MITRA FINANCE (R) MITRA PRIYA Vs. VASANTH NAIK

JUDGEMENT

(1.) This appeal is by the complainant, a partnership firm engaged in money lending business, challenging the impugned judgment and order passed by the Sessions Court, allowing the appeals filed by accused challenging their conviction and sentence by the Trial Court for the offence punishable under Sec. 138 of Negotiable Instrument Act.

(2.) For the sake of convenience, the parties are referred to by their rank before the Trial Court.

(3.) It is the case of the complainant that it is a registered partnership firm carrying on business of money lending. It is represented by Shri Sudhakar Andrews being the General Power of Attorney holder of Managing Partner Shri N. Achutha Holla. The accused are in charge and control of the affairs of M/s.Sri Krishna Combines, a partnership firm represented by its partners i.e., accused No.2-Vasanth Naik and accused No.3-V.S.C.Holla .They are the persons responsible for day today business transaction of accused No.1-Firm. 3.1. On 25/6/1993, accused Nos.2 and 3 have borrowed loan of Rs.50,000.00 agreeing to repay the same with interest at 23% per annum within a period of one month. They have executed an on demand promissory note as principal borrower and guarantor respectively. But they failed to keep up with their promise and on 30/3/1996, have executed acknowledgement of debt letter. In this regard, on 17/11/1998, accused Nos.2 and 3 have issued cheque of accused No.1-Firm for a sum of Rs.1,12,131.00 towards repayment of the amount due. However, when presented for repayment, it was dishonoured on the ground that the 'account is closed'. The complainant got issued a legal notice, calling upon them to pay the amount due. Though it is duly served, the accused have failed to comply with the same, and on the other hand have sent an evasive reply. Without any alternative, the complaint is filed.