srihari
20 March 2010 at 15:15
Dear friends
I request you to please clarify the following:
A) A private limited company issued a cheque for Rs.10 lakhs. When the cheque was presented for clearing, Bank has returned the cheque with 'return memo'.
B) REASON FOR RETURN
Code No.
(01-09) FUNDS
01 Funds insufficient
02 Exceeds Arrangement
03 Effects not cleared:Present again
04 Refer to Drwaer
Note: Bank has marked no.03 for the reason for the return of cheque in the cheque return memo.
C) It is the outstation cheque and the validity period of the cheque was about to end, we could not represent the cheque and proceeded according to NI Act
D) We confirmed that, there is no amount in the bank account as on that date and so many other cheques were also bounced during that period of one month.
E) Now the accused is trying to defend that, since the cheque 'was requested to represent' it will not come under the provisions of NI Act
Can u please advice in the above matter. Please post me the judgements, if any are available in this regard.
Now this case is in hearing
srihari
27 February 2010 at 19:54
Sir
I have received two cheques worth Rs.35 laks from one private limited company against the supply of materialin March 2008. Both the cheque got returned due to 'insufficient funds'. I filled the cases in 2008. Due to this, i strugleed both financially and mentally. Since i took bank loan for my bisiness i became defaulter and bank issued the notice under 'surface act'. I could manage to organize funds at a cost of 36% pa. Some amount i converted my business loan to Martgage loan and i am paying monthly instalments. All these things are there in record.
These NI act cases are expected to come for trial in next 3 to 6 months and the final judgement may come at the end of 2010. Almost 3 years of the default. I dont see any issue to prove since all the documentary evidence is availanle. My intention now is to get the compensation to the extant of double the cheque amount since i suffered the loss to that extant which i can prove very well.
Can i get the compensation to an amount which is double the cheque amount? What shall i focus to make the claim? Can the judge award this compensation? Pl advice?
Anonymous
24 January 2010 at 19:54
Dear sir
In November 2008 we filled cheque bounce cases under NI act. So far nothing hapenned except adjournments. My advocate informed that there will be an examination of the accused in March 2010.
Can you please guide me what will be the procedure in NI act cases:
a) What will happen in Examination
b) What is the next step
Pl advice in this regard
Anonymous
03 January 2010 at 22:59
Dear sir
We have filled cheque bounce cases (two cheques worth Rs.35 lakhs) against a private limited company in November 2008. Both the cases are in adjornments. Our next date is in March 2010. We expect the another adjournment on that dates also. We are expecting the cases to come for trial some where at the end of 2010 only.
We have one problem here. One of the key witness is the ex-employee of the accused company. He left the company. He signed some of the documents also which are going to be the crutial for our case.
He agreed to give the evidance as witness and he can acknowledge the documents.
Can we arrange to take his evidance in the presence of the Megistrate immediately. Since, We are worried that the accused may put pressure in future at the time of trial. Can anyone suggest the possibility and mode for the declaration/avvidawit/evidance like in the presence of the Megistrate.
Anonymous
19 December 2009 at 11:55
Dear sir
Can you advice me for the following:
A) Received a cheque for Rs.15 lakhs against the supply of materials. The cheque was issued after the supply of the material with the request to keep till they (the buyer of the material) transfer the funds through RTGS funds transfer.
We can surely prove our 'receivable' amount which is above Rs.15 lakhs. They could not transfer the money as promised. Later we presented the cheque to the bank. The same was also informed to the buyer also. We have the clear evidance to prove this fact. But the cheque got returned due to insufficient funds in his account.
I have followed all the procedure prescribed in NI acfiled with the court.
The buyer / accused replied to my notice (which was issued by me as required in NI act) that he had issue the cheque only as security and i should not present the cheque.
Please advice me in this regard & pl send me any apex / high court judgements in this regars (i.e security cheque). Please also advice me how i shall produce my case / where to highlight. My case is expected to come for trial in next three months.
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NI Act
Dear Sir
I have received two cheques in 2008 (1st cheque - Rs.30 lakhs & 2nd cheque - Rs.5 lakhs) agaist the supply of material. I was staying in visakhapatnam at that time. Both these cheques were deposited in the bank at visakhapatnam. These two cheques were bounced due to insufficient funds.In the mean time i shifted to Hyderabad. I could send the legal notice through the lawer at hyderabad. I wanted to file the cases at hyderabad court (since i was told that place of issue of notice also the one of the jurisdiction). But my lawer suggested not to take risk since the big amount is involved. So i filled the NI Act complaint for Rs.30 lakhs cheque at visakhapatnam & the second cheque i filed the case in hyderabad. The case in vizag is expected to come for hearing in August and still hyd court case will take lot of time for hearing.
Now i understand that the supreme court has issued the judgement to say that 'any number of cheques relating to the same transaction' shall be filed in one court and it cannot be filed in different courts.
Please advice me in this regard. Should i transfer the case to one court. If so pl suggest me whether i shall transfer the case from hyderabad case to vizag or vis a virsa? What is the procedure to transfer the case from one court to other?
Pl advice me.