Dr. B. Siva Sankara Rao, J.

1. The unsuccessful complainant filed the appeal assailing the acquittal judgment, dated 21.03.2007, passed by the learned III Metropolitan Magistrate, Cyberabad, at L.B. Nagar, Hyderabad, in S.T.C. No. 474 of 2005 for the offence punishable under Section 138 of the Negotiable Instruments Act, 1881 (for brevity, 'N.I. Act').

2. The brief facts of the case are that the complainant entity is represented by its Authorized Signatory covered by Ex. P.1 Board Resolution, dated 10.01.2006, modified by the earlier authorization of the Board, dated 21.04.2005 in favour of one Sri P. Ekambara Rao. The accused was running the business in the name and style of Dhanastra Capital Limited and approached the complainant to provide foreign funding for the Mini Power Project in Andhra Pradesh and compelled to part with Rs. 35,00,000/- for so providing. In good faith by accepting the proposal of the accused, the complainant deposited the said amount. However, the accused failed to provide the foreign fund by committing breach of trust and started giving evasive replies to refund the amount. After repeated demands, by saying that the entity of accused was in crisis af