M/S. S.V.A. INDIA LTD. Vs. M/S. NATURAL VITAMINS PVT. LTD.

JUDGEMENT

(1.) The appellant - a limited Company - is the original complainant. It had prosecuted the respondent Nos. 1 and 2 herein on the allegation of having committed an offence punishable under Section 138 of the Negotiable Instruments Act. The respondent No. 1 is a Private Limited Company. After holding a trial, the Metropolitan Magistrate, 20th Court, Esplanade, Bombay found the respondents not guilty, and passed an order of acquittal. The appellant being aggrieved by the said order of acquittal has, after obtaining special leave of this Court, filed the present Appeal. I have heard Mr. M.G. Shukla, learned counsel for the appellant. I have heard Mr. I.B. Singh, learned counsel for the respondent Nos. 1 and 2.

(2.) For the sake of convenience and clarity, the appellant is hereinafter referred to as 'the complainant' and the respondent Nos. 1 and 2 as 'the accused'.

(3.) The case of the complainant was that the accused Company had taken a loan from the complainant Company, and that, towards the repayment of the said loan, had issued two cheques i.e. cheque No. 403203 dated 27th March 1997 for Rs. 3,35,601/- and cheque No. 349541 dated 16th April 1991 for Rs. 16,00,000/-. These cheques were dishonored with the remarks "Exceeds arrangement". Since even after making a demand of the amount of the said cheques, the same was not paid, the complaint came to be filed. The accused No. 2 was one of the signatories to the cheques. The other signatory was not prosecuted by the complainant.