SAKETH INDIA LTD. vs M/S. INDIA SECURITIES LTD.

The Supreme Court held that the complaint filed under Section 138 of the Negotiable Instruments Act was within the prescribed time limit. The Court clarified that the cause of action arose on 15th October 1995, following the failure to make payment within 15 days after notice was served. The complaints filed on 15th November 1995 were thus timely, and the High Court's rejection of the quashing petition was upheld, affirming the validity of the complaints.