Jem Fiscal Quashes Deposit Orders, Rs50L

Authority: High Court of Judicature at Bombay, Criminal Appellate Jurisdiction

Order Date: 17 September 2026

Petitioner: Jem Fiscal Limited, represented by Director Zohra Hakeem.
Respondents: Sharan Khanna & Anr.; Tapin Khanna & Anr.; Bharati Khanna (deceased) through legal heirs Sharan Khanna & Ors.
Writ Petitions: Nos. 4675, 4676, 4677, 4678, 4679, 4680 of 2026, each challenging orders of the learned Additional Sessions Judge passed under Section 148 of the Negotiable Instruments Act, 1881 directing deposit of 30% of the cheque amount.
Details of impugned orders:

| 4675/2026 | M.A. No. 728/2026, Appeal No. 352/2026 | 01/08/2026 |

| 4676/2026 | M.A. No. 727/2026, Appeal No. 353/2026 | 01/08/2026 |

| 4677/2026 | M.A. No. 726/2026, Appeal No. 350/2026 | 01/08/2026 |

| 4678/2026 | M.A. No. 723/2026, Appeal No. 351/2026 | 01/08/2026 |

| 4679/2026 | M.A. No. 724/2026, Appeal No. 349/2026 | 01/08/2026 |

| 4680/2026 | M.A. No. 725/2026, Appeal No. 348/2026 | 01/08/2026 |

Counsel for Petitioner: Mr. Pranav Bhadeka (Senior Advocate), Mr. Rutvij Solanki, Ms. Pooja Kothari, Ms. Anuja Bhansali, Mr. Prathamesh Bhutada (i/b Rashmikant & Partners).
Counsel for Respondents: Mr. Kunal Kumbhat (a/w Ms. Himanshi Thakur, Ms. Ananya Thakoor) for Ms. Sunanda Kumbhat; Mr. S. V. Walve, APP for the State (WP/4675 & WP/4679); Mrs. Savita M. Yadav, APP for the State (WP/4676 & WP/4680); Mr. S. S. Ghag, APP for the State (WP/4677); Mr. P. P. Jadhav, APP for the State (WP/4678).
Legal Submissions: Petitioners argued that the impugned orders were passed without any reasons, contravening Supreme Court precedent in Jamboo Bhandari vs. Madhya Pradesh State Industrial Development Corporation Ltd & Ors. (2023) 10 SCC 446. Petitioners also undertook to deposit Rs 50,00,000 within 30 days of the order.
Respondent’s Position: Counsel for the respondents relied on the same Supreme Court judgment and sought remand of the matters to the Sessions Court.

The orders dated 1 August 2026 passed in the six Criminal Miscellaneous Applications are quashed and set aside.
The matters are remanded back to the learned Sessions Judge for fresh determination of the applications.
No coercive steps shall be taken against Jem Fiscal Limited until disposal of the remanded applications.
Jem Fiscal Limited must deposit Rs 50,00,000 (Rupees Fifty Lakh only) before the appellate court on or before 19 October 2026, without prejudice to the rights and contentions of the parties.
The writ petitions are disposed of with no order as to costs.
All contentions of both parties are expressly kept open for further consideration.

Topics: Legal Dispute, Negotiable Instruments Act