(1.) Can an account maintained in the name of a firm be said to be an account maintained by its Managing Partner Can the Managing Partner who issued the cheque be said to-be the drawer of the cheque These questions arise for consideration in this case.
(2.) This revision petition is directed against the concurrent verdict of guilty, conviction and sentence (the sentence was modified by the appellate court) imposed on the revision petitioner/accused under Section 138 of the N.I. Act.
(3.) The cheque is for an amount of Rs. 90,000/- The cheque is issued by the accused as Managing Partner of M/s. Integrated Homoeo Pharmaceuticals, a firm. The complainant alleged that the accused had borrowed an amount of Rs. 90,000/- and had issued the cheque in question, Ext.P1, for the discharge of the said liability. The cheque, when presented, was dishonoured on the ground of insufficiency of funds. A notice of demand was issued. The same was not received and was returned unclaimed. It is in these circumstances that the complainant came to court with this prosecution under Section 138 of the N.I. Act after scrupulously observing the statutory time table.