Bombay HC Says Boney Kapoor Need Not Pay Loan Interest

The Bombay High Court has ruled that filmmaker Boney Kapoor is not liable to pay interest on a ₹31 lakh deposit linked to a long-standing case under the Maharashtra Protection of Interest of Depositors (MPID) Act. The court clarified that since the primary accused in the case has been acquitted, Kapoor cannot be held responsible for additional liability at this stage.

The dispute dates back to 2001, when Mumbai Police’s Crime Branch registered a case against Ajay Thakkar and his wife Bhavana, accused of duping hundreds of depositors by promising unusually high returns. During the investigation, authorities found that Thakkar had transferred ₹31 lakh to Kapoor’s company, Narasimha Enterprises, which appeared in the firm’s accounts as a ₹29 lakh loan for the financial year ending March 2001.

The MPID Court had earlier directed Kapoor to return the entire amount along with interest accrued since 2001. Kapoor complied with the principal amount but challenged the order regarding interest in the High Court, stating that the loan had already been settled by transferring his Mercedes-Benz to Nalin Choksi, who was allegedly owed money by Thakkar.

During the trial’s pendency, Ajay Thakkar passed away, and Bhavana was acquitted by the MPID Court. Following the acquittal, Kapoor’s petition was taken up by a bench of Justices Bharti Dangre and Shyam Chandak.

The bench held that no further liability could be imposed on Kapoor. It added that the fate of the amount he has already deposited will be decided as per the MPID Court’s final judgment.

The High Court clarified:
“He is no longer liable to make payment of interest.”

The ruling brings significant relief to the filmmaker, drawing to a close a case that has continued for more than two decades.