Madras High Court
Karunanidhi Saroja vs State Represented By on 28 July, 2022
Crl.A.Nos.345 of 2017 etc batch
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 28.07.2022
CORAM:
THE HONOURABLE Dr.JUSTICE G.JAYACHANDRAN
Criminal Appeal Nos.345, 352 to 356, 359, 361, 363 to 368, 372, 373 &
398 to 400 of 2017 and Crl.M.Ps
Crl.A.No.345 of 2017
Karunanidhi Saroja .. Appellant
/versus/
State Represented by:
The Deputy Superintendent of Police,
Economic Offences Wing-II,
Salem District. .. Respondent
Criminal Appeal has been filed under Section 374 of Criminal
Procedure Code r/w. 11 of the TNPID Act, praying to set aside the
judgment passed in C.C.No.2 of 2011 on the file of the Court of the
Special Judge under TNPID Act, Coimbatore dated 19.06.2017
For Appellant : M/s.S.Doraisamy
For Respondent : Mr.R.Kishore Kumar
Government Advocate (Crl.Side)
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Crl.A.Nos.345 of 2017 etc batch
COMMON JUDGMENT
The learned counsel for the appellants without adverting to the
merits of the case has come forward to deposit the entire principal
amount claimed by the complainant and seek compounding of the
offence. However some of the depositors are not inclined to receive the
principal amount but they are insisting for interest, which according to
them is 15% per annum as promised by the finance company.
2. The learned counsel for the appellants circulated the order of
this Court passed in W.P.No.13472 of 2019 dated 05.08.2019, wherein,
this Court has passed the following order:
“2.There is already a sum of
Rs.1,00,00,000/- which is available by way of
deposit and this amount shall be disbursed to
the depositors. Simultaneously, steps shall be
taken to bring the properties for sale and the
sale proceeds shall be used to settle the entire
amount to all the depositors.”
3. It is submitted by the appellants that due to the interim order
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Crl.A.Nos.345 of 2017 etc batch
passed by this Court, the balance sum of Rs.3,09,35,925/- has been
deposited. Hence, prayer for compounding the offence by invoking
Section 5A of the TNPID Act. This plea though accepted by many of the
depositors, who are parties in this batch of cases, not acceptable to some
of the depositors.
4. In the said circumstances, this Court is of the view that the
appeals shall be remitted back to the Special Court to record
compounding of the offence, wherever the investors are ready to accept
the principal amount. For the remaining depositors retry the case and
decide whether offence under this Act is attracted against the accused and
be dealt accordingly.
5. This Court takes note of the fact that there are materials to
show that the prosecution has been launched against some of the sleeping
partners and retired partners of the firm and their role in collection of
deposit has not been clearly made out by the prosecution during the trial.
6. Hence, the order of the Court below is set aside. The case is
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Crl.A.Nos.345 of 2017 etc batch
remanded back for retrial. The Court below shall take note of the fact that
the amount collected has already been deposited and most of the investors
are ready to compound the offence.
7. Meanwhile the money deposited by the accused persons
shall be invested in any one of the Nationalized banks to accrue interest.
The fine amount if collected, shall be refunded to the accused persons,
subject to the out come of the trial.
8. Accordingly, these Criminal Appeals are allowed and the
matter is remanded back for retrial. Consequently, the connected
Criminal Miscellaneous Petitions are closed.
28.07.2022
Index : yes/no
Internet:yes/no
Speaking order/ Non speaking order
rpl
To
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Crl.A.Nos.345 of 2017 etc batch
1. The Special Judge under TNPID Act, Coimbatore.
2.The Deputy Superintendent of Police,
Economic Offences Wing-II,
Salem District.
3.The Public Prosecutor,
High Court, Madras.
Dr.G.JAYACHANDRAN,J.
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Crl.A.Nos.345 of 2017 etc batch
rpl
Crl.A.No.345 of 2017 etc batch
28.07.2022
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