KANCHAN SUNIL MANSINGANI Vs. SHARMILA RAJ THACKERY

JUDGEMENT

(1.) Rule. Rule made returnable forthwith.

(2.) Respondent No. 1 is the original complainant and the present Petitioner is the original accused No. 2. It is the case of the complainant that accused No. 1 is company registered under the Companies Act, 1956. Accused Nos. 2 and 3 are its directors. Complainant has been dealing with the accused persons in respect of sale and purchase of shares and stocks. On 1.8.2008, complainant made a payment of Rs. 25 lac to the accused No. 1 by a cheque drawn on the State Bank of India, Shivaji Park Branch, Bombay. Cheque was encashed on 30.7.2008. Accused No. 3 issued the cheque for and on behalf of the accused No. 1 to the complainant towards the repayment of Rs. 25 lac. Said cheque was drawn on Axis Bank Limited Bandra Branch in favour of the complainant. Cheque was presented on 20.11.2008 for encashment. However, it was returned dishonoured on 24.11.2008 with remarks 'Funds Insufficient'. This intimation was received by the complainant on 4.12.2008. In spite of service of the notice, accused persons failed to make the payment within the stipulated period. Hence, complaint.

(3.) The learned Magistrate issued process under Section 138 r/w Section 141 of the Negotiable Instruments Act against all the three accused persons.