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Section 141 in The Negotiable Instruments Act, 1881. 141. Offences by companies. (1) If the person committing an offence under section 138 is a company, 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, as well as the company, shall be ...
SCHEDULE. Contains all Enforced Central and State Acts linked with Subordinate Data like Rules,Regulations,Notifications,Orders,Circulars,Ordinances,Statutes.
An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. Preamble. —Whereas it is expedient to define and amend the law relating to promissory notes, bills
Section 141 (1) in The Negotiable Instruments Act, 1881. (1) If the person committing an offence under section 138 is a company, 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, as well as the company, shall be deemed to be guilty of the ...
For the purposes of this section,—. (a) “company” means any body corporate and includes a firm or other association of individuals; and. (b) “director”, in relation to a firm, means a partner in the firm.
Oct 18, 2021 · The requirement of Section 141 is that the person sought to be made liable should be in charge of and responsible for the conduct of the business of the company at the relevant time. This has to be averred as a fact as there is no deemed liability of a director in such cases.
Oct 11, 2023 · In a judgment pronounced on October 11, the Supreme Court reiterated the principles relating to liability of a director of a company for the dishonour of a cheque issued by the company.
Oct 24, 2023 · Since Section 141 of the NI Act provides for vicarious liability that is imposed on directors or partners on behalf of the company or firm through a legal fiction, it becomes imperative that the provisions and requirements of Section 141 of the NI Act are strictly complied with.
Aug 1, 2022 · The Supreme Court observed that it is not necessary to make an averment that a Managing Director or Joint Managing Directors were in charge of and responsible for the conduct of...
The NI Act by now is almost three decades old. Section 141 of the NI Act is on the statute past more than three decades. There are various decisions of this Court and High Courts explaining the true purport of Section 141 of the NI Act. However, the debate on Section 141 of the NI Act is
