The petition is admitted and considered for final disposal.

2. The present petition is filed by the accused before the trial court. It transpires that M/s HMT (International) Limited, a public limited company, incorporated under the Companies Act, 1956, had filed a complaint as on 30.12.1996, against one M/s Nucor Wires Limited, Bangalore and its 7 directors, alleging that they had committed an offence punishable under Section 138 of the Negotiable Instruments Act, 1881, (Hereinafter referred to as the ‘NI Act’, for brevity) on the dishonour of a cheque for a sum of Rs.35 lakh, dated 31.10.1996.

It was the case of the complainant that it had advanced a sum of Rs.80.00 lakh to the accused in terms of an agreement dated 22.2.1996. On the failure of the accused to comply with the obligations under the contract, the complainant is said to have recalled the balance advance repayable after adjusting certain amounts payable under the terms of the agreement. The said amount claimed by the complainant was not disputed by the accused. The accused is said to have issued a cheque for an amount of Rs.35 lakh, which when presented by the complainant for encashment, was returned with an endors