crore, to be placed in bank fixed deposits so as to garner a higher rate of interest. Reference in this regard may be made to the order dated 08.05.2006 of the Securities Appellate Tribunal and the orders dated 05.12.2008, 14.05.2009 & 16.11.2009 passed by this Court.
In that view of the matter, the final order dated 09.05.2023 passed in Criminal Appeal No. 1434 of 2023 shall stand modified by substituting para 21 therein as under:
“21. As a consequence, the appellant shall be permitted to unconditionally withdraw the aforesaid amount along with the fixed deposit interest amount that has accrued thereon.”
IA No. 100413/2023 is allowed and, in consequence, M.A. No. 1278/2023 stands disposed of. .......................J. ( KRISHNA MURARI ) .......................J. ( SANJAY KUMAR )
NEW DELHI
17th MAY, 2023
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