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IN THE HIGH COURT OF JUDICATURE AT ALLAHABAD
AJIT KUMAR, SWARUPAMA CHATURVEDI, JJ
Nem Kumar Jain And Another – Appellant
Versus
Union Of India And 2 Others – Respondent
| Table of Content |
|---|
| 1. petitioners seek mandamus for interest payment. (Para 2 , 3) |
| 2. details of petitioners' fixed deposit receipts. (Para 4 , 5) |
| 3. challenge to unilateral interest rate reduction. (Para 6 , 7 , 8) |
| 4. reference to similar previous judgments. (Para 9 , 10) |
| 5. respondents' defense regarding fdr validity. (Para 11 , 12) |
| 6. further defense by the respondents on interest adjustment. (Para 13 , 14) |
| 7. court's observations on facts and previous rulings. (Para 15 , 16) |
| 8. legal analysis of rbi regulations. (Para 18 , 22) |
| 9. clarification of authorized discretionary interest. (Para 23 , 24) |
| 10. reminding of previous court decision not allowing unilateral action. (Para 25 , 28) |
| 11. doctrine of legitimate expectation relevant. (Para 30 , 31) |
| 12. retrospective adjustment of interest unenforceable. (Para 32 , 34) |
| 13. directive for compliance with originally contracted fdr rates. (Para 36 , 38) |
1. Heard Sri Manish Kumar Jain, learned counsel for the petitioners, Sri Jainendra Kumar Mishra, learned counsel for respondent nos. 2 and 3 and learned Standing Counsel for the State respondent.
2. By means of both these writ petitions, filed under Article 226 of the Constitution, the petitioners have
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