other
person or an employee of the Financial Establishment for
fraudulently default in any repayment of deposits on
maturity along with other benefits.
Clause ... 2018 JUDGMENT
13. Section 3 of the Act, 2003 makes the fraudulent defaults
by the Financial Establishment an offence punishable with
imprisonment for a term
kind
in return, as assured. Many of these financial
establishments had defaulted to return the deposits on
maturity or to pay interest or render ... Maharashtra Legislature, Section 3 whereof provided
that any financial establishment, which fraudulently
defaults any repayment of deposit on maturity along with any
benefit
deposits would be returned with interest. The
aforesaid persons have fraudulently defaulted payment of the
deposits. It is then averred that this being the grievance ... same may be
reproduced.
"3. Any Financial Establishment, which fraudulently
defaults any repayment of deposits on maturity along
with any benefit in the form
attractive interest on maturity and such financial establishments
have defaulted and it has cost great public resentment and
uproar creating law and order problem ... thousands of depositors ramped into a public disorder and the
fraudulent default of the accused in such type of offences form
a unique class
such Financial Establishment in the State of Maharashtra."
4. Fraudulent default by financial establishment is an offence under ... provides that any financial establishment, which fraudulently defaults any repayment of deposit on maturity along with any benefit in the form of interest, bonus, profit
Dwarka Nath R/o Parmandal Teh. Samba Distt.
Jammu which the defaulter fraudulently mortgaged to the
Bank in the year 2002 by way of registered ... accused
Rakesh Gupta became a defaulter, and the bank
authorities initiated recovery proceedings against the
above defaulter/proprietor of both the above firms.
During
that the Financial
Establishment of which he was a Director, has fraudulently
defaulted in repayment of deposits amounting to Rs.2,90,33,107/-
collected
that the Financial
Establishment of which he was a Director, has fraudulently
defaulted in repayment of deposits amounting to Rs.2,90,33,107/-
collected
that the Financial
Establishment of which he was a Director, has fraudulently
defaulted in repayment of deposits amounting to Rs.2,90,33,107/-
collected
that the Financial
Establishment of which he was a Director, has fraudulently
defaulted in repayment of deposits amounting to Rs.2,90,33,107/-
collected
