High Court Dismisses Petition on Cheque Dishonor; Confirms Petitioners as Nominee Directors, Not Vicariously Liable.

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....Dishonour of Cheque - existence of legally enforceable debt or liability - vicarious liability of nominee and non-executive directors - The contention does not cut much ice as perusal of Form No. MGT-7 nowhere shows that the petitioners were non-executive directors and E-Form DIR 12 also reveals that there was no change in directors in 2021 as well as in 2022 and the petitioners were only nominee directors of SMPL - Petition dismissed - HC....