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1992 (2) TMI 269 - SUPREME COURT
When does a company become liable to pay interest under section 73(2A) of the Companies Act, 1956?
Held that:- It cannot but be held that the payment of interest is only compensatory and not penal. Merely because clause 10 to which a reference has already been made uses the word "penal", it cannot amount to penalty. Viewing the statutory provisions from the above perspective, I agree with my learned brother that the liability to repay the excess amount arose on the expiry of the eighth day from 1st November, 1990.