https://www.taxtmi.com/caselaws?id=756442 For fastening vicarious liability on directors for an offence by a company under Section 50 of the National Housing Bank Act, 1987, the complaint must specifically aver that they were in charge of and responsible for the company's business at the time of the offence; general assertions that they managed affairs or were jointly responsible are insufficient. On the pleaded facts, those requisite averments were absent against the directors, so the complaint could not proceed against them. A Managing Director stands on a different footing and is ordinarily treated as being in charge of and responsible for the company's business, and the company itself remained liable because no ground was shown to quash the complaint against it. en-us Thu, 01 Aug 2024 00:00:00 +0530 Sat, 03 Aug 2024 08:08:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756442 For fastening vicarious liability on directors for an offence by a company under Section 50 of the National Housing Bank Act, 1987, the complaint must specifically aver that they were in charge of and responsible for the company's business at the time of the offence; general assertions that they managed affairs or were jointly responsible are insufficient. On the pleaded facts, those requisite averments were absent against the directors, so the complaint could not proceed against them. A Managing Director stands on a different footing and is ordinarily treated as being in charge of and responsible for the company's business, and the company itself remained liable because no ground was shown to quash the complaint against it. Case-Laws Indian Laws Thu, 01 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756442