MAROTHI CHITS P LTD Vs. N S RAMAKRSIHNAN

JUDGEMENT

(1.) THIS Criminal Appeal has been filed against the order of acquittal of the accused, who was prosecuted for the offence under Section 138 of the Negotiable Instruments Act.

(2.) THE brief facts of the case are as follows:-

(3.) IN spite of notice, the respondent-accused failed to appear. Learned counsel appearing for the appellant would contend that the conclusion reached by the learned Judicial Magistrate that the cheque was given only as a security is not correct because the cheque was given for the amount due and payable by the accused as a subscriber in a particular chit transaction. Further, according to the learned counsel, even if the cheque is issued towards the security, such a plea ought to be rejected.