The court passed the order following a complaint by Parel-based Kohetoor Stones against Allied Enterprise, opposite Old Customs House on Shahid Bhagat Singh Road.
Allied had issued three cheques worth Rs2.26 crore to Kohetoor in September 2004 for delivery of goods. The cheques bounced and Kohetoor filed a case in the Dadar court in November 2004 under section 138 of the Negotiable Instruments Act.
In their defence, Allieds partners Dilip and Tarun Mehta contended that they were not liable to pay the amount to Kohetoor and that the cheques had been obtained at gunpoint.
Magistrate RP Rahule examined witnesses and held that the claim of the cheques being taken at gunpoint could not be proved. Their entire defence fell through, Kohetoors lawyer Hasmukh Shah told DNA.
The court directed the Mehtas to pay the entire Rs4.55 crore within 45 days. If they fail, both partners will have to undergo further imprisonment of two months.
But after the Mehtas pleaded for some respite, the court issued a four-week stay on the order to arrest them, on condition that they deposit Rs22.50 lakh in court on Tuesday. They were also asked to furnish the bail amount of Rs30,000 each. The Mehtas are likely to appeal against the order.
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