1. Heard counsel for the petitioners as well as the respondents.

2. The present criminal petition is filed by the petitioners/ accused Nos.1 to 3 and 5, to quash the proceedings initiated against them in C.C.No.1375 of 2010 on the file of the Court of the II Additional Chief Metropolitan Magistrate at Nampally, Hyderabad, for the offences under Section 138 of the Negotiable Instruments Act, 1881 (for short, the Act).

3. The brief facts of the case are that originally the 2nd respondent herein filed the above mentioned case i.e., C.C.No.1375 of 2010 against the petitioners and two others. The case of the 2nd respondent is that petitioner No.1 is a private limited company represented by petitioner Nos.2 to 4 and two others and petitioner Nos.2 to 4 approached his father and requested him to give hand loan for the purpose of developing the lands in Magadha Venture situated at Kokapet Village, Ranga Reddy District. Believing the version of the petitioners, his father paid a sum of Rs.25 lakhs in cash as hand loan and in view thereof the petitioners executed a promissory note, dated 04.10.2007. In the said promissory note, Sri M. Chandra Shekar and Sri B. Venu Gopal Reddy acted as