9911796707
TMI Blog2008 (6) TMI 352X X X X Extracts X X X X X X X X Extracts X X X X ..... as forfeited be refunded by the appellant to the respondent within three months from the date of this judgment and the balance 50 per cent would be considered as forfeited in terms of the provisions of the agreement. However, if the appellant fails to pay the said amount within the stipulated period the same will carry an interest at the rate of 8 per cent p.a. which will be calculated from the da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 1, was filed on 2-6-2008. Respondent No. 1 before the High Court took the stand that before the show cause reply was submitted discussions were held on 20-5-2008. By the final order dated 4-6-2008 Respondent No. 1-company has been restrained from accepting deposits from the existing depositors and fresh depositors. These were the main directions in addition to the other directions. In the writ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to be listed in the last week of July, 2008. 3. Mr. T.R. Andhyarujina, learned senior counsel appearing for the Reserve Bank of India submitted that without even granting any opportunity to the appellant to place its case, an interim order was passed by virtually allowing the writ petition, as by interim order in essence final relief sought for in the writ petition was granted. It was his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r which was impugned before the High Court was passed, after filing of the reply to the show cause on 2-6-2008 it would have been in a position to show that no action as was contemplated in the show cause was required to be taken and/or permissible. 5. After hearing learned counsel for the parties, we are of the view that in view of the peculiar facts involved, it would be appropriate for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t No. 1 to place such material on which it proposes to rely upon. Needless to say the authority shall consider all the relevant aspects of the case and pass a fresh order, till the matter is disposed of afresh by the Reserve Bank of India, the order dated 4-6-2008 shall not be given effect to. At the same time, the interim protection given by the High Court to Respondent No. 1 shall also not be op ..... X X X X Extracts X X X X X X X X Extracts X X X X
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