Larger SC bench to examine cheque bounce cases' conflict

While some judgements had stated that the 15 days period could be waived off, several other rulings had said that the time period was mandatory and no cognisance could be taken before it expiry

New Delhi: The Supreme Court has referred to a larger bench the question whether a person can be tried for a cheque bounce, even before the expiry of the 15 days notice period issued by a complainant, reports PTI.

A bench of Justices TS Thakur and Gyan Sudha Misra framed two questions for consideration by a larger bench following conflicting judgements by the Supreme Court and a larger number of high courts in the country. Firstly, can cognisance of an offence punishable under Section 138 of the Negotiable Instruments Act, 1881, be taken on the basis of a complaint filed before the expiry of the period of 15 days stipulated in the notice required to be served upon the drawer of the cheque in terms of Section 138 (c) of the Act aforementioned? And secondly if answer to the first question is in the negative, can the complainant be permitted to present the complaint again notwithstanding the fact that the period of one month stipulated under Section 142 (b) for the filing of such a complaint has expired?

While some judgements had stated that the 15 days period could be waived off, several other rulings had said that the time period was mandatory and no cognisance could be taken before it expiry. The apex court passed the direction while dealing with an appeal filed by Yogendra Pratap Singh challenging an Allahabad High Court judgement quashing the cognisance taken by a magistrate of the complaint lodged by him against Savitri Pandey. Singh had filed a complaint under Section 138 of the Negotiable Instruments Act against respondent Savitri Pandey in the court of additional civil judge, magistrate, Sonbhadra, Uttar Pradesh after four cheques allegedly issued by the woman bounced. As required under Section 138 (c), Negotiable Instruments Act, 1881, he served her with a notice calling upon her to pay the amount.

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COMMENTS

Vineeth A Kumar

5 years ago

Madam/Sir,

I have taken a loan of Rs. 3.00 lacs @ 10% interest and Rs. 1.50 lacs @ 8% from a money lender who has taken signed blank stamp paper, my blank cheque and also my wife's blank cheque.
Three months paid the said interest before time and my idea was to settle the capital amount by March 2012.

Unfortunately, the company I'm working for, got into legal tangles and case is in Honorable Supreme Court of India, almost last lap and clean chit.
Since, my Income stopped and was diagnosed for sever diabetics for which I had to get admitted in hospital, was not able to go for any other stop gap work to pay last 3 months (as on today) interest. I am a spiritual person and have never in my active professional life of 20 years ditched anybody.
These people, though, I understand that, they are put in trouble because of my delay in payments...were clearly told by me and my family repeatedly, as soon as I receive my earned Income, I will hand the entire amount to my father (Retired Ex-Serviceman) and he will ensure their every single Rupee is settled, but, they repeatedly the call my home and harass my wife, mother, father and son who is only 13 years. One of the money lender came to my house at 7.30 pm, with a team of tough looking youngsters (many were on alcohol) threaten my father, mother and son. Next day my father complained to local police station SI, I accompanied my father & explained him that under no circumstances these people will lose money and as soon as I get it from Honorable Supreme Court appointed Ex-Judge Honorable mediator, I am ready to start settling their capital in not more than 5 months. I was asked by the SI to give a committed date, I told him with all due respects, how can I, when the matter is subjudice.

The SI fired me for taking money from them on interest, that moment, one of them told SI it was a friendly help not a loan on interest. Finally, he cautioned them not to disturb my family, which they have not physically, after that night, but, on telephone everyday three times or four times they mentally torture my parents (wife left me since, she was unable to bear it).
Even this moment, if I get the income earned, right now, will start settling their amount.

The delay happened which was not in my control, I totally Trust the constitution, Judiciary and genuine authorities of my Country, but, never thought in the wildest of dreams that its a slow process, at least if I was healthy to take up active employment, would have taken it only with the intention of settling their capital.
Yes, I committed two mistake:
1. Taking a loan from unlicensed money lenders and
2. Expected Judiciary to act at a faster pace, "Justice Delayed id Justice Denied".

Can you suggest me the best possible option other than putting these people in the line of fire. Don't want them to mentally harass my family, mostly all the issues will be settled my 1st or 2nd week of May, I am losing my grip over my senses, since diabetics (340 random), now slowly getting under control, not used to take rest at home for two continuous and each hearing, month after month is getting 2-3 weeks adjournment. Only God knows my feelings towards these people, to whom I'm obliged for remaining part of my life.

In between if something happens to my life, its purely the stress induced health deterioration, and will hold the money lenders mental torture responsible for it.

I kindly request your good self to direct a fellow human being...what next?

Warm Regards

CSE gets SEBI approval for NSE F&O

Kolkata: The Calcutta Stock Exchange (CSE) has received market regulator SEBI’s approval to begin derivate trading to enable its members to trade on NSE’s F&O (futures and options) platform, reports PTI.

“We have received SEBI (Securities and Exchange Board of India) approval for F&O trading on NSE platform,” CSE sources said.

CSE had received permission to offer NSE trading platform in cash segment to its member in December 2011.

The regional exchange already introduced cash and derivate trading on the BSE platform for its members. However, derivate segment of the BSE failed to pick up volumes.

The local bourse is hopeful that business will cross Rs100 crore in near future.

“We have received SEBI approval for F&O trading on NSE platform,” CSE sources said

Kolkata: The Calcutta Stock Exchange (CSE) has received market regulator SEBI’s approval to begin derivate trading to enable its members to trade on NSE’s F&O (futures and options) platform, reports PTI.

“We have received SEBI (Securities and Exchange Board of India) approval for F&O trading on NSE platform,” CSE sources said.

CSE had received permission to offer NSE trading platform in cash segment to its member in December 2011.

The regional exchange already introduced cash and derivate trading on the BSE platform for its members. However, derivate segment of the BSE failed to pick up volumes.

The local bourse is hopeful that business will cross Rs100 crore in near future.

When asked about SEBI’s exit policy for regional bourses, CSE officials said the same would not impact the exchange as it would meet certain criteria like Rs100 crore networth in three years.

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Insurance ombudsmen may look into mis-selling of policies

At present, jurisdiction of ombudsman entails any partial or total repudiation of claims or any dispute in regard to premium paid or payable in terms of the policy

New Delhi: In order to promote investor protection, the government is considering expansion of the ambit of the insurance Ombudsmen scheme by bringing under its jurisdiction the mis-selling of insurance products, reports PTI.

There has been a proposal to enhance the jurisdiction of the office of insurance Ombudsman by bringing mis-selling of policies. The government is considering it, sources in the know said.

Mis-selling of insurance policy particularly Unit Linked Insurance Products (ULIPs) has been an area of concern for the regulator.

At present, jurisdiction of ombudsman entails any partial or total repudiation of claims or any dispute in regard to premium paid or payable in terms of the policy.

Besides, it has power to look into cases pertaining to delay in settlement of claims and non-issue of any insurance document to customers after receipt of premium.

During 2010-11, the 12 ombudsmen across India received a total of 21,065 complaints.

While 11,017 complaints (52%) pertained to life insurers, the remaining 10,048 related to non-life insurers.

This was in addition to 2,269 complaints pending with various offices of Ombudsmen as at the end of March 2010. The offices of Ombudsmen have handled a total of 23,334 cases during 2010-11.

During 2010-11, the ombudsmen disposed of 17,239 complaints. At the end of March 2011, 6,095 cases are still pending with Ombudsmen for adjudication.

A policyholder can approach insurance ombudsmen if the grievance has been rejected by the insurance company. In addition, the complaint should be filed within one year from the date of rejection by the company.

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