Sunday, 20 December 2015

Update on Proceedings relating to Cheque Bouncing - Mumbai (20/12/2015)

As many of you Fixed Deposit holders are aware, Helios and Matheson Information Technology Ltd. had issued Post Dated Cheques for principal amounts and interest. Some investors had presented the cheques and the same were dishonored by Helios and Matheson. Pursuant to the same some of the Fixed Deposit holders had also filed proceedings under S. 138 of the Negotiable Instruments Act, 1881 before various courts across India against the signatories of the issued cheques and the Directors of Helios and Matheson.

This is an update from one of the proceedings out of Mumbai.

Certain signatories and Directors of Helios and Matheson were summoned in one such case out of Mumbai and appeared before the judicial authorities. Bail was applied for. Further, certain key Directors such as Mr. Muralikrishna and Mr. Ramachandran did not appear despite being summoned and arrest warrants will likely be issued for failure to respond to the summons.

If any of you have filed cheque bouncing cases against Helios and Matheson Information Technology Ltd. and have further information, let us know on the General Forum page by leaving a comment thereunder.