Sec 138 ni act
darshan singh
(Querist) 02 June 2012
This query is : Resolved
DEAR EXPERTS PLZ GUIDE ME IN A 138 NI ACT MATTER THE MATTER IS THE COMPLAINANT HAS GIVEN THE ACCUSED 3 LACS ON INTEREST @ 3% PM.
MY QUERY IS WHETHER COMPLAINANT CAN LEND MONEY ON INTEREST WITHOUT HAVING A LICENCE COMPLAINANT HAS MENTIONED IN HIS COMPLAIN THAT HE LENT MONEY ON INTERST.
PLZ GUIDE ACCORDINGLY
THNX
adv. rajeev ( rajoo )
(Expert) 02 June 2012
If the complainant is not regd., money lender, his complaint is not at all maintainable. Contest the case.
ajay sethi
(Expert) 02 June 2012
was any document executed wherein he agreed to advance rs 3 lakhs at 36%interest per annum . ?
M/s. Baba Finance Corporation Vs. Mohd. Nayeem and another5, where it is held that a moneylender in Telangana region, who has no licence to carry on money lending business under the provisions of the A.P. (Telangana Area) Money Lenders Act, 1349 Fasli (Money Lenders Act), cannot maintain a compliant under Section 138 of the Act
ajay sethi
(Expert) 02 June 2012
in Munagala Yadgiri Vs. Pittala Veeriah9 it is held that the onus to establish that a creditor is a professional money lender is on the debtor.
you will have to prove that complainant is a professional money lender
SAINATH DEVALLA
(Expert) 03 June 2012
Darshanji,
Lent 3 lakhs on interest clearly illustrates a business transaction.He should either be a registered money lender or he should show the amount lent in the books of account on the date the money was lent.If he has withdrawn that money from any bank he has to substantiate his complaint with the entry in the bank statement or passbook.
If you an satisfy the above para,fight the case engaging an intellegent lawyer.
