SANJAY KUMAR SINGH Vs. STATE OF U P

JUDGEMENT

(1.) I have heard learned Counsel for the applicant and learned A.G.A.

(2.) According to the prosecution case the applicant is Managing Director of Helios Book Company. The applicant along with other accused persons fraudulently misappropriated more than Rs. one crore of investors. The accused is not repaying the money due. The cheques issued have already been dishonoured.

(3.) It has been argued by the learned Counsel for the applicant that the applicant has every intention to pay the money but could not pay due to the direction of the Reserve Bank of India dated 15.7.1997 whereby the Company was directed not to dispose of any asset including withdrawal of the Bank deposit. It has further been argued that the Company is under liquidation by the order of the High Court of Judicature at Patna. The Company has deposited F.D.R. worth Rs. 40,00,000/- with the Official Liquidator and the Liquidator still pay the money to the depositors.