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SHIVASHANKAR AMARANNAVAR
RAJU – Appellant
Versus
SURESH – Respondent
JUDGMENT :
Shivashankar Amarannavar, J.
1. Seeking quashing of the entire proceedings in C.C. No. 606/2016 on the file of Civil Judge and JMFC, Hukkeri registered or the offence punishable under Sec. 138 of Negotiable Instruments Act (for brevity 'N.I. Act').
2. The brief facts of the case are that the respondent-complainant filed a private complaint in P.C. No. 800/2014 on the file of Civil Judge and JMFC, Hukkeri against the petitioners for the offence punishable under Sec. 138 of N.I. Act. In the said complaint, it is stated that the respondent-Shri. Adinath Multipurpose Souharda Sahakari Limited had opened fixed deposit Accounts with the Belagavi Liberal Credit Souharda Cooperative Limited, Belagavi (for short 'the society') on 15/2/2012 for a period of one year for a sum of Rs.5.00 lakhs each i.e., total of Rs.10.00 lakhs. Upon maturity of the said fixed deposit the said society was liable to the pay to the respondent-complainant matured amount of Rs.17,10,000.00.
3. Petitioner No. 1 on behalf of said society issued a cheque bearing No. 030124 for a sum of Rs.15.00 lakhs dtd. 12/12/2013 towards payment of maturity amount. Upon presentation of the said cheque by the respondent-comp
Maintaining the prosecution under Sec. 141 of N.I. Act requires the company to be arraigned as the accused.
Vicarious liability under Section 138 of the Negotiable Instruments Act requires the company to be named as an accused; absence of the company renders the complaint against the individual not maintai....
Point of Law : Section 141 of N.I. Act provides that for purpose of this Section, "company" means anybody corporate and includes a firm or other association of Individuals; and "director", in relatio....
Section 141 of N.I. Act deals with offences by companies.
Maintaining prosecution under section 138 of the NI Act requires arraigning the company as an accused, and the vicarious liability of individuals associated with the company is contingent upon the co....
The main legal point established in the judgment is the requirement to join all necessary parties as accused under the provisions of the Negotiable Instrument Act, and the vicarious liability of comp....
Valid service of notice to a chief executive in capacity as signatory constitutes notice to the company, and technical defects in party arraignment are curable, promoting justice in commercial transa....
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