JUDGMENT :

This appeal is filed challenging the judgment of acquittal dated 27.08.2013 passed in C.C.No.17750/2008, on the file of the XV Additional Chief Metropolitan Magistrate, Bengaluru.

2. The parties are referred to as per their original rankings before the Trial Court as complainant and accused in order to avoid the confusion and for the convenience of the Court.

3. The factual matrix of the case is that the complainant is a Central Government undertaking and had entered into a Memorandum of Understanding (‘MOU’ for short) on 10.03.2004 with accused No.2 to finance accused No.1 Company for procurement of Iron Ore to the tune of Rs.11.86 Crores and the complainant would fund 80% of the estimated cost subject to actual and accused No.2 would pay the remaining 20% simultaneously proportionate to the draw down.

4. In connection with this transaction pertaining to the MOU dated 10.03.2004, the accused had issued a cheque for Rs.2.5 Crores dated 17.05.2007. When the said cheque was presented, it was dishonoured with an endorsement “funds insufficient”. Hence legal notice was issued on 26.11.2007. Inspite of service of notice, the accused did not comply the demand and hence the complai