NEW DELHI(PTI): India’s Apex Court the Supreme Court Aug.6 failed to bring about a compromise between the heirs of the erstwhile Nizam of Hyderabad and the union of India for purchase of priceless jewels from the Nizam’s trust at a price of Rs 1800 million,
Proposal by solicitor general, Deepankar Gupta, that the government would make the full payment by April 1995 was rejected by the counsel for the Nizam’s heirs before the court comprising chief justice, N.N.Venkatachallaiah, justice S.Mohan and justice A.S. Anand, The counsel for the Nizam’s family told the court the proposal was unacceptable as according to the arbitrator’s award the purchase should have been affected three months after the award was passed,
He said his client’s rights were seriously prejudiced by the delay in the government exercising its first option to buy the jewels and therefore his rights to sell to another party fora higher price of Rs 1,2000 million had emerged strongly.
The counsel said a higher price would be in public interests as the government would get valuable foreign exchange and further, the jewels could not be called the country’s heritage as claimed by the government.
The chief justice observed that since both parties were having differing views the court ‘will adjudicate the matter finally next week and decide the issue.
Article extracted from this publication >> August 27, 1993
