The cheques were issued by G.K. Exim India, registered in Kolkata with Dilip Kumar as chairman, for Rs.10 million to Hyderabad-based Deccan Cements towards repayment of an inter-corporate deposit in 1998 but they had bounced.
The 14th Hyderabad Chief Metropolitan Magistrate issued the NBW against Dilip Kumar and two other directors of the firm - Gopala Krishna Rathi and Anuj Rathi.
The magistrate had directed the police to produce Dilip Kumar, listed as accused number two, along with the two others on Feb 8.
Following the court order, Hyderabad police have sought the help of Mumbai police to serve the NBW on Dilip Kumar and others.
Deccan Cements had sent a statutory legal notice in June 1998 and followed it up with a criminal case against 11 people, including the ageing actor.
Since the actor and others failed to appear before the court on a number of occasions in the past, the magistrate issued the non-bailable warrant.