Kerala High Court Allows Alleged CA for Dishonestly Preparing Loan Application on Behalf of Non-Existing Company to File Release Request

The Kerala High Court allowed the relevant authority accused of dishonestly preparing loan applications on behalf of a non-existent company to file a discharge request.

The accused, Thomas Cherian being a chartered accountant in 2002-2003 dishonestly prepared the loan application of Rs. 200 lakhs as LC and CC facilities on behalf of M / s. Corromondal Footwears India (P) Ltd, a non-existent company and forged directors’ signatures through its employee on the plot and other accused persons and dishonestly offered 54.67 acres of land located in Ambasamundiram, properties of his in-laws Shri George Dominic, Smt. Elima George, Dominic George and Thomas Martin George as collateral collateral for using said facility knowing that said property would be worth less than 2 lakhs and prepared an exorbitant appraisal report via Sri. KSRamakrishna Iyyer conspired with other defendants and instigated the bank to sanction and disburse the loan amount to A-2 and A-4 on behalf of M / s.Corromondal Footwears Pvt. Ltd., causing undue loss from Rs. 3, 68,73,385 / – to SBI and therefore accused has committed a punishable offense u / s 420 CPI

The single-judge training of Judge R. Narayana Pisharadi gave the applicants the possibility of filing a request for non-suit before the court of first instance. The granting of such a possibility can only be done after annulment of the accusation already brought against them by the court of first instance.

The charge brought against the accused by the court of first instance, insofar as it concerns the applicants only, is quashed. Applicants are allowed to submit a request for release to the court of first instance within one month from today. If such a request is filed by them, the court of first instance shall rule on it within one month from the date of its filing. If the applicants do not file any request for dismissal before the court of first instance within the aforementioned time limit, the accusation brought against them by the court of first instance will be restored and it will then be free to continue the trial of the case ” , the court mentioned.

Subscribe to Taxscan AdFree to see the judgment

Support our journalism by subscribing to Taxscan without advertising. follow us on Telegram for quick updates.

Source link