Court issues NBW against Ram Gopal Varma in cheque bounce case
Mumbai (PTI): A sessions court here has issued a non-bailable warrant against filmmaker Ram Gopal Varma after rejecting his plea for suspension of jail sentence in a cheque bounce case.
Earlier, on January 21, Judicial Magistrate (First Class) in Andheri, Y P Pujari, convicted Varma for the offence punishable under provisions of the Negotiable Instruments Act. The magistrate had sentenced the filmmaker to three-month jail term and directed him to pay Rs 3,72,219 to the complainant within three months.
The filmmaker subsequently filed an appeal before the sessions court, seeking suspension of the sentence. Additional Sessions Judge A A Kulkarni, however, rejected his plea on March 4 and issued NBW against the filmmaker as he did not appear before the court and rejected his plea for suspension of the jail sentence. he matter has been adjourned to July 28 for execution of the warrant. The judge said the accused is at the liberty to file for bail after appearing before the court.
A company in 2018 lodged a cheque bounce complaint against Varma's firm.
Advocates Rajesh Kumar Patel, appearing for the complainant's company, had filed an affidavit before the magistrate court that the company was engaged in the business of providing hard disks for the last several years. As per the request of the accused, it had provided hard disks between February 2018 and March 2018, based on which various tax invoices amounting to Rs 2,38,220 were raised, the affidavit said.
The accused issued a cheque on June 1, 2018 to the complainant, which was dishonoured for insufficient funds, it said. After this fact was brought to the notice of Varma's firm, a second cheque of the same amount was issued, which too was dishonoured due to "payment stopped by drawer". The complainant was left with no option to avail legal remedy, the affidavit had added.
Varma is known for making films like "Satya", "Rangeela", "Company" and "Sarkar", among others.
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Rupee hits all-time low for second time in a week
Mumbai (PTI): The rupee depreciated 31 paise to settle at 91.99 against the US dollar on Wednesday, touching the lowest closing level for the second time in less than a week, amid increased month-end demand for the greenback.
Forex traders said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe offered quiet reassurance. However, increased month-end demand for the American currency as well as the ongoing geopolitical tensions dented investors' sentiments.
At the interbank foreign exchange, the rupee opened at 91.60 and touched an early high of 91.50, but pared all the gains to touch an intra-day low of 91.99 against the greenback.
The domestic unit settled 31 paise down, revisiting its lowest-ever closing level of 91.99 against the greenback. The Indian currency previously ended at this level on January 23 when it also hit its all-time intraday low of 92 against the US dollar.
On Tuesday, the rupee rebounded from its all-time low levels and gained 22 paise to close at 91.68 against the US dollar.
Analysts said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe bolstered investor sentiment.
India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines, an official said.
The deal has been dubbed the "mother of all deals" as it will create a market of about 2 billion people.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 96.14.
Brent crude, the global oil benchmark, was trading 0.43 per cent lower at USD 67.28 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 487.20 points to settle at 82,344.68, while Nifty surged 167.35 points to 25,342.75.
Foreign Institutional Investors turned net buyers and purchased equities worth Rs 480.26 crore on Wednesday, according to exchange data.
