B. JAYAKRISHNA Vs. M. KAMALANATHAN

JUDGEMENT

(1.) The second accused in C.C.No.8161 of 2017 facing trial on the private complaint filed by the respondent under Sec. 138 of Negotiable Instruments Act, pending trial before Metropolitan Magistrate Fast Track Court - II, Egmore, Chennai has filed this quash application.

(2.) The gist of the complaint is that the petitioner and A1 in this case are engaged in the business of film production and allied business jointly as partners, of "Capricon Movies". They were introduced to the respondent by a common friend, in the course of the business, the petitioner and the other accused sought a loan of Rs.23.00 lakhs for their business. On their request, the respondent granted loan of Rs.23.00 lakhs and the same was transferred through RTGS. The accused promised to repay the loan with interest at the rate of 24% p.a. within a stipulated period. Except for paying interest of Rs.50,000.00 in the month of January 2015 and another 50% in the month of June 2016, neither paid the principal nor the interest. After continuous follow up, the accused issued a cheque for Rs.10.00 lakhs as part payment by way of cheque drawn on State Bank of India Adyar Branch, bearing No.029053 dtd. 7/6/2017. Though the cheque was in the Joint Account name of both the accused, the cheque was signed by A1. Thereafter, the cheque when presented by the complainants in ICICI Bank Anna Nagar on 8/6/2017. The cheque was returned with an endorsement "insufficient funds". Thereafter, the statutory notice was issued on the petitioner / 2nd accused. The notice was received on 19/6/2017 and thereafter no payment made. Hence, the complaint.

(3.) The contention of the petitioner is that A1 in this case was introduced to him through a common friend / acquaintance, A1 offered to help him in administrating the properties and accounts of the petitioner. The petitioner authorized A1 to look after his estates. The petitioner and A1 never engaged in partners and carried on any business jointly, both of them are independent to each other. For looking after the properties, and the estate of the petitioner, a Joint Account was opened in the SBI Adyar Branch in A/c No. 20015951019. The Account was never in the name of any business entity. The petitioner came to know that the actual income that was due to him was being diverted from the Joint Account by A1. The petitioner written to the bank on 17/6/2016 to delete the petitioner's name from the account as Joint Account holder, the same was also effected by the Bank and this is confirmed by the Bank. The petitioner and the family was groping from the treachery committed by A1 and further they also took steps to find out what are the other misdeeds committed by A1 using the Joint Account and steps taken to rectify the mistakes.