THE HONOURABLE SMT. JUSTICE K. SUJANA CRIMINAL PETITION No.4241 of 2014

ORDER:

This criminal petition is filed by the petitioner/A.8 seeking to quash the proceedings in C.C.No.402 of 2013 on the file of IX Special Magistrate, Erramanzil, Hyderabad. The offence alleged against the petitioner is under Section 138 and

141 of Negotiable Instruments Act, 1881.

2. The case of the complainant is that the accused approached the complainant on 10.01.2012 for grant of Rs.50 Crores towards short term loan for the general corporate purpose which is repayable with interest @ 1.50% over and above the base rate of the Bank as applicable from time to time, with floating rate linked to base rate compounding on monthly basis. That the Chairman T.Venkatram Reddy-A.3, T.Vinayak Ravi Reddy, Vice Chairman-A.2 and P.K.Iyer, Vice Chairman-A.4 stood as guarantors to the said loan and A.2 on behalf of A.1 acknowledged the terms and conditions of sanction communication and executed all the necessary loan documents and the other accused are mentioned as Board of Directors.

3. Heard Sri A.Chandra Shaker, learned counsel for the petitioner and learned Additional Public Prosecutor for the 1^st respondent-State. None