ASHAPURA ALUMINUM LIMITED Vs. JAYESH NAGINDAS DOSHI

JUDGEMENT

(1.) By this Summons for Judgment, the Plaintiff seeks judgment be entered for the Plaintiff in this suit against the Defendant for a sum of Rs. 81,33,260.90. The suit is based on the dishonoured cheque, guarantee, written correspondence between the parties and on the basis of the written contract.

(2.) The 1 st Plaintiff is one of the group of companies of the Plaintiff No. 2. The 1 st Defendant was appointed as a 'GroupChief Financial Officer' of the Plaintiff No.2 by its appointment letter dated 16 th June, 2008 and was authorised and required to work for any of the associates or group of companies or the holding company of the Plaintiff and was conferred with the full/wide powers to carry out any and all financial decisions in respect of daytoday affairs and to take important financial decisions on behalf of the Plaintiff independently.

(3.) The 1 st Defendant was also appointed as Executive Director of the Plaintiff. According to the Plaintiff, Defendant No.1 introduced the 2 nd Defendant to the Plaintiff so as to arrange financial loan of Rs.2,700 crores for the company's project at Kutch in the State of Gujarat. Defendant No.2 represented to the Plaintiff that on behalf of his company and its foreign investment company 'Plan Insure Ltd.', the Plaintiff was required to arrange for the funds for remittances to be made on behalf of the 2 nd Defendant's company M/s.Aajay Consultants to facilitate issuance of Bank Guarantee from HSBC Bank, London for raising a fund in the sum of Rs.2,700 crores. M/s.Plan Insure Ltd. raised invoice on 6 th October, 2009 demanding Euro 1,10,000 as advance payment towards insurance. According to the Plaintiff, the 1 st Defendant without any authority and without consulting the Plaintiff, addressed a letter to the Chief Manager of 'Yes Bank', Fort Branch interalia instructing therein for outward remittance of Euro 1,10,000 towards advance insurance payment and for crediting to 'Plan Insure Ltd.'. Accordingly the said amount was wire transferred by the bankers of the Plaintiff towards advance payment of insurance in the account name of 'Montreal Elegance Pte. Ltd.'.