V. Narayanamoorthy and Others vs State by Inspector of Police

R. Mala, J.—Today, both the counsels are present. The learned Counsel for the appellants would submit that the amount due to the

depositors has been already paid and discharged. Hence, prayed for allowing the appeals for compounding the offence under the special

enactment.

The learned public prosecutor has filed the counter which was signed by the respondent stating that no objection to allow these appeals.

Considering the arguments advanced by both counsels as well as counter affidavit and unreported decision in Crl.A. Nos. 168 & 162/ 2004,

since the appellants have paid the amount due to the depositors, it is seen that Section 5A of Tamil Nadu Protection of Interests of Depositors (in

Financial Establishments) Act, 1997, empowers the competent authority to compound the offence punishable u/s 5 of the Act, if it is satisfied that

the entire amount due to the depositors have been paid. In this case, with the permission of the Court, it is reported that the offence has been

compounded and therefore, taking the said fact into account, the appellants have to be discharged.

Hence, the appeals stand allowed and the appellants stand discharged. Consequently, the Trial Court is directed to refund the fine amount of Rs.

4,80,000/- to the second appellant made in C.C. No. 29 of 2001 on the file of Special Court under TNPID Act, Chennai.