JUDGMENT

S.C. AGRAWAL, J. :—Leave granted.

2. We have heard learned counsel for the parties.

3. Bank of Maharashtra, hereinafter referred to as the appellant-bank, is a nationalised bank having a branch providing banking facilities at Nariman Point at Bombay. Race Shipping and Transport Co. Pvt. Limited. Respondent No. 1 therein, has been operating Current Account No. 318 at the said branch of the appellant bank. As per the mandate of respondent No. 1 the said account is to be operated jointly by G.L.Bhatia and Ashok Chattopadhyay, the Managing Director of respondent No. 1. One bearer Cheque bearing No. 425395 dated August 26, 1992 for a sum of Rs. 95,000/- was drawn on the appellant-bank. The said cheque was encashed at the said branch of the appellant-bank on August 26,1992 and the amount of Rs. 95,000/- was debited to the account of respondent No. 1. The case of the appellant-bank is that the said amount was paid to one Jadhav, whose signatures were appended at the back of the cheque, and who was an employee of respondent No. 1 . The said cheque admittedly contains the signatures of G.L. Bhatia. The other signature purports to be of Ashok Chattopadhyay, the Managing Director of re