First respondent herein filed a complaint before XIV Additional Chief Metropolitan Magistrate, Hyderabad alleging that Accused No.1 is a Company and Accused No.2 is its Managing Director, who entered into hire purchase agreement on 26-03-1998 along with one guarantor for money advanced and undertook to discharge the loan amount of Rs.73,25,000/- in 36 monthly instalments @ Rs.2,03,470/per month, but they committed default in discharge of said amount, but issued three(3) cheques dated 25-10-1999, 25-11-1999 and 25-012000 respectively and when the cheques were presented they were dishonoured with an endorsement “insufficient funds” and the same was informed to the accused. Thereafter, a legal notice was issued through registered post with acknowledgment due and as the accused failed to comply the demand under the statutory notice, complaint is filed and the court below after recording sworn statement of the complainant took the case on file and thereafter conducted trial, during which one witness is examined and 21 documents are marked on behalf of complainant and one witness is examined and 5 documents are marked on behalf of the accused. On an overall consideration of oral and documentary evidence of both sides, trial court found both accused guilty and convicted them for an offence under Section 138 of the Negotiable Instruments Act,1881 ( for short ‘the Act’) and
