The petitioner is the second accused in a prosecution initiated against him and the second respondent for the offences punishable under Secs.120-B, 406, 420, 465, 468, 469 and 471 read with Sec.34, I.P.C. The first respondent is the de facto complainant in that case. Cognizance was taken on the basis of a final report submitted by the police against both the petitioner herein/second accused and the first accused/second respondent herein.

2. The acrimony between the parties has a long history. The petitioner filed a complaint under Sec.138 of the Negotiable Instruments Act against three accused persons. The first accused is the company, the first respondent herein. The second accused is the Managing Director who represents the first respondent Company and the third accused is the second respondent herein. It was alleged that a cheque for Rs.10 lakhs issued by the first respondent company and duly signed by its Managing Director (the second respondent herein) for the due discharge of a legally enforceable debt/ liability was dishonoured by the drawee bank on the ground of insufficiency of funds. After observing the time table prescribed under the statute scrupulously, Annexure A