9911796707
TMI Blog2007 (12) TMI 444X X X X Extracts X X X X X X X X Extracts X X X X ..... so confirmed by the High Court of Karnataka, Bangalore on December 20, 2005 in Criminal Revision Petition No.1003 of 2005. 3. Brief facts of the case are that the appellant herein was a member of Ryot Sewa Sahakari Bank Ltd., Basgod, Taluka Ankola ('Complainant Bank' for short). He had obtained a loan of Rs.20,000/- from the Complainant-Bank on April 3, 1998 for business. The amount was not paid by the appellant. The appellant issued a cheque of Rs.24,000/- on October 13, 2000 in favour of the Complainant-Bank and assured the Bank that it would be honoured. But when the cheque was submitted for clearance, it was dishonored and returned to the drawer on December 22, 2000 with endorsement; "Loan account due date is over and account i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and sentence recorded by the Trial Court. It, however, reduced the amount of compensation from Rs.43,000/- to Rs.30,000/- and fine from Rs.5,000/- to Rs.3,000/-. Order of default- sentence was maintained. 6. The aggrieved accused invoked Revisional Jurisdiction of the High Court under Section 401 read with Section 397 of the Code of Criminal Procedure, 1973. The High Court on July 13, 2005, passed an interim order directing the accused to deposit the compensation-amount in the Court. But the accused failed to comply with the said order. When the matter came up for hearing, the High Court, by the impugned order dated December 20, 2005 dismissed the Revision Petition observing that there was no ground to interfere with the order passed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that there was a compromise between the parties and an amount of Rs.45,000/- had been accepted by the bank towards final settlement of the dues against the appellant and no further claim has been put forward by the respondent bank. 10. In view of the fact that the matter has been settled and the amount of Rs.45,000/- has been paid by the appellant and accepted by the bank as 'full and final settlement' and there are no further dues by the bank, prima facie, there should be no objection to grant the prayer of the accused and acquit him of the offence with which he was charged and convicted by the Courts below. 11. It is no doubt true that every crime is considered to be an offence against the society as a whole and not only agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ian Penal Code also cannot be compounded. 13. In the circumstances, a question may arise whether an offence punishable under Section 138 of the Act which is a special law can be compounded. Whereas some High Courts held that if the matter is settled between the parties, the offence can be compounded, other High Courts took a contrary view. 14. In Cranex Ltd. & Anr. v. Nagarjuna Finance Ltd. & Anr., (2000) 7 SCC 388, a settlement had been entered between the parties during the pendency of appeal in Sessions Court against an order of conviction and sentence recorded by the Magistrate under section 138 of the Act. This Court directed the Appellate Court to consider the settlement and to take appropriate action in accordance with law. 15. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial Institutions and Negotiable Instrument Law (Amendment) Act, 1988 (ACT 66 of 1988) to regulate financial promises in growing business, trade, commerce and industrial activities of the country and the strict liability to promote greater vigilance in financial matters. The incorporation of the provision is designed to safeguard the faith of the creditor in the drawer of the cheque, which is essential to the economic life of a developing country like India. The provision has been introduced with a view to curb cases of issuing cheques indiscriminately by making stringent provisions and safeguarding interest of creditors. 17. As observed by this Court in Electronic Trade & Technology Development Corporation Ltd. V. Indian Technologists & E ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
