MADHAVRAO DIGAMBER RASANE Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) THIS criminal writ petition is filed under Article 227 of the Constitution and under section 428 of the Code of Criminal Procedure.

(2.) THE petitioners contend that the original accused No. 1 - "amdar balasaheb Thorat Nagari Sahakari Patsanstha Maryadit" (hereinafter referred to as "the society") is a registered Co-operative Credit Society under the provisions of Maharashtra Co-operative Societies Act. Its functions are to accept savings and terms deposits and offer loans to borrowers. The original accused no. 2 - is the Chairman of the accused No. 1 - Society. The accused No. 3 is the Manager of the society. Original accused Nos. 4 to 17 are the Directors of the society.

(3.) A complaint was filed by respondent No. 2 herein, Rasiklal Shantilal ratadia in the Court of the Judicial Magistrate. First Class, Sangamner which was numbered as Criminal Case No. 1360 of 1997 for an offence punishable under section 138 of the Negotiable Instruments Act and section 420 of the indian Penal Code. In short, the complainant in his complaint alleged that the society accepted Rs. 85,105/- as short term deposit with interest. Out of that amount, the society returned an amount of Rs. 50,000/- to the complainant by a cheque bearing No. 202961 dated 10-06-1997 to the complainant which was signed by accused No. 2 Ramesh Chopda as Chairman of the society and accused No. 3 Arjun Gite as Manager of the society. The accused nos. 2 and 3 assured the complainant that the said cheque would be honoured. The complainant thereafter submitted the cheque for clearance but it was returned on 20-09-1997 due to insufficiency of funds.