Meanwhile, Shaw Wallace and Company Ltd has made all arrangements for paying back money to 106 ICD holders as per the earlier Calcutta High Court order. Two joint special officers appointed by the court - Mr NC Roychowdhury and Mr BL Vyas - shall disburse the money in two batches on January 31, 2001, at Kolkata. Outstation creditors are to be paid in the morning and the Kolkata creditors are to be paid in the afternoon, according to the company.

The Calcutta High Court had, in its order dated January 10, 2001, passed the application and given its verdict that the creditors who were willing to accept payment on their respective principal dues with interest would receive their dues. The interest will be compounded at the agreed rates till December 23, 1996, and thereafter at the rate of 12 per cent per annum till the date when the payment is actually made. This shall be paid by the joint special officers out of the fund which was being held by them.

In accordance with the order, the date of disbursement of these funds has been fixed as January 31, 2001. It may be mentioned that most other companies have already given their consent that they would be attending the meeting called by the joint special officers appointed by the court on January 31, at Kolkata for collection of the dues out of the Rs 116-crore available in the escrow account. Shortfalls, if any, will be met by Shaw Wallace and Company, the company said.