ARVIND KUMAR SANKHYAN Vs. M P VAIDYA (SINCE DECEASED) THROUGH HIS LEGAL REPRESENTATIVES MANCHALI VAIDYA AND OTHERS

JUDGEMENT

(1.) This petition under Section 482 of the Code of Criminal Procedure (for short 'Code') is directed against the order passed by the learned Sessions Judge on 21.08.2017 whereby he affirmed the order passed by the learned Additional Chief Judicial Magistrate, Court No.1, Mandi, District Mandi, H.P. on 03.03.2016 rejecting the application filed by the petitioner/accused ( hereinafter referred to as 'accused') under Section 311 Cr.P.C.

(2.) The facts as are relevant for the instant lis are that a complaint under Section 138 of the Negotiable Instruments Act (for short 'Act') came to be filed against the accused on the ground that he had issued a cheque No.002263 dated 07.04.2011 drawn at HDFC Bank Branch Mandi, H.P. towards Account No.730104000002073 amounting to Rs.13,86,250/-. The complainant presented the cheque before his bank, but the same was dishonoured. Despite legal notice, the accused did not pay any heed to pay the aforesaid amount, constraining the complainant to file the complaint against the accused under the Act.

(3.) The defence of accused infact appears to be that he along with his two other shareholders namely Rajesh Kumar and Chandermani Thakur formed a Company under the name and style of 'M/s Onam Stock Brokers Pvt. Ltd.' under the Companies Act, 1956, wherein the share of the accused was only 1%. The Company was registered as sub-broker of 'M/s Motilal Oswal Securities Ltd., Mumbai' which is alleged to have been terminated in July, 2011. The original complainant M.P.Vaidya had opened a D Mat & Trading Account and Port Folio Management Services (PMS) account with 'M/s Motilal Oswal Securities Ltd.' through the Company and had invested Rs.15,00,000/-. However, since the stock market was witnessing huge volatility, the original complainant insisted for his payment and the accused in good faith issued the aforesaid cheque.