Reliance Capital lodges case against Loot India

Alleging Loot India’s cheque to have bounced, Reliance Capital

has filed a case against the company and its directors Jayprakash Pannalal Gupta and Ruchita Jayprakash Gupta. According to the documents, Loot India had borrowed a loan of Rs 25 lakh from Reliance Capital and as due repayment, it had issued a cheque to Reliance Capital. However, the cheque issued was returned by the bank with a remark ‘Funds Insufficient’. Following this, the complainant Reliance Capital sent a statutory legal demand notice to the accused Loot India on February 1, 2012 under Section 138 of Negotiable Instrument Act, 1881. The notice demanded the accused to make the payment within 15 days. Citing no response from Loot India even after 15 days, Reliance Capital filed a case against the company.

The Loot is a multi-branded discount store, offering customers a wide range of products with a minimum of 25 per cent to 60 per cent discounts on national and international brands throughout the year.