first_img“You cannot be holding back money of investors who do not want to be relocated in other projects… Developers can’t take investors for a ride. If they want refund of their investments, can we deny them this relief,” a bench headed by Chief Justice HL Dattu said. Terming it a victory of the investors, office bearers of RWA Emerald Court, the welfare association which had moved the court against the wrong doing, said that the guilty persons must be punished. Also Read – Company director arrested for swindling Rs 345 crore“The court’s order is in pursuance of Allahabad High Court which has already declared construction of twin towers as illegal. As the high court has prosecuted the guilty, we hope the same from the apex court in the next hearing. With the order to return the whole amount with annual compound interest, our stand has been proved, finally,” said Vashisth Sharma, an office bearer.The court in its order said: “We direct the respondent (Supertech) to refund the amount sought by the petitioners. Principal amount shall be paid in 30 days,” the bench, which also comprised Justice A K Sikri, stated. The apex court also directed the company to refund the interest within 60 days after the principal amount is paid to the investors. Also Read – Man who cheated 20 women on matrimonial websites arrestedEarlier, it had directed Supertech to give back money within a month to the flat owners who had sought refund of their investments, after the 40-storey residential twin towers Apex and Ceyane in Noida were directed to be demolished by the Allahabad High Court.Holding that flat owners cannot be forced to remain in a limbo and wait indefinitely due to litigation, the bench had also directed the company to pay compound interest at the rate of 14 per cent per annum to the allottees by the end of October, 2014. It had turned down the plea of Supertech which had contended that it was not in a position to pay back the money as the interest part has grown more than the principal. The price of the flats, located in the outskirts of Delhi, ranged from Rs 65 lakh to Rs 1.25 crore.last_img