SIDHI VINAYAK AGENCIES Vs. KALATMIKA DESIGNS PVT. LTD.

JUDGEMENT

(1.) Petitioners M/s Sidhi Vinayak Agencies, through its Proprietor Ajay Sharma and Ajay Sharma in his personal capacity filed present criminal revision against impugned judgment dtd. 2/9/2023 and quantum of sentence dtd. 4/9/2023 passed by learned Additional Sessions Judge, Ludhiana, whereby appeal filed by appellant M/s Sidhi Vinayak Agencies, through its Proprietor Ajay Sharma was dismissed and judgment of conviction and quantum of sentence dtd. 13/2/2020 passed by learned Judicial Magistrate Ist Class, Ludhiana was upheld and petitioners were sentenced to undergo rigorous imprisonment for a period of two years and to pay compensation of Rs.60.00 lacs for the offence punishable under Sec. 138 of Negotiable Instruments Act.

(2.) Brief facts of the case are M/s Kalatmika Designs Private Limited was a private company and was having a business of import and export of yarn and readymade garments. Accused No. 2 Ajay Sharma had earlier represented to complainant that his firm M/s Sidhi Vinayak Agencies was a partnership concern and he and his wife Manju Sharma were its working partners and were incharge of firm and responsible for conduct and business of accused No. 1 firm. Accused firm along with accused No. 2 had been purchasing goods from complainant company and had been making part payments and so there existed current, open mutual running account between complainant and accused firm. According to statement of account of complainant company, there was outstanding amount of more than Rs.1.00 crore. In order to discharge partial legal liability, accused No. 2 issued a cheque bearing No. 925347 dtd. 5/10/2012 for Rs.5,29,518.00, drawn on State Bank of Bikaner and Jaipur, Branch Madhopuri Chowk, Ludhiana, in favour of complainant company. However, said cheque was dishonoured due to closure of account. Thereafter, he again issued six cheques and assurance was given to complainant that cheques bearing No. 000298, 000299 and 000300 dtd. 25/10/2012 for Rs.20.00 lacs each would be honoured on presentation on 25/10/2012. The complainant presented above said three cheques with his banker, but same were dishonoured vide memo dtd. 26/10/2012 with remarks 'Payment Stopped'. Thereafter, legal notice dtd. 5/11/2012 posted on 20/11/2012 was sent, calling upon accused to make payment of amount mentioned in cheques within 15 days from the date of receipt of legal notice. Despite service of said legal notice, accused did not make payment within the stipulated period. Thereafter, complaint was filed.

(3.) After leading preliminary evidence by complainant through its authorized agent Sh. Yogesh Malhotra, accused were ordered to be summoned to face trial for the offence punishable under Sec. 138 of Negotiable Instruments Act, vide order dtd. 21/1/2013.