Bombay High Court Dismisses Petition to Quash Process in NI Act Case Against Sick Company's Managing Director. Court holds that declaration of a company as sick under SICA does not absolve its directors from criminal liability under Section 138 of the Negotiable Instruments Act, 1881.
18 Jul 2006The petitioner, Omesh Keshav Karnik, Managing Director of Phoenix Fine Chem Pvt. Ltd., a sick company, filed a Criminal Writ Petition before the Bomba...




