A division bench of acting Chief Justice Nishita Mhatre and Justice Tapabrata Chakraborty asked the board to pay the money to Calcutta University, which was asked to spend it on financially backward students.
The bench gave the order on a plea by two unsuccessful candidates, who had alleged a slew of irregularities in the medical entrance examination for 2016.
Noting the irregularities, the bench observed that the medical joint entrance examination for 2016 was held by the board in a "callous and lackadaisical" manner.
The petitioners had prayed for cancellation of the process and holding of fresh examination.
Noting that the admission process involving thousands of students had been completed a year back and classes have been held for a long time, the court declined holding of fresh examination as prayed for by the petitioners.
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