This is a Complainant's appeal and is directed against the Judgment dated 26-9-2008 of the learned Sessions Judge, Panaji by which the accused have been acquitted under Section 138 of the Negotiable Instruments Act, 1881.

2. The Complainant is a Private Limited Company, and according to the learned Counsel, it consists of two Directors only. The controversy between the parties boils down to the lack of authority of the Managing Director, to file the complaint, pursuant to the Resolution dated 1-2-2000 which was produced at Exh.7 and which reads as follows:-

"RESOLVED THAT Mr. Vijay M.S. Usgaonkar, the Managing Director of the Company be and is hereby authorised to depose and conduct proceedings on behalf of the Company in the matters filed by the Company under Negotiable Instruments Act."

For Sri Balaji Agencies Private Limited

Sd/-

CHAIRMAN."

3. There is no dispute that the accused-Company had issued to the Complainant-Company four cheques, all dated 1-2-2000, the first three in the sum of Rs.5,00,000/-each, and the fourth in the sum of Rs.2,48,715/- which cheques when presented for payment were returned dishonoured for insufficiency of funds, and a notice sent to the accu