P P MAINRA Vs. STATE &ANR.

JUDGEMENT

(1.) The matter was listed for September 13, 2016 which was declared a holiday and therefore is being taken up today.

(2.) The petitioner by way of present petition prays quashing of the criminal complaint bearing CC No.1780/1 (old number CC 3864/11) and CC No.1781/1 (old number CC 3864/11/2011) under Section 138 read with Section 141 of the Negotiable Instruments Act (hereinafter referred to as 'Act'), titled Countrywide Promoters Pvt. Ltd. Vs. Era Landmarks Ltd. & Ors and the summoning order(s) dated March 01, 2011 and May 14, 2013 and all proceedings arising there from.

(3.) The brief facts necessitating the disposal of the present petitions are that the accused company, in which the petitioner was alleged to be a director, entered into an MOU with the Complainant Company/respondent No.2 for development of a parcel of land in Haryana. Pursuant to the MOU, a Development Rights Agreement dated April 13, 2007 was entered into between the parties and subsequently a Share Purchase Agreement dated May 05, 2008 was entered into between the parties. It is the case of the complainant that vide letter dated August 14, 2010 the accused company communicated to the complainant company that an amount of Rs.2458.39 Lacs shall be paid by the complainant company as External Development Charges to the Government Department on behalf of the accused company, which shall be repaid by the accused company along with 18% interest to the complainant company. It is alleged that in lieu of part payment of the aforesaid liability in sum of Rs.2458.39 Lacs, post dated cheques bearing Cheque No.291473 dated December 31, 2010, Cheque No.291474 dated December 31, 2010, Cheque No.291477 dated December 31, 2010 and Cheque No.291476 dated December 31, 2010 of the amounts Rs.500 Lacs, Rs.500 Lacs, Rs.229.195 Lacs and Rs.74.196 Lacs respectively totalling Rs.13,03,39,100/ -, were handed over by the accused company to the complainant company on August 14, 2010 itself. The cheques were presented for encashment on January 07, 2011 but were returned unpaid by the banker vide return memo dated January 08, 2011 stating the reason for dishonour of the cheque as 'payment stopped by the drawer'. The complainant company sent a demand notice to the accused company vide letter dated January 17, 2011 demanding the payment of the aforesaid amount of Rs.13,03,39,100. The accused company replied to the demand notice stating that the cheques were handed over to the complainant merely as security and not for the satisfaction of any debt or liability. It resulted in above noted complaints as also another complaint, with which I am not concerned, being filed by the complainant in the Court of the learned Metropolitan Magistrate, in which after recording pre -summoning evidence the company and its Directors, including the petitioner have been summoned.