1. By this common judgment, the writ petition and criminal revision applications noted above are being decided together in as much as questions of law and facts involved therein are of identical nature.

2. A brief resume of background facts in the context of Writ Petition (Cri.W.P. No. 497/2008) may be stated. The petitioner and the respondent - M/s Videocon Industries Ltd. were having transactions. The petitioner is proprietor of M/s Monisha Agency. The respondent is a multinational Company. One of its branch office is at Bhubneshwar. The petitioner used to purchase goods from the respondent’s branch at Bhubneshwar. The petitioner allegedly issued a cheque dated 05-06-2006 for Rs. 3,00,000/- (rupees three lacs) in favour of Videocon International Ltd. The cheque was drawn on UCO Bank. The cheque was presented by the respondent in State Bank of India, Ahmednagar for encashment. It was sent by the said Bank to the drawee Bank i.e. UCO Bank, branch at Tangi (Orissa) for realization. The cheque was dishonoured by the payee Bank with remark "funds insufficient". The respondent issued demand notice dated 22-11-2006 to the petitioner by registered post. Inspite of service of