Court finds MD and COO guilty of failing to pay back Rs 18.75 lakh borrowed from computer supplier
Court finds MD and COO guilty of failing to pay back Rs 18.75 lakh borrowed from computer supplier
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The promoters of the Indian Institute of Journalism and New Media (IIJNM), a well-known media school on the outskirts of the city, have been sentenced to a year in jail for cheating a computer supplier.
IIJNM managing director Abraham George and chief operating officer Jude Devdas were found guilty of not paying back a loan of Rs 18.75 lakh taken from E Mani, owner of Makwell Computer Systems.
Another case filed by Mani against Devdas for non-repayment of Rs 5 lakh is still in court.
IIJNM, founded in January 2001 by the BS&G Foundation, is a partnership between the Adichunchanagiri Maha Samsthana Trust and the George Foundation run by Abraham George.
Mani had supplied computers worth Rs 23 lakh to the institute in 2006. George and Devdas did not pay Mani for the machines at the time, and instead asked him if he could extend them a hand loan to complete the construction of the college building, saying they were short on funds.
As they assured him of more business once the building was up, Mani said he lent George and Devdas Rs 18.75 lakh since he was keen to sell more computers to the institute.
He said a little later, he also separately lent Devdas Rs 5 lakh, the dispute over which is yet to be decided.
"They had promised to repay the loan within 30 days," said Mani. "But the cheques they issued were not honoured."
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