Home Case Index All Cases Indian Laws Indian Laws + SC Indian Laws - 1979 (10) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1979 (10) TMI 214 - SC - Indian LawsConviction and sentence of the appellants under Sections 120B, 477A and 409 of the Indian Penal Code Held that:- Having regard to the peculiar facts and circumstances of this case we do not want to penalise the heirs of appellant No. 1 for the sins committed by appellant No. 1, In these circumstances we would reduce the sentence of fine only from two lakhs to one lakh, we would also modify the direction of the High Court that out of the fine ₹ 50,000 will go to the Government. We direct that out of the fine, if realised, the entire amount should be paid to the official liquidator who would distribute the amount rateably amongst the depositors of the bank who have filed their claims, excluding the heirs of 1st appellant With this modification the appeal of appellant No. 1 is dismissed. The High Court has, however, found that so far as accused 2, 3 and 4 were concerned they were original conspirator who had assisted and abetted appellant No. 1 in his attempt to misappropriate the amount. Thus, we do not find sufficient ground for reducing the sentence The theoretical explanation may sound plausible but in the facts and circumstances obtaining in the Laxmi Bank, it seems to us clear that after knowing these two features it is difficult to accept accused No. 24's statement that he continued to believe that the heavy cash balances as disclosed by the cash books were real. The bail of appellants 2, 3, 4 & 24 are cancelled and they will now surrender and serve out the remaining portion of the sentence.
|