First Class Judicial Magistrate, Ulhasnagar, R D Chougale, directed the seven respondents -- city-based firm Vinayak Enterprises and its six partners -- to pay Rs 3,73,21,500 each to the complainant, also a developer.
The non-payment of the compensation will invite an additional three-month imprisonment to them, he said.
The complainant, Gope Madhavdas Rochlani, of the Madhav Construction company at Kalyan, informed the court that the respondents made an agreement with him on May 15, 2006 to grant development rights of 60 acres of land for an amount of around Rs 85 crore.
The respondents later cancelled the deal and agreed to return the money along with profit, compensation and escalation cost of the land, he said.
They issued two cheques totalling Rs 16.50 crore in August and October 2008 which bounced following which Rochlani approached the court.The counsels for the accused contested the case.
However, the magistrate observed that the complainant has been deprived of the said amount of the disputed cheques.
Considering the rate of interest given by a nationalised bank on fixed deposits, it would be just and reasonable to grant a compensation of Rs 26,12,50,500 to the complainant, the magistrate said.
He noted that the respondents are already convicted for another offence under the Negotiable Instruments Act by a metropolitan magistrate court in Bandra, Mumbai.
Hence, they do not deserve any leniency, the court said while granting one-year imprisonment to the six partners of the company.
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