1. Heard the learned counsel for the DG. It has fairly been admitted by the learned counsel for the DG that the dispute lies within a very narrow compass and the ends of justice will be served if the respondent makes the payment of interest @ 5.5% per annum on the amount of earnest money for the period beyond six months of the closing of the scheme as per the registration brochure. While it is noted that the refund of the earnest money has been made, interest has not been paid so far. The stand of the respondent is that a period of 26 days to 38 days of receiving the cheques of refund cannot be treated as inordinate delay in refunding the amount, is not tenable. It is made clear that the respondent is bound to pay interest in case of failure of completion of draw of lots and refund of earnest money deposited within the prescribed period of six months. Therefore, it is imperative that the respondent pays an interest at the prescribed rate i.e 5.5% per annum, for six months from the date of closure of the scheme till the date of actual refund of the earnest money.
2. In view of the above, the respondent is directed to make the payment of interest @ 5.5% per annum as mentioned above within three months from the date of receipt of this order.
[Rahul Sarin]
Member
[Pravin Tripathi]
Member