SAKETH INDIA LIMITED Vs. INDIA SECURITIES LTD

JUDGEMENT

(1.) Leave granted.

(2.) The short question involved in these appeals is whether the complaint filed by the respondent under Section 138 of the Negotiable Instruments Act is within or beyond time as it is contended that it is not filed within one month from the date on which the cause of action arose under Clause (c) of the proviso to Section 138 of the Negotiable Instruments Act (hereinafter referred to as "the Act").

(3.) In the present case, cheques dated 15th and 16th March, 1995 issued by the appellants bounced when presented for encashment as per the bank endorsement. Notices were served on the accused on 29 September, 1995. As per Section 138(c) accused were required to make payment of the said amount of money within 15 days. The accused failed to pay the said amount, hence the cause of action for filing the complaint arose from 15th October, 1995. Complaints were filed on 15th November, 1995. Therefore, it is contended that complaints were filed beyond time. Accused petitioners approached the High Court by filing petition under Section 482 of the Criminal Procedure Code for quashing and setting aside the process issued by the XI Additional Chief Metropolitan Magistrate, Bangalore. Those petitions were rejected by the High Court by common order and Judgment dated 25th September, 1997. Hence, these appeals.