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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

: NAGPUR BENCH : NAGPUR.

CRIMINAL APPEAL NO. 212 OF 2018

APPELLANT

:Pradeep Vyankatesh Balpande,

Aged about 63 years,

Occupation : Legal Practitioner,

R/o Plot No. 239, Shankar Nagar, Nagpur.

VERSUS

RESPONDENTS

:1]State of Maharashtra,

through Competent Authority under the

Maharashtra Protection of Interest of Depositors

(In Financial Establishments) Act, 1999

2]State of Maharashtra,

through Police Station Officer,

Police Station, Ambazari, Nagpur.

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Mr. Uday A. Gosavi, Advocate for appellant.

Mr. S. S. Doifode, A. P. P. for the respondents/State

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CORAM : V. M. DESHPANDE and AMIT B. BORKAR, JJ.

DATE : JUNE 18, 2021.

ORAL JUDGMENT [Per V. M. Deshpande, J.]

1.

Heard.

2.

ADMIT.

3.

Vide order dated 22.03.2021, the appeal was posted for

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hearing and disposal. Today, the appeal is listed for admission.

Therefore, after admitting the appeal, it is taken up for final hearing

by consent of the parties.

4.

The present appeal is filed under Section 11 of the

Maharashtra Protection of Interest of Depositors (in Financial

Establishments) Act, 1999 (hereinafter referred to as “the MPID Act”

for the sake of brevity).

5.

The factual matrix as disclosed in the memo of appeal is

as under :

A] The appellant has invested an amount of Rs.29 lakhs in

a Fixed Deposit with one M/s Wasankar Wealth Management

(hereinafter referred to as “WWM” for the sake of brevity), registered

under the provisions of The Companies Act. It is the contention of

the appellant that WWM had agreed to repay the amount invested by

the appellant along with interest.

B] A cheque bearing No. 241039 dated 28.02.2014 was

issued by WWM drawn on Indian Overseas Bank, Ram Nagar Branch,

Nagpur, amounting to Rs.29 lakhs, which was a consolidated cheque

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in lieu of the deposits of the appellant. The said cheque was

deposited by the appellant with his bankers, however, the said

cheque was dishonoured by the banker of WWM for the reason

“Exceeds Arrangement”.

C] Thereafter, the appellant on 15.03.2014 sent a legal

notice to Prashant Wasankar, Director of WWM about the dishonour

of the cheque. The said notice was served upon Prashant Wasankar

and WWM.

D] After receipt of the notice, Prashant Wasankar, Director

of WWM, called the appellant in the office and after discussion an

offer was made that the agricultural land owned and possessed by

WWM will be given to the appellant since WWM was not in a

position to repay the amount of the appellant. Thereafter, the

appellant after satisfying the title, accepted the offer.

E] A resolution was also passed by the Board of Directors of

WWM authorizing one Abhijit Chaudhary to execute the documents

in favour of the appellant.

F] Accordingly, on 28.03.2014, a registered Agreement to

sell came to be executed in favour of the appellant by Abhijit

Chaudhary for and on behalf of WWM. The agreement states that

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WWM will execute a Sale Deed in favour of the appellant in respect

of the properties mentioned in the ‘Schedule’ of the said Agreement.

G] It is further stated that since the agreement was not

honoured, the appellant filed a suit for specific performance of the

contract i.e. Regular Civil Suit No. 552/2016 against WWM as

defendant no.1 and Abhijit Jayant Chaudhary as defendant no.2.

The said suit is pending on the file of learned 11^th Joint Civil Judge,

Senior Division, Nagpur.

H] It is further stated in the memo of appeal that the

respondent – Competent Authority in this appeal filed an application

for permission to se