Accused Acquitted in Cheque Dishonour Case After Rebuttal Evidence Found Sufficient: Andhra Pradesh High Court

The case originated from a private complaint filed under Section 138 of the Negotiable Instruments Act by Jarugula Lokanarayana. He alleged that he was a shareholder in a private limited company and had invested Rs.3,00,000/- following an agreement dated 10.07.1993. When he later decided to withdraw, Kambhamapati Madhusudhana Rao, the managing director, agreed on 03.10.1996 to take over his shares. After reviewing accounts, a liability of Rs.5,71,000/- was determined. The…