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of <h1>Supreme Court clarifies director liability u/s 141 of Negotiable Instruments Act; precise averments required in cheque dishonour cases.</h1> The Supreme Court's recent judgment interprets Section 141 of the Negotiable Instruments Act, 1881, focusing on director liability in cheque dishonour cases. The Court clarified that directors can only be held liable if it is specifically averred that they were responsible for the company's business conduct at the time of the offence. The absence of necessary averments led to the quashing of proceedings against the directors. This judgment emphasizes precise legal drafting and strict compliance with statutory requirements, reinforcing that directorial liability cannot be assumed merely from holding a position within a company.
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