9911796707
TMI Blog2002 (11) TMI 663X X X X Extracts X X X X X X X X Extracts X X X X ..... er section 138 Negotiable Instruments Act (for short "Act"). 3. Admittedly the Petitioner company M/s. Polymers Technologies Ltd. issued two cheques bearing Nos. 247869 dated 25-6-2001 for Rs. 60 lakhs and 247870 dated 27-6-2001 for Rs. 65 lakhs drawn on Vijaya Bank, Ansari Road, Daryaganj, Delhi in favour of the respondent for valuable consideration and in discharge of their liability legally recoverable from them. On presentation the said cheques were dishonoured. The factum of dishonoured cheques was brought to the notice of the petitioner vide letter dated 5-7-2001 sent on the letter head of the respondent-company by its Chief General Manager. In the said letter it was mentioned that the Trust was proposing to initiate proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the petitioners as Directors of M/s. Padmini Polymers Ltd. whereas the last notice dated 17-11-2001 was served upon them as directors of M/s. Padmini Technologies Ltd. This confusion has arisen because the original name of the company M/s. Padmini Polymers Ltd. was changed to M/s. Padmini Technologies Ltd. 6. So far as the letter dated 5-7-2001 which is being used as sheet anchor by the petitioners is concerned it cannot by any stretch of imagination be termed as notice served upon the respondents as contemplated under section 138 of the Act. Simply because a reference was given for initiating proceedings under section 138 of the Act does not give a colour of notice as contemplated under section 138 of the Act. Through this letter, o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice under clause ( b ) of section 138 he forfeits such right for in case of failure of the drawer to pay the money within the stipulated time he would be liable for the offence and the cause of action for filing the complaint will arise. 8. Needless to say, the period of one month for filing the complaint will be reckoned from the day immediately following the day on which the period of fifteen days from the date of the receipt of the notice by the drawer expires. In view of this provision the Supreme Court held that the cheque can be presented within six months of its issue or within the period of validity or earlier for any number of times. It is only when a notice calling upon the drawer of the cheque to make the payment of the am ..... X X X X Extracts X X X X X X X X Extracts X X X X
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