https://www.taxtmi.com/caselaws?id=112087 Criminal proceedings under the Indian Penal Code against former company directors were unsustainable because they had resigned before the cheques were issued and dishonoured, and the record did not attribute any specific act to them in the acceptance of deposits, issuance of cheques, or repayment default. In the absence of a statutory basis for vicarious liability under the Penal Code, mere designation as a director was insufficient to establish criminal liability without concrete allegations of personal involvement. The proceedings against the petitioners were therefore quashed. en-us Thu, 07 Feb 2008 00:00:00 +0530 Fri, 12 Dec 2014 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112087 Criminal proceedings under the Indian Penal Code against former company directors were unsustainable because they had resigned before the cheques were issued and dishonoured, and the record did not attribute any specific act to them in the acceptance of deposits, issuance of cheques, or repayment default. In the absence of a statutory basis for vicarious liability under the Penal Code, mere designation as a director was insufficient to establish criminal liability without concrete allegations of personal involvement. The proceedings against the petitioners were therefore quashed. Case-Laws Companies Law Thu, 07 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112087