The accused No.1 to 3 in this case is tried for the offence
punishable under Section 138 of Negotiable Instrument Act
1881, on the complaint of the complainant.
2. The brief facts of the complainant’s case is that:
The complainant is an existing company registered under
the provisions of the Companies Act, 1956 and is engaged in
the business of manufacturing harmaceutical products and
marketing the same all over India as well as exporting them to
various countries across the World and is represented by its
General Manager Mr. G. Ashok Kumar. The complainant and
accused are well known to each other for the past several
years. In order to expand and establish the business, the
accused had approached the complainant company during the
month of August-2021, requesting the complainant company
to grant a temporary loan of Rs.10,00,00,000/- under the
assurance that the same would be repaid within 02 months.
Accordingly, the said loan amount of Rs.10,00,00,000/- was
transferred to the joint account of the accused on 02.09.2021.
However, the accused did not repay the Loan amount as
agreed and trying to dodge the issue. Upon repeated requests
and follow-ups for repayment of the Loan amount by the
accused Nos.1 to 3, the accused No.1 had issued post dated
cheque No.135619, dtd: 01.09.2022 for sum of Rs.45,00,000/-
all drawn on Central Bank of India, Contonment Branch,
Bangalore issued towards the part payment of the loan
SCCH 21 4 C.C.No.57180/2022
amount. Thereafter, complainant presented the said cheque for
encashment through its banker, Canara Bank Limited, Large
Corporate Branch, M. G. Road, Bangalore, but the said cheque
came to be dishonoured for the reason “Funds Insufficient”