Court Rules No Liability for Petitioners in Cheque Dishonor Case; Lack of Evidence on Business Conduct.

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....Dishonor of cheque - fund insufficient - vicarious liability of Managing Director - the petitioners have not issued the cheques and they have tendered their resignation much before issuance of the said cheques. These are un-controvertible facts. Only a bald averment is made in the complaint against them that they were responsible for day to day affairs of the company. There is no specific averment against them to show, as to how and in what manner the petitioners are responsible for the conduct of the business of the Company. Moreover, they were not the Managing Director of the Company. - HC....