Proceedings couldn't be initiated against director as he had resigned from post of director before issuance of cheque

FEMA, BANKING & INSURANCE : Where accused company in which petitioner was a director, issued a cheque to compainant carrying on business of providing trading platform for spot contracts in commodities, which got dishonoured, in view of fact that petitioner had already resigned from accused company and Form 32 was filed with RoC prior to issuance of cheque, proceedings initiated against him under section 138 of Negotiable Instrument Act, 1881, deserved to be quashed

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