Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Electronic Postal Bill of Export templates mandating specified data fields for postal export declarations; system-generated Let Export Order on public...
Liability of directors for offences under the Negotiable Instruments Act turns on demonstrable participation in company affairs; documentary indicia such as Form 32, cheque signatory status, and co-signature on balance sheets can support summoning. One director was correctly summoned because records show active involvement; her non-involvement is a defence to be contested at trial. By contrast, resignation properly recorded in Form 32 and board minutes, supported by independent evidence establishing resignation before the cause of action, removes a director from company involvement and warranted quashing of the summoning and discharge in his favour.
Liability of directors for offences under the Negotiable Instruments Act turns on demonstrable participation in company affairs; documentary indicia such as Form 32, cheque signatory status, and co-signature on balance sheets can support summoning. One director was correctly summoned because records show active involvement; her non-involvement is a defence to be contested at trial. By contrast, resignation properly recorded in Form 32 and board minutes, supported by independent evidence establishing resignation before the cause of action, removes a director from company involvement and warranted quashing of the summoning and discharge in his favour.
Note: It is a system-generated summary and is for quick reference only.
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