HUDCO(HOUSING&URBAN DEV. CORPN.LTD.) vs SREI INTERNATIONAL SECURITIES LTD. — C.A. No. 138/2001

Case Summary: HUDCO v. SREI International Securities Ltd. Outcome: The Supreme Court dismissed HUDCO's appeal on 30 August 2007, modifying the lower court orders. The Court directed HUDCO to pay brokerage commission to SREI from 01/09/1997 onwards. After deducting Rs. 22 lakhs already paid (per interim order dated 04/01/2001), the balance amount must be paid within four weeks. Key Facts: The dispute concerned whether SREI was entitled to brokerage commission on two deposits (Rs. 25 crores and Rs. 2 crores) made on 27/08/1997. HUDCO argued the deposits were cheques, not qualifying for commission under a modified scheme limiting brokerage to individual and HUF deposits. However, HUDCO's own Group of Directors had found these were indeed cheques and determined brokerage was payable from the date of realization (01/09/1997). The Court upheld this finding, rejecting HUDCO's later attempt to deny commission based on the modification order, which the GOD had considered when making its decision. This case analysis is maintained by casestatus.in based on publicly available court records.