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Bimal Kumar Jain had deposited a cheque of Rs 2,44,375 of State Bank of India on October 4, 2005. The cheque was in the name of V S Sahay.
The SBI credited the same amount on October 7 and a sum of Rs 1,158 was also credited as bank interest. It was further averred that Sahay did not withdraw any amount from the account and later in April 2006, issued four cheques of Rs 25,000 to “Escrow Account RPL IPO” for the purchase of shares of M/s Reliance Petroleum. However, the cheques were dishonoured because of insufficient funds.
The commission, while dismissing the case, decided that as the cheques were dishonoured, Sahay had to face a lot of harassment. Because of the reason, he could not buy shares of the Reliance Petroleum as well. Taking serious note of the harassment, the commission directed the State Bank of Indore to pay a compensation of Rs 25,000 to him.
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