In a cheque bouncing case under Section 138 of the Negotiable Instruments Act, an appeal against the staying of criminal proceedings against Actor Sridevi by the Bombay High Court was filed by the aggrieved Mumbai based firm GG Photo Ltd and group companies.
Madhu Gupta and Sushil Gupta owners of the above firm in their petition alleged that Ms.Sridevi had availed finance to the tune of Rs.10 Crores and failed to return the money as the cheque(s) issued by her bounced with remarks ‘insufficient funds’.
A case was filed before the Magistrate who took cognizance of the complaint and issued summons to her. She had approached the Bomaby High Court and obtained a stay against this
Under the circumstances, the petitioners contended that they have no other alternative except to approach the apex court for vacating this stay and hence they have preferred this appeal before the Supreme Court.
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