1. The appellant has challenged the Judgment and Order acquitting the respondent for the charge under Section 138 of the Negotiable Instruments Act [hereinafter referred to as “the Act” for short] on a trial held by the XX Addl. Chief Metropolitan Magistrate, Bangalore.

2. The facts relevant for the purpose of this appeal are as under:

The appellant is the complainant before the trial Court, whereas the respondents are accused Nos.1 and 2 respectively. The appellant is a company incorporated under the Companies Act, 1956. Likewise, the 1st Company and the 2nd respondent is also a respondent is its Managing Director and was at all material times in-charge and responsible for conducting the business of the said Company. The appellant is engaged in the business of finance of real estate and development and it entered into a Memorandum of Understanding dated 29.08.1995, wherein it was to invest a sum of Rs.6.40 crores in the project of the 1st respondent called as “Green Ville” in Hosur-Sarjapur Road, Bangalore, under the aforesaid Agreement. It had option either to buy house sites, plots or villas or to obtain refund of the amount paid with interest at 27% p.a. if paid befo