RASHMI KAMAL TANDON Vs. STATE OF KARNTAKA

JUDGEMENT

(1.) The petitioners are before this Court calling in question the proceedings in Crime No.88 of 2021 registered on 22/7/2021 for the offence punishable under Sec. 420 of the IPC.

(2.) Heard Sri S.G.Bhagavan, learned counsel for the petitioners, Sri B.J.Rohith, learned High Court Government Pleader for respondent No.1 and Sri Deviprasad Shetty, learned counsel for respondent No.2.

(3.) Brief facts leading to the filing of the present petition as borne out from the pleadings, are as follows:- The 2nd respondent is the complainant. The petitioners were the Directors of the Company by name Headwin Exim Private Limited ('the Company' for short). The Company was engaged in the business of import. It appears that the Directors of the Company approached the 2nd respondent/complainant seeking financial assistance to meet immediate financial needs that arose in its business. A transaction between the two take place and the complainant claims to have assisted the Company with finance of Rs.30,00,000.00 initially and Rs.5,00,000.00 later. The financial assistance was rendered between July 2015 and September, 2015 against which, the Company had issued five cheques totally to the aforesaid amount. The cheques when presented for realization were returned with the endorsement "account closed". The legal requirements necessary for initiation of proceedings invoking the Negotiable Instruments Act, 1881 ('the Act' for short) was taken up by the complainant and later initiated proceedings under Sec. 138 of the Act in C.C.No.426 of 2020. The same is pending consideration before the competent Court. The case at hand does not concern with C.C. No.426 of 2020 filed under the Act. It is what the complainant does after invoking the provisions of the Act is what concerns the present petition.