https://www.taxtmi.com/caselaws?id=106448 The court held that the former directors of RBF Nidhi were not liable for dishonored cheques issued after their removal by the Company Law Board. The court emphasized that the offense under Section 138 of the Negotiable Instruments Act occurred after their removal, absolving them of responsibility. It was ruled that the Company Law Board's order could not retroactively affect liabilities for cheques issued before the order. Consequently, the complaints against the petitioners were quashed, as they were not directors at the time of the offense. en-us Tue, 20 Aug 2002 00:00:00 +0530 Wed, 14 Mar 2012 12:02:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106448 The court held that the former directors of RBF Nidhi were not liable for dishonored cheques issued after their removal by the Company Law Board. The court emphasized that the offense under Section 138 of the Negotiable Instruments Act occurred after their removal, absolving them of responsibility. It was ruled that the Company Law Board's order could not retroactively affect liabilities for cheques issued before the order. Consequently, the complaints against the petitioners were quashed, as they were not directors at the time of the offense. Case-Laws Companies Law Tue, 20 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106448