The apex court asked Supertech, a major builder in north India, to refund money to flat-owners of Apex and Ceyane towers in Noida which were termed illegal and directed to be demolished by the Allahabad High Court. The Court said, “Allottees are entitled for the amount, as it is their hard-earned money and they can’t keep moving court. Supertech to give back within a month the principal amount to those allottees who had applied for refund.” The Court also asked Supertech to allot another flat to the allottees who did not want to get a refund.
The Allahabad High Court, in April 2014, ordered the demolition of two 40-storey towers of real estate company Supertech. The residential towers were a part of the Emerald Court Project in Sector 93A, Noida. They are unoccupied.
A government circular, permitting registrars to annul or cancel land documents registered by deceit, has been upheld by the Madras High Court saying that constitutional, statutory or administrative authorities possess the power to recall orders obtained by fraud. Justice T Raja, upholding the circular said, “If it is held that the registering authorities have no power to annul an earlier document, such an interpretation would lead to perilous implications harming public interest and public policy by allowing the fraudulent transactions to take place lavishly behind the back of innocent land owners.” The judge was passing orders on writ petitions which challenged the legality of the circular.
Claimants of dormant accounts and deposits will get an interest of 4% on amounts lying in those accounts, the Parliament was informed. The Reserve Bank of India (RBI) has established the Depositor Education and Awareness Fund (DEAF) to create awareness about such dormant accounts. “The rate of interest payable by banks to the depositors/claimants on the unclaimed, interest bearing deposit, transferred to the Fund shall be 4% simple interest per annum,” minister of state for finance, Nirmala Sitharaman, said in a written reply in the Rajya Sabha.
“As per the provisions of DEAF, amount to the credit of any account, with any bank, and which has not been operated upon for a period of 10 years, or any deposit or any amount remaining unclaimed for more than ten years shall be credited to the fund, within a period of three months from the expiry of 10 years,” Ms Sitharaman said.
She said the total amount credited to the Fund as on 1 July 2014 by 633 banks was Rs3,455.44 crore. The minister said DEAF should be utilised for promotion of depositors’ interests and for such other purposes necessary for the promotion of depositors’ interests by RBI from time to time.