Thane: A magistrate's court here has sentenced six partners of a real estate company to one year's simple imprisonment in a cheque-bounce case and awarded a compensation of Rs 26 crore to the complainant.

The first-class judicial magistrate of Ulhasnagar, R.D. Chougale, directed the seven respondents - city-based firm Vinayak Enterprises and its six partners - to pay Rs 3,73,21,500 each to the complainant, also a developer.

Non-payment of the compensation will invite an additional three months' imprisonment, the judge said.

The complainant, Gope Madhavdas Rochlani of Madhav Construction at Kalyan, told the court the respondents signed an agreement with him on May 15, 2006, to grant development rights of 60 acres for Rs 85 crore.

Rochlani said he paid the respondents Rs 8.5 crore. The respondents later cancelled the deal and agreed to return the money along with profit, compensation and escalation cost of the land, he said.

They issued two cheques totalling Rs 16.50 crore in August and October 2008, which bounced, prompting Rochlani to approach the court.

The magistrate observed that the complainant had been deprived of the amount mentioned in the disputed cheques.

Considering the rate of interest given by a nationalised bank on fixed deposits, it would be just to grant a compensation of Rs 26,12,50,500 to the complainant, the magistrate said. PTI