B.N. Karia, J.

1. The present petition is filed by the petitioner under section 482 of the Code of Criminal Procedure, 1871 ("Cr.P.C." for brevity) for quashing and setting aside the complaint, being Criminal Case No. 926/2011 pending in the court of Ld. Chief Metropolitan Magistrate (N.I. Act, Court No. 7), Ahmedabad and all further consequential proceedings arising therefrom, qua the present petitioner.

2. The facts leading to filing of the present petition are as under:

2.1 The petitioner was appointed as a Executive Director (Sales) in Corporate office of M/s. Wetell Everest Cap Solutions Pvt. Ltd. (Original accused No. 1) based at 224-225, Shreeram Tower, Kingsway, Sadar, Nagpur, on 16.04.2009. The letter of appointment, intimating the same was duly signed by Chairman-cum-Managing Director of the Company, viz. Mr. Amardeep Singh Thakur (Ori. Accused No. 4). Thereafter, the petitioner, vide letter dated 04.03.2010, tendered resignation as Executive Director (Sales), which was accepted by the Board of Directors and Company and the petitioner ceased to be a Executive Director with effect from 05.03.2010. Meanwhile, an agreement was executed between the respondent No. 2 and M/s. Wetell Everest Cap Solution Pvt. Ltd. on 22.07.2009, in pursuant to which, the respondent No. 2 invested Rs. 2,00,000/- in the said company with a return on investment of Rs. 6,000/- per month for the next 36 months and pay back of principal amount at the end of 36th Months was agreed upon in the said agreement.

2.2 It is further stated that as stated by the respondent No. 2 in his complaint of Criminal Case No. 926/2011, the breach of contract was committed by not adhering to the terms and conditions agreed upon and not paying the return on investment. Having committed breach of contract, respondent No. 2 called upon the original accused to end the agreement and demanded all the dues. Thus, the accused No. 4 regretted the same and assured to fulfill the conditions of the agreement, but failed to do so. Thereafter, respondent No. 2 called off the said deal and demanded his investment back and thus, cheque bearing No. 024169, drawn on Axis Bank Ltd. Priority Branch, Hyderabad-34, dated 02.07.2010 was issued to the respondent No. 2. A request was made to the respondent No. 2 to deposit the said cheque on 27.12.2010 and thus, the cheque was deposited with the respondents banker namely the Kalupur Commercial Co-op. Bank Ltd. Ahmedabad for realization. But, the said cheque was dishonoured, and the reason assigned being "Account Blocked" and the same was informed to the respondent No. 2 by his banker on 28.12.2010. Thereafter, the respondent No. 2 approached the original accused, but there was no response from them. Thus, a legal notice was sent to the original accused on 29.12.2010 under section 138(B) of the Negotiable Instruments Act, 1881 through RPAD and UPC Post, which was received only by original accused No. 1. Neither did the original accused No. 2 to 4 (including the present petitioner) claimed the notice nor has made any payment till date, and therefore, the respondent No. 2 filed the impugned complaint.

3. Heard Mr. Maulik N. Shah, learned advocate appearing for the petitioner, Mr. PV Patadiya, learned advocate appearing for the respondent No. 2 and learned APP Shri KP Raval for the respondent No. 1-State.

4. It is submitted by Mr. Maulik N. Shah, learned advocate for the petitioner that the petitioner has not committed any offence, as alleged in the Criminal Case No. 926/2011 filed in the court of learned Metropolitan Magistrate (N.I. Act Court No. 7), Ahmedabad, for the offence punishable under Section 138 of the Negotiable Instruments Act. The petitioner is unnecessarily dragged into criminal proceedings. It is further argued that the petitioner was appointed as Executive Director (Sales) in the Corporate Office of Wetell Everest Cap Solutions Pvt. Ltd. and resigned from the said post on 4th March, 2010. His resignation was accepted with