K K SARAVANAKUMAR Vs. SARAVANAN

JUDGEMENT

(1.) The petitioner, who has been arrayed as A1 in C.C. No. 255 of 2004, has filed this Criminal Original Petition to quash the complaint.

(2.) The respondent/complainant has filed the private complaint for the offences under Section 7 of the Tamil Nadu Money Lenders Act and Section 4 of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, before the learned Judicial Magistrate, Panruti against one Meenakshisundaram in the capacity of Manager of Citycorp Finance (India) Limited and one K. Thanappan, Manager of Sriram Transport Finance.

(3.) The respondent/complainant is said to have purchased a Swaraj Mazda Van bearing Registration No. TN-31-D-7787 and the petitioner Company had financed to an extent of Rs. 4,58,000/-. The 2nd accused is its Agent. According to the complainant, he had paid all the installments with the office of the 2nd accused and had obtained receipts. It is further stated that when he approached the petitioner Company, he had come to know that the interest was calculated at 10.5% p.a for 47 months at Rs. 4,58,000/-, instead of 4.5% p.a. and on that basis, he had been directed to pay the remaining amount, in default to pay the penalty. The respondent has received a letter from the office of the 2nd accused on 22.7.2004 that there is a balance of Rs. 70,542/- and if he failed to pay, his vehicle would be seized. In such view of the matter, the respondent had filed the complaint, stating that the petitioner company and the 2nd accused have been charging exorbitant interest and they are liable to be punished under the Money Lenders Act and the Tamil Nadu Prohibition of Charging Exorbitant Interest Act.