NETWORTH STOCK BROKING LIMITED Vs. SHANTHALA

JUDGEMENT

(1.) With the consent of the learned counsel appearing for the parties, appeal is taken up for final disposal.

(2.) In order to avoid confusion and overlapping parties are referred in accordance with the ranks held by them before the trial court.

(3.) This appeal is preferred by the complainant. The brief facts of the case as could be seen from the certified copy of the order dated 23.01.2017 passed in C.C.No.634/2010 is that complainant is a firm doing the business of brokerage of shares and securities as per the regulations provided by BSE/NSE and Mr.Kiran Kumar is representing the firm and accused is customer of the complainant company who has been purchasing and selling shares through the subbrokers. The accused was due an amount of Rs.96,881/- to the complainant towards the transaction. When demands were made for repayment of due, accused issued a cheque drawn on Mangalore Catholic Co-operative Bank Ltd., dated 17.11.2008. When cheque was presented by complainant for encashment through Corporation Bank, Udupi, the same was returned with endorsement as "Payment Stopped by the drawer " and memo in this connection was issued on 13.04.2009. On 08.05.2009 notice was issued demanding repayment of amount due as cheque was bounced. Notice was served on accused on 11.05.2009 and it was replied on 23.05.2009. In the circumstances after following legal formalities and procedure contemplated under the Negotiable Instruments Act criminal case is filed.