9911796707
TMI Blog2000 (1) TMI 934X X X X Extracts X X X X X X X X Extracts X X X X ..... contacted his company on telephone in the first week of June, 1996 with intention to cheat and commit fraud on him. They had stated that they along with Shalini Suri, Shama Suri (the second appellant), Charaujit Singh and M.L. Kampani were the Directors of M/s. Ganga Automobiles Ltd. and that they would come later for a meeting personally. They had also told that their company Ganga Automobiles Ltd. was doing good business and that if complainant's company could give a loan of Rs. 50,00,000 (Rupees fifty lakh only) to M/s. Ganga Automobiles Ltd. the loan would be repaid with interest by September 13, 1996. The complainant then alleged that the "above said accused persons turn by turn continued visiting the applicant's office" for making request for grant of loan. Relying on their persuasion but without realising their malafide and fraudulent intentions, the Finance Company gave Rs. 50,00,000 by means of cheque No. 375453 dated June 19, 1996 drawn on the Punjab & Siad Bank, New Delhi. Complainant then said "the -accused persons issued two cheques to the applicant company for repayment of above said money bearing No. 08-4049 and 84450 both dated 13.9.96 for rupees fifty lakhs toward ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tention to cheat and play fraud. They told him that they and Shalini Suri, Shama Suri, Charanjit Singh and M.L. Kampani were the Directors and arranged conversation with them over the telephone. Ashwani Suri and Mukender Singh then said that they would come later. Complainant said they stated that they would refund the entire amount with interest by September 13, 1996 and thereafter they kept on visiting the Finance Company turn by turn and kept on requesting for the loan for their company M/s. Ganga Automobile Ltd. which they said was running a good business and that their company would earn more profit if a loan of Rs. 50,00,000 was given to their company. Relying on these fraudulent promises and without knowing their malafide intention, an amount of Rs. 50,00,000 by means of cheque was given to them after completing necessary formalities. For repayment of the loan, the ac-cused issued two cheques towards principal and interest. These cheques When presented for payment were returned dishonoured. The Finance Company then contacted the accused persons of the Ganga Automobiles Ltd., telephoned them and also wrote letters asking to refund the money. The accused, however, failed to re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cheque drawn, by a person on an account maintained by him with a banker for payment of any amount of money to another person from out of that account for the discharge, in whole or in part, of any debt or other liability, is retorned by the bank unpaid either because of the amount of money standing to the credit of that account is insufficient to honour the cheque or that it exceeds the amount arranged to be paid from that account by an agreement made with that bank, such person shall be deemed to have committed an offence and shall without prejudice to any other provision of thus Act, be punished with imprisonment for a term which may extend to one year, or with fine which may extend to twice the amount of the cheque, or with both. Provided that nothing contained in this section shall apply unless -- (a) the cheque has been presented to the bank within a period of six months from the date on which it is drawn or within the period of its validity, whichever is earlier: (b) the payee of the holder in due course of the cheque, as the case may be, makes a demand for the payment of the said amount of money by giving a notice. in writing, to the drawer of the cheque, within fifteen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thorised to sign cheques on behalf of that company and further that G. Sagar Suri is the major shareholder of the company. It was submitted that the cheques which bounced were signed by G. Sagar Suri as authorised signatory of Ganga Automobiles Ltd. in the counter affidavit filed by B.S. Chandel, Sub-inspector on behalf of the first respon-dent it is stated that both G. Sagar Suri and his wife Shama Suri are the parents of Ashwani Kumar Suri, Managing Director of Ganga Automobiles Ltd. and "they have full control over the day to day affairs of the company". As to how the later part of this statement has been made, nothing has been said. This counter-affidavit is also silent as to why charge sheet was filed only against 5 persons, namely, Ashwani Kumar Suri, Managing Director, his wife Shalini Suri and his partner G. Sagar Suri and Shama Suri and why other Directors were left out and why investigation against the left out Directors is still pending and at what stage and particularly when common role is assigned to all of them. From this it would appear that four persons have been roped in, in order to coerce on them to refund the money to the Finance Company. Charge Sheet also does ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uire that the proceedings are to be quashed. In Kurukshatra University and Another v. State of Haryana, AIR (1977) SC 2229 = [1977] 4 SCC 451 High Court in exercise of its powers under Section 482 of the Code quashed the First information Report when police had not even commenced investigation into the complaint. This Court said that inherent powers do not confer an arbitrary jurisdiction on the High Court to act according to whim or caprice and that statutory power has to be exercised sparingly, with circumspection and in the rarest of rare cases. In the case First Information Report was lodged by Warden, Kurukshatra University. Acting on that report the police registered a case under Sections 443 and 452, IPC against one Vinay Kumar, who filed a petition in the High Court praying that FIR be quashed. High Court without issuing notice to the University quashed the FIR. Not only that High Court directed the State of Haryana to pay a sum of Rs. 300 by way of cost to Vinay Kumar. High Court even made observations concerning the University's power to enforce discipline in the Campus. This Court observed that the High Court seemed to fail that outsiders can with impunity flout the Uni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the first appellant with dishonest intentions and misrepresentations got loan of Rs. 50,00,000 from the complainant company for Ganga Automobiles Ltd. there is nothing said as to what were those misrepresentations and how the complainant company was duped. The only part attributed to the second appellant is that the first appellant along with Ashwani Suri, Managing Director and Mukender Singh, Director approached the complainant in June, 19% and had repre-sented that they and Shalini Suri, Shama Suri (Appellant No. 2), Charanjit Singh and M.L. Kampani were the Directors of Ganga Automobiles Ltd. There is nothing stated in the counter affidavit about the role, if any, played by the second appellant. A complaint under Section 138 of the Negotiable Instruments Act has already been filed by the complainant. There is no allegation of any corrupt practice by any of the accused as if they duped the Finance Company in parting with the amount of Rs. 50,00,000, As normally understood business of a finance company is to invite deposits, pay interest on that and also to give loans and earn interest. A finance company also advances short term loans. In that case it is essentially a commerc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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