V S GUPTA Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) THIS is a petition under Section 482 of the Code of Criminal procedure, 1973 for quashing criminal complaints No. 1367/2008 and 1368/2008, filed by the respondent against the petitioner and others under Section 138 of Negotiable Instrument Act. Identical allegations have been made in both the complaints, the only difference being the date and amount of the cheques.

(2.) COMPLAINTS under Section 138 and 141 of Negotiable instrument Act read with Section 420 of IPC were filed by respondent punjab National Bank against Padmini Technologies Ltd. and 30 others including the petitioner v. S. Gupta. It was alleged in the complaint that accused No. 2 to 4 namely Shri Vivek Nagpal, managing Director, Shri Mahesh Malhotra, Commercial Manager, shri V. S. Gupta, Director of accused No. 1 Padmini Technologies Ltd. , were carrying on the management and day to day affairs of Company and were responsible for everything related to finances of the company. It has been further alleged that accused No. 1 which had availed credit facilities from the complainant Bank issued cheques towards part payment of its liability. The cheques according to the complainant were issued by accused No. 3 acting for all other accused. The aforesaid cheques when present to the Bank were returned unpaid with remarks funds insufficient. A notice demanding amount of the cheque in question was sent to the accused persons. They having failed to make payment, these complaints were filed.

(3.) VIDE order dated 12. 9. 2008, the learned Metropolitan magistrate summoned all the accused only under Section 138 of negotiable Instrument Act.