6 months ago
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The Bombay High Court has ruled that movie shaper Boney Kapoor is nary longer liable to wage involvement connected ₹29 lakh successful transportation with a lawsuit nether the Maharashtra Protection of Interest of Depositors (MPID) Act. The determination follows the acquittal of the main accused successful a ₹57.7 crore deposit fraud dating backmost to 2003.
In a November 10 bid made disposable connected Tuesday (November 18, 2025), a Division Bench of Justices Bharati Dangre and Shyam C. Chandak observed, “At this stage, nary liability tin beryllium fastened upon the appellant, arsenic the main accused has been acquitted and successful immoderate case, the appellant has not abided by the directions issued nether the impugned bid of deposit of interest, arsenic directed and we shall clarify that successful the aftermath of the Judgment, helium is nary longer liable to marque the outgo of interest.”
The MPID Act, enacted successful 1999, aims to support investors from fraudulent fiscal schemes by enabling attachment of properties of defaulting entities.
In this case, the prosecution alleged that Ajay Amrutlal Thakkar and his woman Bhavana floated a fiscal institution, collected deposits from the nationalist promising precocious returns, and defaulted connected payments. The alleged fraud was pegged astatine ₹57.70 crore, and spot worthy ₹1.27 crore was seized for capitalist recovery. The lawsuit was registered successful 2003 and investigated by the Crime Branch, CID.
On May 13, 2025, the MPID Court acquitted Bhavana Thakkar of each charges nether Sections 406, 420, 114 of the IPC and Sections 3 and 4 of the MPID Act, noting, “The grounds led by the prosecution was not capable to found that accused Bhavana Thakkar was the promoter, partner, director, manager liable for the absorption of oregon conducting of the concern oregon affairs of the fiscal instauration and adjacent determination was nary worldly to amusement that she had promised immoderate specified work against the said deposit, with an volition of causing wrongful summation for herself and to origin wrongful nonaccomplishment to the depositors.”
Mr. Kapoor, arsenic proprietor of Narsimha Enterprises, was directed by the MPID Court connected February 21, 2020, to wage elemental involvement astatine 18% per annum connected ₹29 lakh from April 1, 2001, to December 27, 2019, wrong 2 months. The bid was based connected findings that Kapoor had borrowed ₹29 lakh from Ajay Thakkar and his firms, confirmed done his nett and nonaccomplishment relationship for the twelvemonth ending March 31, 2001. Mr. Kapoor argued that the indebtedness was settled by transferring a Mercedes Benz car to an intermediary.
Disposing of the appeal, the Bench said, “In the aftermath of the aforesaid, since the entreaty present deserves a disposal taxable to the directions successful the Judgment dated 13/05/2025 i.e. arsenic acold arsenic adjusting the magnitude of ₹29,00,000/-, which is already deposited, the entreaty is disposed of.”
The court said that disbursement of unpaid investor’s dues will proceed as per the May 13 judgment, but Mr. Kapoor bears nary further liability for interest.
