B.H. Marlapalle, J.—In this application filed under Section 482 of Cr.P.C. the applicants are praying for quashing and setting aside the order of process passed by the learned Judicial Magistrate, First Class at Pune in Criminal Case No.154 of 2003 (Old No.461 of 2000) passed on 28.7.2000 for an offence punishable under Section 138 of the Negotiable Instruments Act, 1881 (N.I. Act for short). It would be useful to set out the relevant facts before examining the merits of the case.

2. Applicant No.1—Company has been incorporated under the Companies Act, 1956 with its registered office at Datar Apartments, Vakilwadi, Nashik 422 001 and is engaged in the business of production and sale of various electronic equipments. It was formerly known as Datar Switchgears Ltd. The applicant No. 1 had entered into an agreement of lease for its business and use shunt capacitors with M/s. Enarai Finance Ltd., Mumbai on 30.12.1994 and along with the said agreement the schedule of payment of rental charges was annexed. The first quarterly payment due towards the rental amount had commenced from 3rd April, 1995 and it was at Rs. 6,02,850. Due to certain disputes and differences between the pa