SUKRITA BAJAJ & ANR Vs. SUNDEEP @ SANDEEP SEHGAL

JUDGEMENT

(1.) I.A No.2193/18 [u/O 37 R-3(5) CPC], 2194/18 (u/S 151 CPC)

(2.) The plaintiffs' case is that their father late G.L.Tandon had three demat accounts with M/s Alankit Assignment Ltd. On the representation of the defendant to open demat account with M/s Apollo Sindhoori Capital Investments Ltd. with which he was a registered subbroker, on 27.04.2005 G.L.Tandon opened three demat account therein. It is averred that while transferring the share portfolio from M/s Alankit Assignment Ltd. to M/s Apollo Sindhoori Capital Investments Ltd., the defendant wrongfully transferred 90% of the shares in his account and in the account of his wife Sapna Sehgal during the period between 2003 to 2008. The defendant did not give consideration and misappropriated the shares. It is further averred that the defendant forged letters dated 13.09.2008, 24.09.2008 and 06.10.2008 of M/s Apollo Sindhoori Capital Investments Ltd. and as also of National Security Depository Limited. A cheque No.415821 dated 03.02009 of Rs.5 crores of Standard Chartered Bank was issued by the defendant to late Sh.G.L.Tandon. G.L.Tandon also wrote several letters dated 18.03.2009, 26.05.2009, 24.12009 and 16.04.2010 requesting the defendant to return his shares. Rs.68,00,000/- were transferred in the name of G.L.Tandon though, the value of the shares was around Rs.4 crores and 60 lacs. The defendant thus duped G.L.Tandon of his hard earned money. FIR 155/2012 was lodged against the defendant at the Police Station EOW for commission of offences punishable under Sections 409/420/468/471/120B IPC.

(3.) It is further pleaded that Memorandum of Understanding (hereinafter 'the MOU') dated 004.2013 was executed between the defendant and Rajesh Kumar Ranjan and Ajay Bajaj, wherein admitting his liability, the defendant promised to pay a sum of Rs.4 crores by way of issuance of cheques. Pursuant to the settlement, the defendant issued 12 post-dated cheques in the name of the plaintiffs out of which three cheques were honoured on presentation. However, when the other nine post-dated cheques were presented to the bankers, they were dishonoured. The defendant requested extension of time to make the payment of the outstanding amount but he failed to do so. The defendant, thus, is liable to pay Rs.3,66,62,760/- to the plaintiffs i.e. Rs.2,81,25,000/- towards principal and Rs.85,37,760/- towards interest till 31.02017.