Six partners who were together run a real estate company were recently sentenced to one year jail after a cheque bounce case was filed upon them. The person who filed the case on the real estate company has received a compensation that is worth twenty-six crores of Indian Rupees.
Vinayak Enterprises, a Thane-based real estate company had six partners running them for the past few years. They have been ordered to pay about 3.7 lakh worth Indian Rupees each and if they are not able to do so, they shall be sentenced to one year in jail.
Gope Madhavdas Rochlani, the complainant, said to the court magistrate RD Chougale that the six of the partners have together made an agreement with him during May 2006 to give over the development rights for sixty acres that were worth about eighty-five crores of Indian Rupees. He also made a note that he paid a sum of about 8.5 crores of Indian Rupees initially to continue the deal with them.
The real estate partners have said to be canceled with the deal later on and they even made it clear to return back the money that was initially obtained from Gope Madhavadas. As compensation for the deal, the complainant was handed over with a cheque that was worth 16.50 Crores of Indian Rupees on October 2008, which later on bounced in the bank.
The magistrate said that it would be reasonable to grant compensation worth about twenty-six crores Indian Rupees to the complainant. The six partners were already found to be convicted of another offense, which indeed made this cheque bounce case a viral one among the social Medias.