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Karnataka
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Bangalore
CAs, advocate convicted
Staff Reporter
BANGALORE: After a 11-year trial, a city magistrate’s court on Monday levied a fine of Rs. 5.7 crore on a chartered accountant couple and an advocate after six cheques issued by them to a Mumbai-based finance company bounced for lack of funds.
The 15th Additional Chief Metropolitan Magistrate, Ravi M. Naik, convicted chartered accountants B.R. Vasudeva Murthy, his wife Ramamani V., and advocate B.R. Sachidananda for dishonouring the cheques given to Goldcrest Finance (India) company. The six cheques were given by the three in their capacity as the directors of Vanashree Coffee.
If the three failed to pay the fine, the judge ordered that each of the three would undergo simple imprisonment for two years.
The first cheque to Goldcrest was issued for Rs. 18 lakh in July 1996. The other cheques to the finance company for Rs. 68 lakh, Rs. 25 lakh and Rs. 29 lakh were given in August and October of 1996. All the cheques bounced.
Following issue of legal notices, the finance company filed six separate complaints before the court.
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