RTC LOGISTICS PVT LTD , REPRESENTED BY ITS DIRECTOR S M SRIDHAR, BOMBAY MUTUAL BUILDINGS Vs. SHRIRAM CITY UNION FINANCE LIMITED

JUDGEMENT

(1.) Petitioners seek quash of cases pending trial for offences u/s.138 of the Negotiable Instruments Act in C.C.Nos.4544, 6094, 5914 of 2011, 1115, 1161, 1063 and 491 of 2012 on the file of learned XVIII Metropolitan Magistrate, Saidapet, Chennai.

(2.) As the parties in all cases are common as are the rival contentions, this Court proceeds to dispose of all the petitions by a common order.

(3.) Complainant preferred complaints informing that first accused company was engaged in business of manufacturing ferrous and non-ferrous forgings, accused 2 and 3 are Directors thereof involved in the day-to-day affairs of the first accused company. Second accused, in such capacity, approached first respondent in Crl.O.P.Nos.4327, 4328 and 4329/2012 and respondent in Crl.O.P.Nos.23952, 23992, 24415 and 24417 of 2012 for advancement of loan and entered into agreements. Pursuant thereto, a sum of Rs.40,00,000/- (in each case) was advanced to first accused company and tenure for repayment with interest was fixed as 24 months. Fourth accused, in capacity of authorized signatory of first accused company, had issued cheques bearing Nos.(i)439477 dated 02.02.2011, (ii)439476 dated 02.01.2011, (iii)439474 dated 02.11.2010 (iv)439480 dated 02.05.2011 (v)439475 dated 02.12.2010 (vi)439473 dated 02.10.2010 and (vii)439478 dated 02.03.2011 drawn on Andhra Bank, Chennai Main Branch, towards payment of EMI. Upon presentation, cheques were returned unpaid for the reason 'insufficient funds'. Complainant caused statutory notice and following the procedure envisaged under Section 138 of the Negotiable Instruments Act, complaints had been filed.