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Firm Partner Liable for Offenses by Firm u/s 240(3) of Companies Act Due to Lack of Separate Legal Identity.

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....Vicarious liability of partner of the firm - separate identity of partnership firm - merely the petitioner running a firm, but it is not a legal entity and it cannot be placed on par with the companies which is registered under the Companies Act - If an offence committed by the firm, is also an offence committed by the partners, it cannot be bifurcated as partners and the firm - the Trial Court, rightly took the cognizance against the petitioner for the offence punishable under section 240(3) of Companies Act. - HC....

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Firm Partner Liable for Offenses by Firm u/s 240(3) of Companies Act Due to Lack of Separate Legal Identity.