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TMI Blog2001 (4) TMI 830X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt. - CIVIL APPEAL NOS. 7373 AND 8871 OF 1996 - - - Dated:- 26-4-2001 - B. N. KIRPAL, MRS. RUMA PAL AND BRIJESH KUMAR, JJ. Harish N. Salve, Ashok H. Desai, R.F. Nairman, F. Devitre, Darius Khambatta, Jain Munim, Sameer Parekh, Sandeep Parekh, D. Mohanty, Ms. Anuradha Bindra, P. H. Parekh, Mahesh Agarwal, Mannu Krishnan, Sumit Lal, Rishi Agrawala, E.C. Agrawala, Ms. Sunita Dutt, Pradeep Sancheti and Shailendra Bhardwaj for the Appearing Parties. JUDGMENT B.N. Kirpal, J. This is an appeal filed against the judgment of the Special Court constituted under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, whereby the suit filed by the respondent was decreed and it was, inter alia, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to give the delivery of the units but by this letter of July 1, 1992, the respondents claimed compensation as calculated in the annexure to this letter. The computation of the claim was given according to which the respondent treated the breach of the contract to have taken place on May 30, 1992, and on that basis it claimed the difference in price between the rate that was paid and the rate of the Unit Trust of India as on May 30, 1992. No amount was paid by the appellant, whereupon the respondent filed a suit, inter alia , claiming the delivery of the units in respect of which the payment had been made. An alternative prayer which was made was for damages for a sum of Rs. 249, 19,00,549 plus further interest at the rate of 17.5 per ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that the respondent, to whom delivery of the units was not made, would be entitled to the refund of the money plus damages thereon calculated in accordance with the principles contained in section 73 of the Indian Contract Act, 1872. Considering the fact that there was an alternative plea for damages, on the facts of the present case it would have been appropriate for the special court to have computed and awarded the damages in addition to ordering refund rather than requiring the appellants to purchase the units and give the same to the respondent. In other words, a decree for specific performance in the manner in which it was passed was probably not appropriate especially when the respondent could be compensated with the return of mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchased, the total sum payable by the appellant to the respondent would be about Rs. 212 crores. Inasmuch as units worth Rs. 210 crores have been given by the appellant to the respondent in addition to payment of about Rs. 2 crores in cash, no further amount would now be payable. We, accordingly, modify the decree passed by the Special Court and direct that a sum of Rs. 212 crores was payable by the appellant to the respondent and as we value the said amount has already been received by the respondent the decree stands satisfied. We make it clear that the disposal of this appeal does not in any way approve or disapprove the reasoning of the Special Court. The appeal is disposed of in the aforesaid terms. Cross appeal of the respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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