Just a moment...

Report
FeedbackReport
Bars
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

Independent Directors Not Liable for Cheque Dishonor Without Specific Role u/s 141(1.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Dishonor of Cheque - vicarious liability of Independent Directors / company secretary - The complaisant does not particularize the role of the petitioner in regard to facility agreement dated 28th March, 2010 executed by the Company with the complainant; nor the complaint discloses that the alleged offence was committed by the Company in connivance or was a result of the negligence of the petitioner - In absence of averments in the complaint, that petitioner is also “in charge” of the business of the company, the case could not fall under Section 141(1) of the Act. - HC....