PADMINI POLYMERS LIMITED Vs. UNIT TRUST OF INDIA

JUDGEMENT

(1.) Both the petitions shall stand decided through this common order as these petitions arise from the same order which is dated 18.12.2001.

(2.) Petitioners are the directors of M/s Padmini Technologies Ltd. Through this petition they have challenged the impugned order dated 18.12.2001 whereby they were summoned as accused for having committed the offence punishable undar Section 138 Negotiable Instruments Act (for short "Act").

(3.) Admittedly the petitioner company M/s Polymers Technologies Ltd. issued two cheques bearing Nos. 247869 dated 25.06.2001 for Rs. 60 lakhs and 247870 dated 27.06.2001 for Rs. 65 Lakhs drawn on Vijaya Bank, Ansari Road, Daryagan.j , Delhi in favour of the respondent for valuable consideration and in discharge of their liability legally recoverable from them. On presentation the said cheques were dishonoured. The factum of dishonoured cheques was brought to the notice of the petitioner vide letter dated 5.7.2001 sent on the letter head of the respondent company by its Chief General Manager. In the said letter it was mentioned that the Trust was proposing to initiate proceedings under Section 138 of the Act if the company would fail to pay the amount due to it. Pursuant to this communication and allegedly on the representation of the appellants the cheques were presented on as many as three occasions but on each occasion these were received dishonoured.