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2009 (4) TMI 455 - HC - Companies LawMoney-changers - Whether though the order states that the writ petitions were partly allowed, specific instructions for return of the foreign currency were not issued nor was there any direction to pay interest, whereas in the Writ Petitions, there is a prayer for return of the foreign currency and the Travellers Cheques together with interest at 18% per annum? Held that:- The order relating to foreign currency deserves to be confirmed, the direction to refund foreign currency on 7-1-2000 gains relevance. We find that in CMP. Nos. 1861 and 1862 of 2002, in CMAs herein, an order was passed on 20-2-2002 that there will an interim stay as prayed for and there was also a direction permitting the appellant/petitioner to encash the Euro currencies DM 4600, Austrian $ 2415, F.fr. 23,250/- and UK pounds 5520, which are likely to expire and encash the same and deposit in the Bank. The foreign currencies, which are subject matter of the writ petitions, shall be refunded by the appellant together with interest at the relevant bank rate as modified by the Reserve Bank of India from time to time from 7-1-2000 till the date of payment. This direction will not apply to the foreign currencies deposited in Bank as per the orders passed in CMP referred to above. As regards those, the interest shall be calculated from 7-1-2000 till the date of deposit alone, since thereafter the Bank deposit would have gained interest. It is open to the writ petitioner to make an application to the third respondent in that regard, who shall make necessary calculations as directed by us and refund the said amount. The third respondent is a party to the order. We have given direction to the writ petitioner to make an application, only so that there may be a time frame within which the respondent shall comply with our direction, which will be six weeks.
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