STATE TIMES NEWS
JAMMU: Electricity Magistrate Jammu Riyaz ul Haq Mirza on Monday awarded one year and six months imprisonment and fine Rs 10 lakh to one Vishal Mahajan proprietor VS Shares and Stocks in cheque bounce case.
According to the case that complainant Lt. Col Daljeet Singh Dogra had purchased stocks and share from the NSE/BSE through accused as a broker carrying transaction of purchasing and selling the shares for the last few years and the said transaction carried on day-to-day basis through the accused. There was an outstanding amount of Rs 19 lakh which had to be paid by the accused, he issued a cheque on 2nd November, 2007 of Rs 10 lakh in favour of complainant and the said cheque was dishonored and complainant filed present complaint.
Electricity Magistrate Jammu Riyaz ul Haq Mirza after hearing both the sides observed that the accused had issued cheque to the complainant for liquidating the amount which was outstanding towards accused in connection of transaction of purchasing stocks and the ingredients constituting the offence punishable under section 138 NI Act are established and proved beyond shadow of doubt and awarded imprisonment for one years and six months with fine of Rs 10 lakh to the accused. JNF
