S. THANGARAJ, J.

The petitioners who are accused Nos. 1 to 10 (in Crl. O. P. No. 2983 of 1998) and 1 to 11 (in Crl. O. P. No. 2984 of 1998) have filed these petitions under section 482 of the Criminal Procedure Code, 1973, to quash the proceedings in C. C. No. 7080 and 7081 of 1997, respectively, on the file of the 18th Metropolitan Magistrate, Saidapet, Chennai.

The first petitioner represented by the second petitioner had availed of a grant of an intercorporate deposit on short-term basis to the tune of Rs. 2 crores on March 3, 1997, and the first petitioner executed two promissory notes dated March 3, 1997, each for Rs. 1 crore undertaking to repay the said sum with interest at the rate of 20 per cent. per annum within 60 days, i.e., by May 2, 1997. The first accused also issued cheques dated May 2, 1997, for the said sum. As the amount was not paid in time, the first petitioner requested for extension of time and issued cheques bearing Nos. 138822 and 138934 dated July 31, 1997, for the said sum. The second petitioner executed a personal guarantee and security of shares worth Rs. 2 crores. On the basis of those documents, the respondent extended the period of loans ti