(1.) THIS appeal is filed challenging the order of acquittal of the respondents for the offences punishable under Section 138 of the Negotiable Instruments Act (hereinafter called as 'the Act') and the order of the learned Sessions Judge dismissing the revision petition.
(2.) THE facts relevant for the purpose of this appeal are as under: The appellant filed a complaint before the Trial Court alleging that the respondent -accused approached the complainant company to place an inter -corporate deposit with the first accused as the company was in financial crisis, and in such circumstances the complainant agreed to place Rs. 50,00,000/ - as inter -corporate deposit repayable with interest at 21% p.a., the complainant paid the said sum through two cheques drawn on Bank of America, Mumbai for Rs. 20,00,000/ - and another cheque drawn on State Bank of India for Rs. 30,00,000/ -. The second and the third respondent i.e., the accused in the Trial Court entered into an agreement of guarantee on behalf of the first accused on the basis of the resolution passed during the meeting of the Directors.
(3.) DURING the pendency of the above said proceedings, the accused company represented by the second accused approached the complainant and offered to pay Rs. 50,00,000/ -and the interest thereon in installments commencing from 15.7.1997, as per the schedule annexed to its letter dated 25.2.1997.