2004 (7) TMI 690

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....uments Act (the Act) against one Y.V.K. Prasad (A1) and the petitioner (A2) alleging that, for a debt due to him, A-1 issued a cheque, which, on presentation for payment into the bank, was dishonoured and that statutory notice issued to A-1 and the petitioner, intimating them about the dishonour of the cheque and demanding payment of the amount covered by the dishonoured cheque, was returned uncla....

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....offence under Section 138 of the Act. 3. A-1 and the petitioner are described as the Director and Managing Director, respectively, of a company which is not made an accused in the case. Though the complaint does not disclose as to who drew the cheque that was dishonoured, xerox copy of that cheque, filed along with this petition, (original of which was produced by the 1st respondent along with ....

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....fter the day to day affairs of that company, apart from the company, would also be liable for the said offence, by virtue of Section 141 of the Act. As stated earlier there is no scope for invoking Section 141 of the Act because the dishonoured cheque was not issued for and on behalf of a company. Since petitioner, admittedly, did not draw the dishonoured cheque on an account maintained by him in ....