Judgment :

Dr. Mukundakam Sharma, J.

1. By filing the present appeal the appellant has challenged the judgment and order dated 5.3.2004 passed by the Special Court established under sub-section (1) of Section 5 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 (hereinafter referred to as `the Act) whereby and whereunder the Special Court allowed the application filed by the Custodian (respondent No. 1 herein) thereby directing the appellant to pay to the Custodian an amount of Rs. 2,83,192/- with interest at the rate of 18% per annum from 22.7.1991 to 29.2.1992 which amount the Custodian would receive for and on behalf of respondent No. 2.

2. Shri B. Ratnakar, the father of the appellant was the Chairman and Managing Director of M/s. Fair Growth Financial Services Limited (for short the `Company) which is respondent No. 2 herein. There is no dispute with regard to the fact that the father of appellant was the Chairman and also In-charge of the aforesaid Company. He died on

2nd February, 1992. The appellant became the Director of the aforesaid Company immediately after the demise of his father. An order was placed for purchase of a Mahindra Jee