Bombay High Court Allows Quashing of Prosecution Against Former Directors in Cheque Dishonour Case — Resignation Prior to Cheque Issuance Establishes Lack of Vicarious Liability. Directors who resigned six years before cheque issuance cannot be held liable under Section 138 of Negotiable Instruments Act, 1881 as they were not in charge of or responsible for the company's conduct at the relevant time.
1 Aug 2012The applicants, Ajay Krishnakant Parikh and another, were accused nos. 4 and 5 in a complaint under Section 138 of the Negotiable Instruments Act, 188...




