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Guarantors Held Liable: Court Rules on Accountability for Cheque Dishonor in Business Loan Repayment.

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Full Text of the Document

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....Dishonour of Cheque - Vicarious liability of director - The cheque is for the discharge of the loan advanced to the company for its business purpose. The petitioner had stood guarantee for the loan advanced. She cannot deny knowledge of the borrowing or issuance of cheque just because she is not the signatory of the subject cheque. - HC....

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