NARNE ESTATES PRIVETLTD Vs. E SURENDERRAO

JUDGEMENT

(1.) This Criminal Petition is filed by the accused in F.I.R.No.21 of 2005 on the file I Town Police Station, Nizamabad to quash the proceedings against him in the said crime.

(2.) The crime was registered for the offences under Sections 406 and 420 of I.P.C. against the petitioners. The first petitioner is Messers Name Estates Private Limited, the second petitioner is the Managing Director and the third petitioner is the Vice President of the first petitioner company. The accused floated a scheme called Golden Heights Plots. Those who have subscribed Rs.1,00,000/- became the members of the said scheme. Under the said scheme, plots will be allotted to the members to an extent of 500 square yards each for a total consideration of Rs.4,80,000/-. Rs.1,00,000/- has to be paid initially and thereafter Rs.10,560/- has to be paid for 35 months and in the 36th month a sum of Rs.10,000/- has to be paid.

(3.) The complainant alleged that the company agreed to sell plot No.323 and represented that they would arrange a loan, but failed to arrange the same, therefore, he started paying installments @ Rs.5,000/- per month from August, 2003. The accused through the letter dated 13-03-2004 cancelled the allotment of the plot on the ground of default in payment of instalments for more than six months. On further correspondence, the accused through the letter 17-06-2004 agreed to restore the plot on payment of Rs.2,27,415/- by 25-06-2004. He paid Rs.1,96,760/- on 19-06-2004 towards arrears of instalments. By a letter dated 05-07-2004, the company restored the plot with an understanding that arrears would be cleared by 25-07-2004. The company also reduced the interest to 15% per annum. The interest was paid by him on 24-07-2004. However the company through its letter dated 21-08-2004 unilaterally changed the plot to GH-335 in the place of 323. The company sent a letter dated 09-09-2004 that the complainant accepted for change of plot. The company restored the allotment and thereafter altered the plot and as such the Managing Director, Vice President and the Directors have committed breach of trust and cheated him. Accordingly a report was given and a complaint was registered as F.I.R.No.21 of 2005 of Nizamabad Town P.S.