M. Venkateswara Reddy, J.—Aggrieved of the acquittal of accused Nos. 1 to 3 of the offence punishable under Section 138 of the Negotiable Instruments Act, 1881 (for short ‘the Act’) by the XVI Metropolitan Magistrate, Hyderabad, by his judgment dated 20.11.2001, in CC No. 38 of 1999, the complainant-the Charminar Co-operative Urban Bank Limited, Purani Haveli Branch, Hyderabad represented by Special Power of Attorney-Recovery Officer, preferred this appeal.

2. Admitted facts of the case are that accused No. 1 M/s Chaithanya Kala Samithi, of which accused No. 2 is the Secretary and accused No. 3 is the President, availed an amount of Rs. 99 lakhs towards loan granted by the complainant bank. As per the terms and conditions of the loan agreement Ex. P19, the amount is payable in 35 equal monthly installments of Rs. 3,75,000 each. Accused No. 1-M/s Chaithanya Kala Samithi issued 35 post-dated cheques towards the repayment of the loan. As per the complainant Bank, the cheques bearing Nos. 049494, 049451, 049485, 049452, 049453, 049454 marked as Exs. P3 to P8 respectively were dishonoured. Therefore, the complainant Bank got issued a legal notice under Ex. P10 to all the three a