TaxTMI 
TaxTMI 
2000 (2) TMI 705
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....t herein was the complainant in all the petitions. It was averred in the complaints that the complainant-company is incorporated under the Companies Act, 1956 having its Registered Office at Nagarjuna Hills, Panjagutta, Hyderabad, engaged in the business of finance under hire-purchase and leasing and the complainant is represented by its Legal Officer Authorised Signatory. 2. It is further stated by the complainant in its complaints that the accused executed hire-purchase agreements in favour of the complaint and the amounts are payable as per the agreements. Some amounts were due to the complainant's company and, therefore, the accused issued cheques in favour of the complainant. When they were presented for honour, they were returned wit....
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....ontained in this sub-section shall render person liable to punishment if he proves that the offence was committed without his knowledge, or that he had exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (1) where any offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to, any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. Explanation:-For the purpo....
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....e ruling of Karnataka High Court in Nucor Wires Ltd. v. HMT (International) Ltd. [1998] 1 Andh. LD (Cri.) 743. Similar point was considered by the learned Single Judge of the Karnataka High Court and ruled that there must be a specific averment regarding the role played by each of the Directors and if there is a specific averment regarding the role played by each of the Directors, they will be liable for prosecution under section 138 of the Negotiable Instruments Act. 7. In the complaint, there is a specific averment made by the complainant that A-1 is a firm. There is no doubt that A-1 firm is liable for prosecution. A-2 is the Chief Managing Director and Signatory. A-2 is liable for prosecution. A-3 is the Director and Authorised Signato....