In a recent development, Tridhaatu Asset Holdings LLP and its partners, Dhananjay Sandu, Govind Muthukumar, and Pritam Chivukula, have been convicted in a cheque bouncing case by the metropolitan magistrate’s court in Mazgaon. The court has ruled that they must pay the cheque amount of Rs 7.73 crores with nine percent interest, and undergo imprisonment for one year.
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The complainant, Ramakrishnan Subramanian, former CEO of Shriram Capital Ltd., filed the case against the firm, alleging that he was offered to invest in Tridhaatu Group’s real estate development projects. The investment amounted to Rs 2.75 crores, against which he was allotted flats in Tridhaatu Bharadwaj Developers LLP and Tridhaatu Maruti Developers LLP. However, upon the expiry of the investment term, disputes arose regarding the repayment and security of the investment, leading to the issuance of post-dated cheques which subsequently bounced due to insufficient funds.
The defence argued that Tridhaatu Asset Holding LLP was not part of the agreement and that the complainant failed to establish the loan and the corresponding cheque issuance. However, the court dismissed this defence, pointing out the common partners involved and the agreement’s terms.
The court stated, “The complainant has established the fact that he advanced a loan to the partners of the firms for their business purpose. The accused failed to establish that they have allotted any of the flat given as security to the complainant.”
This ruling emphasizes the importance of upholding financial commitments in the commercial world and serves as a reminder of the legal consequences of cheque bouncing.
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