Oriental Cement Paint Industries And ANR. v. State Of Maharashtra Dept. Of Co-Operation, Through Govt. Pleader And ORS.

(9)-CAW-363-17.doc.

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

CIVIL APPELLATE JURISDICTION CIVIL APPLICATION NO.363 OF 2017 IN WRIT PETITION NO.10024 OF 2011 Oriental Cement Paint Industries and another ..Applicants

Versus

State of Maharashtra, Department of Co-operation, Through Government Pleader, High Court Bombay (O.S.) and others ..Respondents Mr. J. B. Fernandes for the Applicants.

Mr. S. D. Rayrikar, AGP for the Respondent Nos.1 & 5. Mr. B. V. Samant for the Respondent No.2.

Mr. J. J. Carlos for the Respondent No.4.

CORAM : R. M. SAVANT, J.

DATE : 23rd FEBRUARY, 2017 P.C.

The above Civil Application has been filed for the following relief :- "a) That this Hon'ble Court be pleased to direct the Registry, High Court Bombay to break the FD of Rs.1.5 Crore then to divide the same into 2 Fixed Deposits, namely Rs.75 lakhs and Rs.75 Lakhs respectively for a period of 12 months."

The said relief is sought on the basis that if the amount is split into two deposits of Rs.75 lakhs each, the Applicants stand to get a higher rate of interest than the rate of interest which the deposit of Rs.1.5 Crore is BGP.

(9)-CAW-363-17.doc.

fetching. It seems that the interest for deposits below Rs.1 Crore is 7% per annum, whereas the interest for deposits above Rs.1 Crore is 5% per annum. The Civil Application is accordingly allowed and made absolute in terms of prayer clause (a). The Civil Application is disposed of. [R.M.SAVANT, J] BGP.