https://www.taxtmi.com/caselaws?id=447602 Kerala HC held that a Managing Director cannot be held vicariously liable under Section 141 of the Negotiable Instruments Act when the company is acquitted of cheque dishonour charges under Section 138. The court ruled that liability of directors is coextensive with the company's liability. Since the company was acquitted and no appeal was filed against that acquittal, the Managing Director who issued the cheque in his official capacity could not be convicted. The appellate court's judgment convicting the Managing Director despite the company's acquittal was set aside, and the Managing Director was acquitted. en-us Tue, 14 Nov 2023 00:00:00 +0530 Mon, 01 Jan 2024 07:14:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447602 Kerala HC held that a Managing Director cannot be held vicariously liable under Section 141 of the Negotiable Instruments Act when the company is acquitted of cheque dishonour charges under Section 138. The court ruled that liability of directors is coextensive with the company's liability. Since the company was acquitted and no appeal was filed against that acquittal, the Managing Director who issued the cheque in his official capacity could not be convicted. The appellate court's judgment convicting the Managing Director despite the company's acquittal was set aside, and the Managing Director was acquitted. Case-Laws Indian Laws Tue, 14 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447602