GRC INFRA PRIVATE LIMITED Vs. G R CONSTRUCTIONS

JUDGEMENT

(1.) This petition is filed by the petitioner-accused Nos.1 and 2 under Sec. 482 of Cr.P.C. for quashing the criminal proceedings in C.C. No.34603/2021 pending on the file of 28th Additional Chief Metropolitan Magistrate, Bengaluru, for the offences punishable under Sec. 138 of Negotiable Instruments Act, 1881 (for short ' NI Act ').

(2.) Heard the arguments of learned counsel for the petitioners and learned counsel for the respondent Nos.1 to 3.

(3.) The case of the petitioners is that the respondents have filed a private complaint under Sec. 200 of Cr.P.C. read with 138 of NI Act alleging that the complainant and accused were the directors and share holders of M/s.GRC Infra Private Limited, a company incorporated under the Companies Act, 1956, and both of them were also running the partnership firm in the name of M/s.G.R. Constructions. Later, there was memorandum of understanding and settlement between accused No.2-G. Ramana Babu and the complainant R.M. Eswar Naidu that the partnership firm shall be continued by R.M. Eswar Naidu and accused No.2-Ramana Babu shall retire from the firm and the wife of Eshwar Naidu shall be inducted as partner and they should run the firm in the name of M/s. G.R. Constructions. Likewise, the complainant Eswar Naidu shall come out from M/s. GRC Infra Private Limited and in place of Eswar Naidu, the wife of accused i.e. wife of Ramana Babu shall be inducted as share holder and director of the company. In the memorandum of settlement and Memorandum of Understanding, it was stated that some of the properties shall be transferred from M/s.G.R. Constructions to M/s.GRC Infra Private Limited and the accused was required to pay some amount to Eswar Naidu in respect of receiving the immovable properties. On that back ground and settlement between the parties, the accused said to have issued four cheques to the complainant and the cheques were dishonoured for insufficiency of funds. Hence, complaint came to be filed for dishonour of four cheques for Rs.8.00 crores and all four cheques were issued for Rs.2.00 crores each and the cheques were dishonoured for stop payment. After registering the criminal case, summons have been issued, which is under challenge.