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The case, originating 2018, was filed by a company named Shree, represented by Maheshchandra Mishra, under Section 138 of the Negotiable Instruments Act. [ 87 ] Varma was also ordered to pay a compensation of ₹3.72 lakh to the complainant within three months, failing which he would face an additional three months of imprisonment.
A Fugitive Economic Offender is a legal term in India.It relates to any individual against whom a warrant for arrest in relation to a "scheduled offence" has been issued by any Indian court under the Fugitive Economic Offenders Act.
A dishonoured cheque (US spelling: dishonored check) is a cheque that the bank on which it is drawn declines to pay (“honour”). There are a number of reasons why a bank might refuse to honour a cheque, with non-sufficient funds ( NSF ) being the most common, indicating that there are insufficient cleared funds in the account on which the ...
A check can bounce because “the check is considered ‘stale’ or ‘stale-dated,’ which refers to the check not being cashed within typically six months,” explains Jacob Dayan, a partner ...
With a bounced check, the check is returned to the payee and the transaction does not occur. With an overdraft, the bank pays the check or ACH payment despite your insufficient funds.
In June 2020, the Finance Ministry in the Government of India proposed the decriminalisation of a number of white-collar crimes, including cheque bouncing under Section 138 of the Negotiable Instruments Act, in order to improve the ease of doing business as well as to reduce imprisonment rates.
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The Rose Valley financial scandal or simply Rose Valley Chit Fund Scam was a major financial scam and alleged political scandal in India caused by the collapse of a Ponzi scheme run by Rose Valley Group. [1] [2] On January 25, 2019, CBI arrested Bengali film producer Srikant Mohta for duping Rose Valley Group by Rs 25 crore.