JUDGEMENTOF THE DAY*
*⭐S.138 NI Act, all Directors can't be liable:*
*Negotiable Instruments Act (1881), Ss. 141,138 - Offence by company - Complaint against non-signatory directors - Maintainability - Bald averment that accused directors are also liable for day-to-day business of Company along with Managing Director - However, there is no material averment in complaint as to how they are liable - Mere serving of notice and their silence even with no reply, does not make them liable - Cognizance taken by Magistrate in case of said directors, not sustainable, liable to be Quashed*.
Case:
*Narendra Urarngi Vs. Greenmint India Agritech Pvt. Ltd.*
Citation:
*2016 ALL MR(Cri) JOURNAL 449*
Friday, February 17, 2017
Negotiable Instruments Act (1881), Ss. 141,138 - Offence by company - Complaint against non-signatory directors -
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