P S VENKATESAN Vs. C VIJAYALAKSHMI

JUDGEMENT

(1.) Despite notice, there is no representation on the side of the respondent. The Court heard the learned Counsel for the petitioners and perused the materials available.

(2.) The petitioners who were arrayed as A-3, A-4, A-5, A-6 and A-7 respectively in a private complaint lodged by the respondent and taken cognizance by the learned Judicial Magistrate No.II, Erode in C.C.No.257/2000 under Sec.138 read with Sec.141 of the Negotiable Instruments Act, have sought for quashing of the said proceedings.

(3.) A perusal of the copy of the complaint placed in the hands of the Court would reveal that the first accused is a financial institution called R.B.F. Nidhi Ltd., through its Chairman and Director, while the other accused Nos.2 to 10 are shown as Directors of the said company; that the complainant along with her husband deposited a sum of Rs.1,00,000/- on 4.9.98 under Pensioners Fixed Deposit Scheme in the branch office of the accused, situated in Erode; that deposit certificate was issued; that the said deposit was to be matured on 4.9.99; that the accused paid interest upto 21.8.99; that the accused also issued post-dated cheque for Rs.1,02,675/- in favour of the complainant to discharge the said liability, which would represent Rs.1,00,000/- towards the deposit amount and Rs.2,675/- towards the interest; that the cheque was drawn for the said amount on the Canara Bank, Park Road Erode Branch; and that on 6.12.99 when it was placed for encashment, the same was dishonoured with an endorsement "funds insufficient". Following a statutory notice and since the demand made thereunder was not met by the accused, the complaint was lodged by the complainant under the above provisions of the N.I. Act. On service of summons the petitioners have come forward with the instant petition to quash the proceedings.