While disposing a four-year old case on Wednesday, Variava has asked SBC to pay 19 per cent interest from January 3, 1992 when the transaction took place. Speaking to The Financial Express, a senior NHB official said with the accumulated interest, SBS would pay NHB Rs 197 crore till January 3 this year, and Rs 5 lakh per day as interest.

The case was decided along lines similar to another case where ANZ had lost a Rs 520 crore appeal to the case to NHB in Justice Variava's court. The SBS has eight weeks to appeal to the Supreme Court.

NHB is also fighting an another case against the State Bank of India for an amount of Rs 707 crore. ANZ is currently fighting the special award in Supreme Court and even SBS is expected to follow suit.

It may be recalled that while the RBI has forced ANZ and SBI to pay to the NHB for similarly crediting cheques to the securities scam accused Harshad Mehta's account. During these disputed transactions in 1992, the NHB was headed by M J Pherwani who passed away before the arbitration commenced.