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TMI Blog2007 (3) TMI 376X X X X Extracts X X X X X X X X Extracts X X X X ..... pellants. In this regard, he has contended that in the application, the appellants specifically demanded interest on dividend. Our attention was drawn to paragraphs 7 and 8 of the application, which are reproduced below : "7. That as such the petitioners are filing the present application before this Hon ble Court. It is stated that the petitioners are entitled to interest which would have accrued on the said admitted amount of Rs. 1.51 crores deposited before this Hon ble Court, had the same amount been deposited by the respondent-company with the Central Government in compliance of the provisions of the Companies Act, 1956. 8. That this Hon ble Court ought to direct the respondent-company to pay to the petitioners the amount accrued t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itioner in which event the petitioner is to refund the interest. Since such situation had not arisen, no further order is called for. Petition is disposed of." 6. At first instance the order appears to suggest that it suffers from non-application of mind. However, a closer analysis, in the context of the facts of this case reveals otherwise. The appellants filed Company Petition No. 51 of 1998, for winding up of the respondent-company. The parties resolved their differences and on 30-10-1998, the Company Court passed a consent order. It would, therefore, be necessary to reproduce the order passed by the Company Judge on 30-10-1998, which is in the following terms : "Learned senior counsel appearing for the respective parties, upon i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner and in the event decree is passed against Mr. P.D. Jain, the extent of amount received by him in this case shall be refunded with interest at the rate of 18 per cent per annum for the period for which money is utilised by him. The clause will be of the consequence in relation to other petitioners unless some orders are passed by the court of competent jurisdiction. ( vi )M/s. Oswal Agro Mills Ltd. undertakes that they will supply the tax deduction certificate to the petitioner within a period of one month from today and would also continue to pay dividends in future. ( vii )Liberty to either party to move the court in the event of default. The above terms and conditions have the effective of disposing of this petition. The term ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iberty to move this Court and thereafter utilising that liberty, filed an application, which was dismissed by the impugned order and after dismissal of the said, the present appeal has been filed, which is before us. 9. We have heard learned counsel for the parties. 10. The demand of interest on delayed payment is only an afterthought. Our view is fortified from the contents of the company petition, which was filed by the appellants before the Company Court. In paragraphs 15 and 16 of the company petition, the appellants had averred as follows : "15. That the petitioners were not paid any dividend for the entire period starting from 1988 till date, despite having repeated requests. 16. That the petitioners who are also the holde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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