Bengaluru, Apr 9 (PTI) A court here has convicted former Karnataka Minister B Nagendra in a cheque bounce case and imposed a fine of Rs 1.25 crore.

The 42nd Additional Chief Judicial Magistrate, K N Shivakumar, has ordered Nagendra and two others to pay the fine amount, failing which they will face a one-year jail term.

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The case stems from a long-standing financial dispute dating back to 2013 between VSL Steels Limited and BC Infrastructure and Resources Company—a firm jointly owned by Nagendra and Anil Rajashekar Chundur Bhaskar.

The court had earlier ruled that the firm owed Rs 2.53 crore to VSL Steels. As part of the settlement, a cheque for Rs 1 crore was issued.

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However, when the cheque bounced in 2022, VSL Steels Limited initiated legal proceedings.

After examining the evidence, the court imposed a penalty of Rs 1.23 crore, directing that Rs 10,000 of this amount be paid by the government to the complainant.

The court has made it clear that failure to comply with the order will lead to imprisonment.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)