The hearing was held at the 14 Metropolitan Magistrate Court, Girgaum, presided by Magistrate BS Kharade.
Padma Vibhushan awardee Dilip Kumar was the honorary chairman of M/s Geekay Exim (India) Limited, which was into export business.
The company, around two decades ago had raised several hundred crores from various lenders across the country and had issued cheques for repayment to investors which also included Deccan Cements company. The said company was given two cheques of Rs 1 crore which allegedly bounced.
In the year 1998, the company allegedly started to default in its payments and cases started being filed against everyone associated with the company which included the 94-year old actor.
Dilip Kumar managed to get relief from all other cases with regards to this company stating that he had nothing to do with the day to day working of the company but only one case was pending against him for which he was acquitted on Tuesday.
According to section 141 of the Negotiable Instruments Act, the complainant must prove that the accused was involved in the day-to-day functioning of the company. Since that was not proved, the court acquitted Dilip Kumar.
Another accused Vimal Kumar Rathi has also been acquitted, while Managing Director of the Company Gopal Krishna Rathi and another accused S Seturaman were convicted in the case.
Struggling with the bad health Dilip Kumar was granted exemption from appearing in the court.
Incidentally, on Monday, Dilip Kumar's wife and former actress Saira Banu expressed concerns over her husband's fragile health and requested his fans to pray that 'the stress-related to the 18-year old case' should not further affect him.
"At 94 yrs, Saab's health is delicate, facing neurological problems, yet Saab has never prayed for case adjournment..."
"Hope serious consternation n stress caused don't affect his condition further. Saab needs peace n rest. I seek your prayers n support."
