Section 138 NI Act Demand Notice need not disclose nature of Transaction

K. Basheer Vs C.K. Usman Koya (High Court Kerala) It is also to be noted in this context that the offence u/s.138 of the Act is an offence which would be attracted on the ingredients above referred being satisfied. The statute also provides a presumption in favour of the holder which cannot be rendered otiose. We are, with utmost respect, unable to agree with the requirement mandated by Divakaran that the nature of the transaction should be disclosed in the notice; as that does not appear to be the correct position of law. FULL TEXT OF THE JUDGMENT/ORDER OF KERALA HIGH COURT 1. This Appeal is ...