SHAILESH BAJAJ Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) HEARD learned counsel for the applicant.

(2.) BY this application, the applicant prays that the criminal complaint bearing No.467/S/03 filed by respondent No.2 (complainant) pending before the Metropolitan Magistrate, 16th Court, Ballard Pier, Mumbai be quashed.

(3.) AS regards the contention that there was no existing liability, learned counsel for the applicant submitted that apart from the cheques issued for repayment of loan and interest thereon, the applicant had delivered to the complainant 86800 shares of Sesa Goa Limited. The shares were sold and the entire amount of loan was recovered by the complainant by way of sale of shares of Sesa Goa Limited. The total loan granted by the complainant was Rs. Two crores. By sale of 33,300 shares of Sesa Goa Limited, the complainant recovered a sum of Rs. 1,04,63,050/-. What was the amount recovered by the complainant by sale of remaining 53500 shares of Sesa Goa Limited is not disclosed by the applicant. Whether the entire amount of loan and interest was recovered by the complainant by sale of shares of Sesa Goa Limited, could be decided only after the evidence is led in the matter.