NEWS

Rs 1 cr compensation for bounced cheque

Source:PTI
February 18, 2005 22:39 IST

A New Delhi court has directed a businessman, whose cheque worth Rs 50 lakh had bounced seven years ago, to pay a whopping Rs one crore as compensation.

Metropolitan Magistrate Anuradha Shukla also sentenced Arun Kumar Goenka to six months' rigorous imprisonment after finding him guilty under Section 138 of the Negotiable Instruments Act.

According to complainant Vinod Rajgarhia, managing director of Rajgarhia Holdings Ltd, the accused had given him a Canara Bank cheque dated May 30, 1997, towards repayment of the loan Goenka had taken from him.

But it bounced when presented before his bank, ANZ Grindlays, in Connaught Place due to insufficient funds in the account of the accused, the complainant added.

 

Source: PTI
© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

NEXT ARTICLE

NewsBusinessMoviesSportsCricketGet AheadDiscussionLabsMyPageVideosCompany Email