Section 47-A undervaluation threshold: fraudulent intent requirement faces reconsideration after referral to a larger Bench for authoritative resoluti...
RBI supersession powers over multi-State co-operative banks operate independently of the constitutional six-month ceiling and permit statutory extensi...
Vicarious liability for cheque dishonour requires specific allegations of responsibility and cheque signatory; generic director allegations cannot sus...
Vicarious liability under Section 141 of the Negotiable Instruments Act requires a person's actual role in and responsibility for the company's business when the cheque was dishonoured; a designation asserted in the complaint is insufficient. Uncontroverted Ministry of Corporate Affairs records showing that the impleaded individual was never a director, combined with no pleaded or disclosed role in company affairs, justified quashing the complaint and consequential proceedings against that individual as an abuse of process. For prospective cheque-dishonour complaints against companies, complainants must annex corporate identification details and certified Form DIR-12, unless unavailability despite due diligence is affirmed and the Magistrate records reasons before cognizance.
Vicarious liability under Section 141 of the Negotiable Instruments Act requires a person's actual role in and responsibility for the company's business when the cheque was dishonoured; a designation asserted in the complaint is insufficient. Uncontroverted Ministry of Corporate Affairs records showing that the impleaded individual was never a director, combined with no pleaded or disclosed role in company affairs, justified quashing the complaint and consequential proceedings against that individual as an abuse of process. For prospective cheque-dishonour complaints against companies, complainants must annex corporate identification details and certified Form DIR-12, unless unavailability despite due diligence is affirmed and the Magistrate records reasons before cognizance.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
