LAWS(KAR)-2015-2-54

SHRIRAM TRANSPORT FINANCE CO. LTD. Vs. AKHILABANU

Decided On February 11, 2015
SHRIRAM TRANSPORT FINANCE CO. LTD. Appellant
V/S
Akhilabanu Respondents

JUDGEMENT

(1.) This appeal is filed assailing the judgment of acquittal recorded by the learned Magistrate in dismissing the complaint filed the complainant in respect of offence under Section 138 of the Negotiable Instruments Act, 1881 (hereinafter referred to as 'N.I. Act' for brevity) thereby acquitting the respondent accused.

(2.) Facts succinctly stated, the complainant Sriram Transport Finance Company Limited filed a private complaint through its General Power of Attorney holder against the accused alleging the offence punishable under Section 138 of N.I. Act. The allegation was, the accused being a customer of the Company availed loan from the Company to purchase Tata Tipper vehicle for a total hire purchase value of Rs.2,95,000.50 ps. By executing a hire purchase agreement with related documents in favour of the Company. She defaulted and became due to the Company for a sum of Rs.60,000/- despite several demands she did not repay the said amount. Finally she paid one account payee cheque bearing No.4796893 dated 27.09.2007 drawn on Bank of India, Hospet Branch for Rs.60,000/-. When the cheque was presented for encashment, it was returned with an endorsement 'Funds insufficient'. The complainant informed the said fact to the accused by way of demand notice and called upon her to repay the amount within fifteen days, from the date of receipt of the notice, the notice is served through certificate of posting, she refused the notice sent through R.P.A.D., she neither did reply nor did comply the demand, she has issued cheque knowing that there is insufficient funds in her account thereby committed offence under Section 138 of N.I. Act.

(3.) On receipt of the complaint, the learned Magistrate took cognizance, recorded the sworn statement of the G.P.A. holder, being satisfied with the merits in the complainant's case ordered to register the criminal case, and procured the, the accused. She pleaded not guilty to the substance of accusation read over to her by the Court. The G.P.A. holder of the complainant was examined as P.W.1, 13 documents were marked as Exs.P-1 to P-13. After closure of the complainant's evidence, the accused was examined under Section 313 statement, she denied all the incriminating circumstances appearing in the evidence of P.W.1, but did not lead evidence.