IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 28TH MARCH 2008 / 8TH CHAITHRA 1930 WP(C).No. 1626 of 2008(R) -------------------------------------- PETITIONER: -------------------- KUMAR RAMANIKLAL DALAL, KARTA R.P.DALAL HUF, DALCO ENG. PVT. LTD., H.A. LTD. COMPOUND PIMPRI, PUNE 411 018 REPRESENTED BY ITS POWER OF ATTORNEY HOLDER BOBBY L.JACOB, AGED 47 YEARS, S/O.M.L.CHACKO, RESIDING AT 3 GULATI MANSION, PUDAMJEE PARK, PUNE-411 002. BY ADV. SRI.NAIR AJAY KRISHNAN SRI.R.T.PRADEEP SRI.V.VIJULAL RESPONDENTS: ------------------------ 1. THE STATE OF KERALA, REPRESENTED BY ITS CHIEF SECRETARY, GOVERNMENT OF KERALA, GOVERNMENT SECRETARIAT, THIRUVANANTHAPURAM. 2. KERALA INDUSTRIAL REVITALISATION FUND BOARD, REPRESENTED BY ITS FUND MANAGER, 5TH FLOOR, CMD BUILDING, C.V.RAMAN PILLAI ROAD, THYCAUD P.O., THIRUVANANTHAPURAM, PIN-695 014. BY GOVERNMENT PLEADER SRI. P.N. SANTHOSH THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 28/03/2008 ALONG WITH WPC.NO.1635 OF 2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.1626/2008 R APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF TRANSFER FORM. EXT.P2: COPY OF COVERING LETTER 17/03/207 OF 2ND RESPONDENT. EXT.P3: COPY OF LETTER OF 2ND RESPONDENT DTD. 8/08/2007. EXT.P4: COPY OF POWER OF ATTORNEY. /TRUE COPY/ P.A.TO JUDGE Kss ANTONY DOMINIC, J. ----------------------------------------------- W.P.(C) No. 1626 & 1635 OF 2008 ----------------------------------------------- Dated this the 28th day of March, 2008 JUDGMENT The prayers in these writ petitions are for a direction to the respondents to make payment of the amount due in the 3rd phase of redemption of the bonds held by the petitioners. The facts of the case are that redeemable bonds were issued by the respondent and the petitioner in WPC 1626 of 2008 subscribed 15 of them, the total value of which is 15 lakhs. In so far as the petitioner in WPC 1635/08 is concerned, the petitioner subscribed 865 bonds, the value of which is 865 lakhs. 2. According to the petitioners, in terms of the conditions of its allotment, the bonds are to be redeemed in three phases, it being 30%, 30% and 40% respectively. It is conceded that the value of first two phases were redeemed and what remains is the 40% payable as third instalment. From the pleadings it is seen that the bonds have matured for payment of the 40% on 31.03.07. Since payment has not been made, these writ petition have been filed for appropriate orders. WPC No. 1626 & 1635 OF 2008 2 3. Since what was subscribed by the petitioners are redeemable bonds, on it attaining maturity on 31.03.07, the balance amount of 40% is payable and there cannot be any dispute about the liability for payment. No justifiable reason is forthcoming to legitimise the delay and therefore there is no reason to deny relief sought for. In view of the above, this writ petition is disposed of directing that on production of a copy of this judgment, the 2nd respondent shall pay the balance amount that is due to the petitioners, within six weeks thereafter. The writ petitions are disposed of as above. ANTONY DOMINIC, JUDGE ttb WPC No. 1626 & 1635 OF 2008 3