Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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A cheque allegedly issued after a company's dissolution cannot support a Section 138 prosecution because the company has already ceased to exist in law and the instrument is void ab initio. The complaint therefore failed on the threshold requirement of a legally enforceable cheque drawn by a subsisting juristic entity, and the Court distinguished cases where dissolution or liquidation occurs after issuance. Vicarious liability under Section 141 also could not be fastened on a former director, as the complaint contained no specific averment that he was in charge of the company's day-to-day affairs at the relevant time. The complaint and proceedings were quashed, with liberty to pursue other remedies in law.
A cheque allegedly issued after a company's dissolution cannot support a Section 138 prosecution because the company has already ceased to exist in law and the instrument is void ab initio. The complaint therefore failed on the threshold requirement of a legally enforceable cheque drawn by a subsisting juristic entity, and the Court distinguished cases where dissolution or liquidation occurs after issuance. Vicarious liability under Section 141 also could not be fastened on a former director, as the complaint contained no specific averment that he was in charge of the company's day-to-day affairs at the relevant time. The complaint and proceedings were quashed, with liberty to pursue other remedies in law.
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