SATWANT SINGH Vs. BHARATI MOBINET LTD.

JUDGEMENT

(1.) THE petitioner is the accused in EOCC 577/2002 on the file of Additional Chief Metropolitan Magistrate pending against him.

(2.) THE petitioner was one of the directors of the complainant/company. He was also functioning as Chief Executive Officer. The assets listed in the complaint were given to him for use. Pursuant to the appointment of Mr. P.H. Rao, as managing director of the company on 13.8.1999, the appointment of the petitioner stood terminated. When the company requested the accused to return the assets, he opted to buy some of them, but did not keep his commitments. Therefore, the company sent a letter dated 24.3.2000 with a debit note dated 21.3.2000 to the petitioner calling upon him to pay the value of the assets held by him, the value of some of the assets being Rs. 8,00,450. There was no reply. On 31.3.2000, the company forwarded a debit note to him, but the petitioner did not come forward to pay for the assets. Therefore, a legal notice was sent on 21.5.2002, but there was no reply. Under these circumstances, the complaint was lodged against the petitioner.

(3.) THE learned senior counsel, Mr. V. Gopinath, appearing for the respondent/ complaint submits that so long as the value of the assets is not paid, the petitioner can be deemed to have been withholding wrongfully the assets of the company.