PRAKASH INDUSTRIES LTD Vs. BAJAJ AUTO FINANCE LTD

JUDGEMENT

(1.) By this petition under Sections 397, 401 and 482 Cr. P.C. the petitioners seek quashing of the complaint filed against them by M/s. Bajaj Auto Finance Limited the respondent (hereinafter referred to as the complainant), under Section 138 of the Negotiable Instruments Act 1881 (for short the Act). All the petitioners have been summoned by the Trial Court vide order dated 6th March, 1997.

(2.) Briefly stated, the facts giving rise to the present petition are that the complainant entered into a lease agreement dated 18 March, 1995 with accused No.1 company, namely M/s Prakash Industries Limited for a period of five years and under the said agreement the accused company was required to pay quarterly installments (lease rental) of Rs. 10.23.843.75 p. each to the complainant. Under the said arrangement for the quarter December 1996 - January 1997 the accused company issued a cheque, dated 28 December, 1996, in the sum of Rs. 10.23.843.75 p., which on presentation was received back unpaid by the bankers of the accused company on the ground payment stopped by drawer. Thereupon, after issuing the requisite notice under Section 138 of the Act the complaint in question was filed against the accused company its Managing Director the authorised signatory and all other Directors constituting the Board of Directors at the relevant time. The Managing Director is petitioner No. 2 the other Directors are petitioners No.3 to 9 and the authorised signatory is petitioner No. 10 herein.

(3.) I have heard learned counsel for the parties.