NALINI NARAYANDAS THAKKAR Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) By these applications, the applicants seek suspension of execution of the substantive sentences, pending the appeal. The applicants have been convicted by the Additional Sessions Judge, and Special Judge (MPID Act), Thane in Special M.P.I.D. Case No. 01 of 2004 and 16 of 2005 for the offences punishable under Section 420 r/w 34 of the Indian Penal Code and under Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 ("M.P.I.D. Act" for short) as under :-

(2.) It is alleged that from the year 1988 till the year 2003, the applicants in furtherance of their common intention under the false promise of investment in a pharmaceutical company, fraudulently induced several investors as well as the complainant to invest huge amount and then intentionally and deliberately failed to repay the amount, which runs into crores. The applicants thereby cheated the investors and, therefore, they have been prosecuted and charged qua the aforesaid sections of the Indian Penal Code and the M.P.I.D Act.

(3.) Heard Mr. Pasbola, learned Counsel for the applicants. The prime accused Narayan Thakkar is no more. The rest of the applicants are his son, brother and wife. The properties of accused nos. 1 and 2 are joint. It is contended by Shri. Pasbola that the transaction entered into by the applicants more particularly the deceased - Narayan Thakkar was plain and simple, meaning thereby simple promissory notes came to be executed in favour of the investors. It is contended that the witnesses have given false statement that Narayan Thakkar had accepted deposits from the investors under a false promise of pharmaceutical business.