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TMI Blog2017 (12) TMI 845X X X X Extracts X X X X X X X X Extracts X X X X ..... gotiable Instruments Act by leading evidence through D.W.1 to the effect that immovable property had been conveyed in favour of opposite party no.2 in discharge of their liability towards the opposite party no.2 - Certified copy of the sale deed had been exhibited as Exhibit A. There is nothing in the recitals of the sale deed that the transfer of such property was in discharge of the liability of the petitioners’ firm towards the opposite party no.2. Evidence had also been led to show that the cheque on presentation was dishonoured due to insufficient funds and in spite of receipt of notice of dishonour no payments were made. There is also evidence on record that the petitioners were in charge of and responsible to the partnership fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty Consultancy Services, a partnership firm and its partners, that is the petitioners herein, alleging that the petitioner nos.2 and 3 were in charge of and responsible to the firm for the running of its day-to-day business and were involved in sale and purchase of equity shares on behalf of the firm. Opposite party no.2 had undertaken trading in shares and equities through the petitioners and the latter had incurred huge financial liability towards the opposite party no.2 over such transactions. They had executed a written instrument in the form of declaration dated 9.4.2004 acknowledging such liability which was duly notarized. In discharge of such liability, the petitioners firm issued a cheque bearing no. 060471 dated 27.1.2005 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al, the said judgment and order was affirmed. Hence, the present petition is filed before this court. It is pleaded in the petition that the prosecution is invalid as the same was instituted by the power of attorney holder and not by the payee himself. It is also pleaded in the petition that the debt towards the opposite party no.2 had been duly discharged by conveying immovable property in his favour. Learned lawyer appearing on behalf of the opposite party no.2 submits that the power of attorney was duly exhibited as Exhibit-1 and the payee was also examined as a witness (P.W.1). Hence, there is no infirmity in instituting the impugned prosecution. It is also submitted that the conveyance of the property was not in discharge o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been led to show that the cheque on presentation was dishonoured due to insufficient funds and in spite of receipt of notice of dishonour no payments were made. There is also evidence on record that the petitioners were in charge of and responsible to the partnership firm for the running of its day-to-day business at the time of commission of the offence. In fact the petitioners had signed the dishonoured cheque in question. In view of the aforesaid facts, I am of the opinion that the conviction of the petitioners was rightly recorded. Coming to the issue of sentence, I find that during the pendency of the instant proceeding a sum of ₹ 10,000/- has been deposited by the petitioners. In the event the petitioners deposit the remai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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