1. This appeal is preferred by the complainant by name M/s. Satish and company being aggrieved by the judgment and order dt. 31-12-1994 passed by the III Metropolitan Magistrate, Hyderabad in C.C. No. 229 of 1993. By the impugned order, the Court below acquitted the accused for the offence under S.138 of the Negotiable Instruments Act (for short 'the Act'). The learned counsel appearing for the appellant strenuously contended that the entire approach of the Court below is totally erroneous and on the basis of the material recorded an offence is constituted under S.138 of the Act and as such, the impugned order is liable to be set aside and the accused are liable to be convicted for the offence they are charged with. The learned counsel appearing for the respondents supported the order.

2. In order to appreciate the rival contentions it is necessary for me to notice the fact