NEW DELHI: A Delhi court has awarded one year jail term to Prakash Industries Ltd 's Managing Director in 20-year-old cheque bounce cases and directed him and the firm to pay Rs 10 crore each to two Sahara group companies.It directed Prakash Industries and its MD V P Aggarwal to pay Rs 5 crore each to Sahara India Airlines Ltd (SIAL) and Sahara India Financial Corporation Ltd (SIFCL), which had given a loan of Rs 5 crore each to the firm, through him, in May 1996.The convicted company had handed over cheques to pay back the money. However, these got dishonoured and both the complainant companies filed cases in this regard. However, both the cheques were dishonoured after presenting before the bank.Similarly, a cheque of Rs 5.34 crore was issued in favour of SIFCL. However, it also was returned as dishonoured.Thereafter, both the complainants sent legal notices to the accused which was unanswered. Thereafter, cases were filed in this regard.

Source: Economic Times August 13, 2017 06:22 UTC