Director Not Vicariously Liable for Cheque Dishonor; No Assurance Made by Petitioner u/ss 138/141 NI Act.

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....Dishonor of Cheque - vicariously liability of Director - execution of guarantee deeds by the petitione - Admittedly, the cheques were signed by respondent No. 3, who, as per the averment made in the complaints, alone undertook that the same would be duly honoured upon presentation. Such an undertaking/assurance was not attributed to the present petitioner. In this backdrop, the execution of guarantee deeds by the petitioner at an earlier point in time would not attract vicarious liability under Sections 138/141 NI Act. - HC....