https://www.taxtmi.com/caselaws?id=298578 A dishonoured cheque was treated as issued towards a legally enforceable debt where the company had acknowledged the liability by resolution and the Managing Director issued the cheque on its behalf; the defences of time-barred debt and absence of a money-lending licence failed, and the statutory presumptions were not rebutted. The Chairman and Director were also held liable because the complaint and record showed responsibility for the company's business and participation in the resolution, rather than merely nominal office. Conviction was sustained, but the fine was reduced as the original monetary punishment was found excessive without adequate reasons. en-us Mon, 16 Oct 2006 00:00:00 +0530 Wed, 10 Nov 2021 15:11:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298578 A dishonoured cheque was treated as issued towards a legally enforceable debt where the company had acknowledged the liability by resolution and the Managing Director issued the cheque on its behalf; the defences of time-barred debt and absence of a money-lending licence failed, and the statutory presumptions were not rebutted. The Chairman and Director were also held liable because the complaint and record showed responsibility for the company's business and participation in the resolution, rather than merely nominal office. Conviction was sustained, but the fine was reduced as the original monetary punishment was found excessive without adequate reasons. Case-Laws Indian Laws Mon, 16 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298578