Suresh Prabhu is still the accused

Sandesh Prabhudesai
2 March 2001  

His name is being dropped from almost 18 criminal cases, but union power minister Suresh Prabhu is still the accused in five such cases, which allege cheating and dishonouring of cheques worth around Rs 120 million.

While dismissing 18 criminal revision applications filed against the union minister, the local bench of the Bombay high court has referred rest of the five cases back to the trial court to decide on merits the case of the Western Indian Financial Services Ltd, of which Prabhu was the CMD.

As the WIFSL had suddenly vanished from the scene within one year in 1997 by dishonouring cheques, several investors had filed complaints before the JMFC. Though the lower court had dismissed Prabhu's contention in this regard, the sessions court had accepted that Prabhu was not the CMD at the time of bouncing of the cheques in 1997.

Prabhu's contention that he had resigned as the CMD in May 1996 was countered by Gopalrao Mayekar, one of the investor and a local philanthropist, by producing certified copy of the Registrar of Companies, stating that he had resigned in March 1997.

On the contrary, it was argued by the investors' counsel that the form 32 which Prabhu produced was neither dated, signed nor stamped by the Registrar of Companies. In spite of this, the sessions court had recalled process against Prabhu while dropping his name.

The high court, while dismissing even Mayekar's CRA now, has stated that the complainants have not disputed the fact that he had resigned but only the date of resignation. The remaining five CRAs are however being allowed as theses investors have challenged the basic fact that he had resigned from the WIFSL, one of the NBFC.

"I am totally unhappy with the high court order as it is being dismissed merely on technical grounds", states Mayekar. He, along with some other investors, is now planning to approach the Supreme Court with a special leave petition.

Though the banker-turned-politician will be granted exemption from appearing in the lower court as per the high court order, Prabhu had to appear before the JMFC last year in yet another criminal complaint filed against him in South Goa. There are hundreds of investors who claim that they had invested their life-time earnings due to Prabhu's credibility as the then chairman of the Saraswat Co-operative Bank.

The investors are also feeling lost because Prabhu, being a known political figure, is the only director who is available for the trial. His other former colleagues - Nandan Gadgil, Brijbhushan Nagpal and Narendra Kumar - are still reported to be absconding.

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