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2002 DIGILAW 84 (SC)

Standard Chartered Grindlays Bank Ltd. v. National Housing Bank

2002-01-17

B.N.KIRPAL, K.G.BALAKRISHNAN, Y.K.SABHARWAL

body2002
JUDGMENT : B.N. Kirpal, J. Learned counsel for the parties state that settlement between the appellant and respondent has been arrived at. Terms of settlement duly signed by the parties and the counsel for the parties has been filed in Court, the same is taken on record and a decree in terms thereof is passed. 2. As a result of the settlement arrived at, we direct the State Bank of India to pay Rs. 620, 43, 80,152.50p. to Standard Chartered Grindlays Bank Ltd. and Rs. 1025, 43,80,152.50p. to National Housing Bank on 19th January, 2002. 3. The appellant-Bank is at liberty to produce before the State Bank of India the certificate under Section 195(3) of the Income Tax Act, 1961 with respect to deduction of income-tax at source. As far as National Housing Bank is concerned, it is at liberty to satisfy the State Bank of India that by virtue of the provisions of Section 194 A (iii) clause (b) no tax is liable to be deducted at source. It is clarified that the rates of interest mentioned in the order dated 11th December, 2001 were only notional and were not intended to signify any particular rate of return to the parties. 4. Original F.D.R. is to be discharged and sent to the State Bank of India by the Registrar today, the 17th January, 2002. 5. All the questions which arise in this appeal are, however, left open. The appeal is now disposed of in the aforesaid terms.