ARUN HEGDE Vs. M J SHETTY

JUDGEMENT

(1.) HEARD the learned Counsel on both sides.

(2.) THIS petition under Section 482 Cr. P. C. is presented by the petitioners who are accused Nos. 2 and 3, in C. C. No. 13799/97 pending on the file of the Court below, praying to quash that criminal proceeding initiated against them on the complaint of respondent for an offence under Section 138 of the Negotiable Instruments Act, 1881 ('the N. I. Act' for short ).

(3.) THE complaint allegations are that: the accused-petitioner shappened to be the dealers of the produce of M/s. Vicco Corporation limited. The products of the said Corporation, which were purchased by the complainant and stocked with him as on 21. 01. 1997, were transferred to the office/godown of the accused, who, in turn, issued the cheque in question bearing No. 656816, dated 31. 03. 1997, drawn on State Bank of India, Attavara Branch, Mangalore, for Rs. 1,95,139. 00 in complainant's favour towards the value of the said materials. When the cheque was presented for encashment to the bank on 2. 4. 1997, the same was bounced by it with its endorsement indicating the reason "insufficient fund", in the account of the accused. Then, the statutory demand notices dated 11. 4. 1997 were got issued by the complainant to all the three accused demanding payment of the cheque amount within fifteen days, failing which necessary legal action will be taken against them. When they failed to pay the said amount within fifteen days, the said complaint against them was filed by the complainant before the learned Magistrate on 6. 5. 1995.