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2010 (5) TMI 395 - HC - Companies LawWhether the IDBI had earned interest and if yielded, at what rate? Held that:- This Court considers it appropriate to hold that that present applicant is entitled for a reasonable compensation viz., to pay interest at the rate of 8.25 per cent per annum on the amount which indisputably was lying in fixed deposits with respondent-IDBI from the date of its deposit till its refund through banker’s cheque dated 12-2-2007. Misc. application is allowed. Respondent-IDBI is directed to pay interest at the rate of 8.25 per cent per annum on the principal sum of auction purchase price to the tune of ₹ 2,30,65,000 (Rs. two crores, thirty lakhs, sixty five thousand) from the date it was deposited with IDBI till its refund through pay order/cheque dated 12-2-2007. Compliance of this order be made within two months from today failing which the interest (supra) shall be realised at the rate of 12 per cent per annum instead of 8.25 per cent.
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