Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
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.
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