The petitioners, who are accused Nos. 1 to 4 filed the present criminal petition under Section 482 of Criminal Procedure Code, 1973 (for short ''the code"), seeking quashing of all further proceedings in CC No. 425 of 2013 on the file of the XIII Special Magistrate, Erramanzil, Hyderabad. A private complaint was filed by the second respondent against the petitioners for an offence punishable under Section 138 of the Negotiable Instruments Act, 1881 (for short "the Act").

2. The allegations in the complaint are as under:

Accused No. 1 is the company engaged in Real Estate business rep. by its Chairman and Managing Director, who is shown as accused No. 2. Accused Nos. 3 and 4 are the directors of accused No. 1 company. It is alleged in the complaint that when one Mr. T. Sateesh Kumar was unable to lend the required amount in cash, accused No. 2 requested Sateesh Kumar to arrange the funds through any of his mends. As such, both of them approached the complainant, who is known to Mr. Sateesh Kumar, seeking loan of Rs. 1.5 crores. The complainant is said to have verified cash balance and informed accused No. 2 that he would lend an amount of Rs. 1,02,50,000/- only. Accused No. 2 acc