LAWS(KAR)-2024-5-49

VISHAL INFRASTRUCTURE Vs. AKSHAR K MURTHY

Decided On May 07, 2024
Vishal Infrastructure Appellant
V/S
Akshar K Murthy Respondents

JUDGEMENT

(1.) These two appeals are arising between the same parties, therefore taken up together for consideration.

(2.) The petitioners herein are the directors of M/s.Vishal Infrastructure Pvt. Ltd. and they have been convicted for the offence under Sec. 138 of the Negotiable Instruments Act (for short 'N.I Act') and they have been sentenced to pay fine of Rs.25,00,000.00 in C.C No.28893/2014 and further they have been convicted for the offence under Sec. 138 of Negotiable Instruments Act and sentenced to pay a fine of Rs.25,00,000.00 in C.C No.28895/2014.

(3.) The respondents herein are the share holders of the company namely of M/s.Vishal Infrastructure Pvt. Ltd. Mr.Akshar K.Murthy being a complainant in C.C No.28893/2014 had held shares of 18,75,000/-. Smt.Lalana Murthy being another share holder having share of 63,75,000. Both these respondents were eligible to have dividend from the company. Mr.Akshar K.Murthy had to get his dividend worth of Rs.5,62,500.00. The company in order to pay the dividend issued two cheques for Rs.56,250.00 and Rs.5,06,250.00. Similarly Smt.Lalana Murthy was entitled to have the dividend of Rs.19,12,500.00. Accordingly, the company issued two cheques worth of Rs.1,91,250.00 and 17,21,250/-.