M. C. JAIN Vs. STATE

JUDGEMENT

(1.) Instant petition under Section 482 Cr.P.C. is preferred by the present petitioner against Summoning Order dated 26.04.2003 passed by the Ld. MM-02, South District, Saket District Court, Delhi in C.C. No. 69A/1 under Section 420/34 IPC.

(2.) The brief facts stated are that Complainant (Respondent No.2) Apollo Finance Limited through its Constituted Attorney Mr. Navneet Prabhakar filed a complaint on 17.02.2002 under Section 420 read with Section 34, 120 B IPC against Accused No.1 M/s GSL (India) Ltd., Accused No.2 Sh. R.C. Bagrodia, Managing Director, Accused No.3 Sh. B.K. Ametha, Joint Managing Director and Accused No.4 (present petitioner) Sh. M.C. Jain, Director on the ground of concealing of the material fact before obtaining loan amounting to Rs. 25,00,000/- at 31% p.a. on 8th June 1996 from the complainant.

(3.) Present petitioner (Accused No.4) alongwith Accused No.2 and 3 in the month of June, 1996 approached the complainant at its registered office at New Delhi and requested the complainant for intercorporate deposit loan of Rs. 25,00,000/- and accused persons expressly agreed to pay interest at the rate of 31% per annum and promised to pay the said loan after 90 days from the date of payment. For availing the said facility, the accused executed various documents recording the said loan transaction and also executed a promissory note of the said amount with interest in favour of the complainant. The Accused No.2 stood guarantor for repayment of the said amount. Thereafter, the inter corporate deposit agreement cum pledge deed was executed between Complainant and Accused No.1 Company on June 8, 1996 at New Delhi and the sum was repayable by the accused persons to the complainant at New Delhi. Moreover, accused persons informed the complainant that their financial position is sound and the post dated cheque bearing no. 884068 dated 08.09.1996 of sum of Rs. 25,00,000/- issued by them as security for repayment of loan will be honoured on due date. After default, same was dishonoured with remarks "payment stopped by the drawer".