Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Initial defect in authorization to prosecute under the Negotiable Instruments regime is a curable defect; a company acts through natural persons and a complaint stating prima facie that an authorised employee represents the company and has knowledge is sufficient for cognizance. Where authorization is disputed on serious factual grounds the accused may raise the issue at trial and the Magistrate should not dismiss at threshold; invocation of inherent jurisdiction to quash such cognizance is unjustified. Subsequent ratification or board resolution may validate the complaint and additional evidence to that effect was rightly permitted.
Initial defect in authorization to prosecute under the Negotiable Instruments regime is a curable defect; a company acts through natural persons and a complaint stating prima facie that an authorised employee represents the company and has knowledge is sufficient for cognizance. Where authorization is disputed on serious factual grounds the accused may raise the issue at trial and the Magistrate should not dismiss at threshold; invocation of inherent jurisdiction to quash such cognizance is unjustified. Subsequent ratification or board resolution may validate the complaint and additional evidence to that effect was rightly permitted.
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