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2010 (5) TMI 381 - HC - Companies LawWhether the petitioners are entitled to amount of interest earned on the seized amount which was invested by the respondents in the fixed deposits with the bank? Held that:- In the present case, the respondents themselves have refunded the amounts seized from the petitioners which they had invested in the fixed deposits. The interest earned on the fixed deposits was nothing but accretion to the original amounts. The petitioners were, therefore, entitled to receive proceeds of the fixed deposits in its entirety on the date when the fixed deposits were encashed. Having said so, the fixed deposits were encashed and seized amounts were refunded to the petitioners on 5-4-2002 and 23-5-2002 but without interest accrued thereon, as such the respondents withheld the amount of accrued interest without any justification. In our considered view, on the amount of accrued interest, not paid to the petitioners, the petitioners would be entitled to interest at the rate of 6 per cent per annum for the period for which they were deprived of the said amount of accrued interest on the seized amounts. W.P. allowed.
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