Petitioners not being directors of Co. on date of commission of offence not liable for cheque dishonouring

FEMA, BANKING & INSURANCE : Section 141 of Negotiable Instruments Act envisages vicarious liability on part of Directors or other persons, mentioned therein, of company who were in charge of and responsible for conduct of affairs of company at time of commission of offence. A person would be vicariously liable for commission of offence under section 138 of NI Act by company only in event conditions laid down in section 141 in NI Act are satisfied Thus,

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