UP court summons Ludhiana tycoons
A Sidharth Nagar court in Uttar Pradesh has asked Ludhiana business tycoons Jawahar Lal Oswal and Kamal Oswal to appear before it on April 22 in the Cotton County criminal breach of trust case.punjab Updated: Apr 12, 2014 08:52 IST
A Sidharth Nagar court in Uttar Pradesh has asked Ludhiana business tycoons Jawahar Lal Oswal and Kamal Oswal to appear before it on April 22 in the Cotton County criminal breach of trust case.
Cotton County Retail chairman Jawahar and vice-chairman Kamal are summoned with seven others based on a petition by Neera J Singh of Nihal Traders of Sidharth Nagar, who has accused the magnates of inducing delivery of property dishonestly, making also a case of cheating.
D Batra, Mukesh Sood, company area manager Jayant Datta, marketing manager Mukesh Bhardwaj, employee Jeet Singh and signatory Ram Prakash are summoned along with the Oswals. In October 26, 2010, Neeraj Singh had opened a Cotton County showroom at Sidharth Nagar.
He stated in his petition that on the company demand, he had given it bank guarantee for 7 lakh, and company employees Ravi Bhatia and Jeet Singh had also asked him to issue undated security cheques for ` 7.50 lakh to the company for the supply of more material than the value of the bank guarantee.
He alleged that even after a month of his opening the showroom, the company had failed to supply the material. Suspecting the company might misuse the cheques, he ordered stop payment and asked the company to return the guarantee and the cheques.
He accused the company of trying to cash the cheques in spite of this. His counsel, advocate Iqbal Singh, said in spite of the restraining orders from Ludhiana additional district judge AS Virk in the arbitration petition, the accused had misused the security cheques.
Asked to react, Kamal Oswal he said the Nihal Traders cheques had bounced and after his company had filed the case, the matter had been settled.