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2006 (11) TMI 353 - SC - Companies LawWhether the appellant was liable to implement the order of the appellant-Board dated 19-4-1994? - Direction was further given to issue consequential orders on the basis of decision taken on 12-4-1994 and 30-4-1994 to make necessary payments as expeditiously as possible Held that:- Appeal dismissed. The High Court’s view that the decision taken on 30-4-1994 has to be given effect to cannot be faulted. As rightly submitted by learned counsel for the respondents non-confirmation of minutes does not have any effect on the decision taken at the earlier meeting. Pursuant to the orders passed by this Court, Rs. 500 lakhs have been paid to the respondents and Rs. 300 lakhs have been deposited pursuant to the order dated 2-5-2006. The amount has been deposited with the Registry of this Court to be invested in fixed deposit. Let this amount be released to the respondents with interest accrued thereon. The respondents shall be entitled to interest at the rate of 7.5 per cent from the date of Division Bench’s judgment, i.e., 15-12-1998 after adjustment of the amounts paid and the interest elements so far as relatable to the payment. The balance amount shall be paid within a period of three months from today.
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