Court convicts accused in cheque bounce case; Rs 1.30 crore fine ordered
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Cemantic Infra-Tech disclosed that the VIII Metropolitan Magistrate in Hyderabad convicted Krishna Prasad P in a cheque bounce case filed by the companys Managing Director G. Satyanarayana under Section 138 of the Negotiable Instruments Act. The accused has been ordered to pay a fine of about Rs 1.30 crore plus Rs 500, of which roughly Rs 1.30 crore is payable as compensation to the MD. In default of payment, the accused faces up to 4 months of simple imprisonment. The accused has been informed of the right to appeal.
Limited direct impact on the company; the compensation benefits the MD personally, with no material effect on company financials or shareholders.