( 1 ) THIS petition is filed under section 482 Cr. P. C. to quash the proceedings in C. C. No. 196/97 on the file of XV Metropolitan Magistrate, Hyderabad.

( 2 ) THE facts in brief, are as under : The 2nd respondent (hereinafter called as respondent) filed a private complaint against the petitioners herein alleging offence under Section 138 of the Negotiable instruments Act (hereinafter called as Act ). The 1st petitioner is an Incorporated Public ltd. Company under the provisions of the companies Act. The 2nd petitioner is the chairman and Managing Director and the petitioners 3, 4 and 5 and another Bharath kumar Modi are the Directors of the 1st accused-company. The respondent is also a Public Limited Company. In the month of January, 1995 an agreement under the caption "equipments Lease Agreement" was entered into between the respondent and the 1st petitioner herein. The respondent purchased various plant and machinery for the expansion of the activities of the 1st petitioner-Company by investing a sum of Rs. 1 1/2 crores and leased out the same under "equipments Lease agreement" On a monthly rental of 3,78, 350-00 payable by 17th of every month. Under the said agreement, the 1s

Click Here to Read the rest of this document