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Judgment
Ashok Bhan, J.—The petitioner for shares had invested a sum of Rs. 5,74,333. Out of this amount, a sum of Rs. 2,50,000 was returned prior to the filing of this petition. The present petition has been filed u/s 433 (e) and (f) of the Companies Act, 1956 (hereinafter referred to as "the Act"), for claiming the balance amount of Rs. 3,24,333.
Notice in this petition was issued in response to which a written statement was filed admitting the liability to pay Rs. 3,24,333. On the last date of hearing, the respondents were directed to bring the amount of admitted liability on this date. Counsel for the respondent has handed over the two drafts the details of which are as under :
No. and date drawn on Amount (Rs.)
11315 dated February 8, 1995 Punjab National Bank 2,74,333
RBM 260396 dated January 11, 1995 Punjab National Bank 50,000 -------- Total 3,34,333 --------
In view of the payment made today of the admitted liability, this petition has become infructuous.
The petitioner is not entitled to the interest claimed as he was a shareholder and not a creditor of the respondent-company as per the law laid down by this court in Pritam Singh Batra v. Deol Agro Oil Ltd. [1995] 82 Comp Cas 685, 687 which reads as under :
"The amount was not a deposit and had been paid by the petitioners on their own for the purchase of shares, It is not that the company had invited applications from the general public for the purchase of its shares and, therefore, the amount was never intended to carry any interest thereon. Moreover, the demand for its return was made through the statutory notice in July, 1994, and the amount was paid back on October 11, 1994, Thus, there has been no unreasonable delay on the part of the company in returning the money though, of course, the petitioners had to file the present petition. It appears that the promoter-directors of the company have fallen out and the present petition is the outcome of the dispute between the two groups. I, therefore, hold that the company is not liable to pay any interest on the share application money which has since been returned to the petitioners."
The point involved herein is squarely covered by the above-referred decision. Accordingly, the petition stands disposed of.