Thanks alot for your prompt reply and advice. I am happy to know that nobody can take law for a ride(writing any amount they wish). I have a few more questions to ask you in my case.
The most important thing is he is not a registered financier and has claimed he has charged Interest for the amount he has lent.
a) Can a person not registered as a financier claim he has lent such huge monies and collect interest?
b) Is there any way to proscecute xyz for misuse of blank cheques given as security before he issuing summons on Sec 138 NI? If yes, under which section?
c) plz suggest me any other judgment which might say that section 138 of ni cannot be invoked if cheque is issued for security and also judgments which also bars invoking of 138 if cheque is issued as surety.
Awaiting your earliest reply