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2009 (5) TMI 531 - HC - Companies LawDirection to petitioner pay dividend for the financial year 1996-97 - Held that:- Both SEBI and Central Government have accepted the plea and contention of respondent No. 2, AITD, after referring to the relevant clauses of the scheme and upon interpretation of the same. They have also specifically referred to the letter dated 9th June, 1999. The impugned orders cannot be said to be perverse or bad for lack of application of mind to the relevant clauses of the scheme. The contentions of the parties have been considered and the relevant clauses interpreted. The orders and the interpretation given is plausible and reasonable. It takes into account the promise made, intention and spirit of the scheme. It appears that the petitioners have changed their stand inspite of their letter dated 9th June, 1999 admitting the position that the respondent No. 2, AITD, is entitled to dividend for the financial year 1996-97. As a writ court there is no justification and reason to set aside concurrent findings of both SEBI and the Central Government. Writ petition is dismissed. The petitioners will pay dividend along with simple interest @ 8 per cent p.a. from 31st March, 1998 till the dividend amount was deposited. Interest will be paid directly to the respondent No. 2, AITD, within two months. The interest accruing on the fixed deposit will be also paid to the respondent No. 2, AITD
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