S. 138 of negotiable instrument act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 May 2012
IF A a listed company has issued the cheque to B company but when B company has deposited the cheque it was dishonoured due to stop payment instructions given by A company. Now, is Mr. C, who is working as company secretary in A ltd, is liable for the offence under section 138 of Negotiaible instrument act??
CS Mitesh Mehta
(Expert)
21 May 2012
When a cheque issued by a company is dishonoured. In addition to the
Company, the following persons are deemed to be guilty of the offence and shall be liable to be proceeded against and punished:
a. Every person who at the time the offence was committed, was in-charge of and was responsible to the company for the conduct of the business of the company;
b. Any Director, Manager, Secretary or other officer of the company with whose consent and connivance, the offence under section 138 had been committed; and
c. Any Director, Manager, Secretary or other officer of the company whose negligence resulted in the offence under section 138 being committed by the company
Company, the following persons are deemed to be guilty of the offence and shall be liable to be proceeded against and punished:
a. Every person who at the time the offence was committed, was in-charge of and was responsible to the company for the conduct of the business of the company;
b. Any Director, Manager, Secretary or other officer of the company with whose consent and connivance, the offence under section 138 had been committed; and
c. Any Director, Manager, Secretary or other officer of the company whose negligence resulted in the offence under section 138 being committed by the company
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