SHALINI SECURITIES PRIVATE LIMITED Vs. LOKESH THAKKAR

JUDGEMENT

(1.) Lokesh Thakkar, who is respondent no. 1 in CRL.M.C.948/2019 and respondent no. 2 in CRL.M.C.4126/2019 (hereinafter referred to as 'Lokesh Thakkar') filed a complaint titled as Lokesh Thakkar V M/s Shalini Securities Private Limited and Another bearing complaint case no.37/1/2018 (new Ct. no.3062/2018) under Sec. 138/141 of the Negotiable Instruments Act, 1881 (hereinafter referred to as 'NI Act') against M/s Shalini Securities Private Limited who is the petitioner in CRL.M.C.948/2019 (hereinafter referred to as 'M/s Shalini Securities Private Limited') and Amandeep Singh who is respondent no. 2 in CRL.M.C.948/2019 and petitioner in CRL.M.C.4126/2019 (hereinafter referred to as 'Amandeep Singh').

(2.) Lokesh Thakkar pleaded that he and Amandeep Singh were into real estate business and known to each other since 2009. Amandeep Singh along with his brother and other family members prevailed upon Lokesh Thakkar to enter into financial terms with them and also to become business partner and to invest in M/s Shalini Securities Private Limited as Amandeep Singh had assured Lokesh Thakkar of huge gains by investment in the project of Amandeep Singh. Lokesh Thakkar, on assurance of Amandeep Singh, had decided to invest in the ongoing project of Amandeep Singh. Lokesh Thakkar, during the period with effect from 2009 to 2017, had paid to Amandeep Singh Rs.10.00 crores 40 lakhs through cash and bank transfer to invest in the ongoing project of Amandeep Singh. Lokesh Thakkar had arranged the said amounts by selling his own properties and by taking loan from relatives and from the market. Amandeep Singh returned Rs.1.00 crore 28 lakhs to Lokesh Thakkar through bank transfer and by cash, however, Rs.9.00 crores 12 lakhs were due along with interest and profit towards Lokesh Thakkar. Lokesh Thakkar, in July 2017, found that it was very difficult to make the payment of interest on the amount which he had borrowed from the market as loan and invested in the project of Amandeep Singh and accordingly, Lokesh Thakkar approached Amandeep Singh to get his share out of the profits. Amandeep Singh had started to avoid Lokesh Thakkar and therefore, Lokesh Thakkar started insisting Amandeep Singh to return his money and share in the profits. Lokesh Thakkar and Amandeep Singh, on 21/8/2017, at the instance of the local police, had decided to settle their pending disputes amicably. Amandeep Singh, out of the settlement, had handed over 11 post-dated cheques each amounting to Rs.50.00 lakhs from the account of M/s Shalini Securities Private Limited which were signed by Amandeep Singh. The details of the cheques are as under:- <FRM>JUDGEMENT_158_LAWS(DLH)9_2023_1.html</FRM>

(3.) The court of Ms. Sadhika Jalan, MM-06, North District, Rohini Courts, Delhi (hereinafter referred to as 'trial court') vide order dtd. 6/10/2018 (hereinafter referred to as 'impugned order') had taken cognizance under Sec. 138 of NI Act and accordingly summoned M/s Shalini Securities Private Limited and Amandeep Singh for the offence punishable under Sec. 138 of NI Act. The impugned order is reproduced as under:-