S R ENTERPRISES Vs. H G LAKSHMINARAYANA SHETTY

JUDGEMENT

(1.) THE learned Magistrate has acquitted respondent (accused) for an offence punishable under Section 138 of Negotiable Instruments Act. Therefore, the complainant is before this Court.

(2.) I have heard Sri A.H.Bhagavan, learned counsel for complainant and Smt.Nalini, learned counsel for accused.

(3.) I have been taken through evidence on record. The complainant is the proprietor of M/s. S.R. Enterprises (a finance corporation), Hebbur, Tumkur District. The complainant had lent a sum of Rs.1 lakh to accused on 1.9.1999. The accused had agreed to repay the same within a period of one month with interest at the rate of 21% per annum. The accused had issued a cheque bearing No.637088, dated 1.10.1999 for a sum of Rs.1 lakh to discharge the afore stated loan. On presentation, the cheque was dishonoured. The complainant caused legal notice. The accused caused reply stating that he had not borrowed Rs.1 lakh from complainant. The accused has stated that he had given a blank signed cheque as a security for some other loan and the same has been misused by complainant to initiate the complaint.