Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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The SC held that an authorized signatory of a company does not fall within the ambit of the expression "drawer" u/s 138 of the Negotiable Instruments Act, 1881 (NI Act). The expression "on an account maintained by him" in Section 138 refers to the account maintained by the drawer and not by an authorized signatory acting on behalf of the company. The scope of "any debt or other liability" in Section 138 is wide enough to cover any legally enforceable debt or liability, not necessarily between the drawer and payee. u/s 141, the company as the principal offender must be first held liable before extending vicarious liability to directors or persons in-charge. Since the accused was prosecuted in individual capacity and not as director, and the cheque was drawn on the company's account, the requirements of Section 138 were not met. The appeal was dismissed.
The SC held that an authorized signatory of a company does not fall within the ambit of the expression "drawer" u/s 138 of the Negotiable Instruments Act, 1881 (NI Act). The expression "on an account maintained by him" in Section 138 refers to the account maintained by the drawer and not by an authorized signatory acting on behalf of the company. The scope of "any debt or other liability" in Section 138 is wide enough to cover any legally enforceable debt or liability, not necessarily between the drawer and payee. u/s 141, the company as the principal offender must be first held liable before extending vicarious liability to directors or persons in-charge. Since the accused was prosecuted in individual capacity and not as director, and the cheque was drawn on the company's account, the requirements of Section 138 were not met. The appeal was dismissed.
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