REVN.636-09 - 1 - VPH IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL REVISION APPLICATION No. 636 OF 2009 M.s. Ganraj Group & Ors. ...Applicants Vs. The State of Maharashtra & Ors. ...Respondents *** Mr. H. E. Palwe, for the Applicants. Mr. D. R. More, APP for the Respondent-State. Mr. P. M. Pradhan, for Respondent No.2. *** CORAM: V. M. KANADE J. DATE : DECEMBER 14, 2010 P.C. 1. Heard the learned counsel appearing on behalf of the applicants and respondent No.2. This revision application is filed by the applicants, challenging the order passed by the Additional Sessions Judge, Thane, dated 7th June, 2008. By the said order the criminal appeal filed by the applicants was dismissed and the order of conviction was modified and the applicants were directed to pay compensation of Rs.1,35,73,000/-. This order was modified and the applicants were REVN.636-09 - 2 - directed to pay the amount of Rs.1,85,73,000/- within one month. It is submitted that the Sessions Court while arriving at this figure, in paragraph 12 of the judgment, has calculated interest at 24% per annum with quarterly rests. It is submitted that this interest is excessive. There is some substance in the submission of the learned counsel for the applicants. In my view, it would be appropriate if the rate of interest is calculated at 15% per annum with quarterly rests instead of 24% per annum. 2. The order of the Sessions Court is, therefore, partly modified. Now, the applicants shall pay compensation at 15% per annum with quarterly rests on unpaid compensation. The impugned order is accordingly modified. 3. Admittedly, the applicants have paid Rs.1,10,00,000/- i.e. Rs. one crore towards the principal amount and Rs.10,00,000/- towards the interest. The balance interest amount be paid at 15% per month by the applicants within three months from today. The interest is to be calculated till today. The criminal application is accordingly allowed in the aforesaid terms. [ V. M. KANADE J.]