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SUNDER MOHAN
B. V. Ramesh – Appellant
Versus
Reserve Bank of India – Respondent
ORDER :
PRAYER : Criminal Original Petitions filed under Section 482 of the Criminal Procedure Code seeking the quashing of E.O.C.C.No.136 of 2010 filed against the petitioners.
The petitioners in the above criminal original petitions have been arrayed as third and sixth accused respectively in the original E.O.C.C.No.14 of 2001. After the case was split up against certain accused, the case was assigned number viz., E.O.C.C.No.136 of 2010, wherein they had been arrayed as first and second accused respectively. The complaint was filed by the respondent herein for the offences under Sections 45QA, 58B (4AAA) & 58C of the Reserve Bank of India Act, 1934 against M/s.Kreast Finlease Ltd., and its Directors.
2. The allegations in the complaint are that M/s.Kreast Finlease Ltd., and its Directors failed to comply with the orders passed by the Company Law Board dated 28.04.1998, 22.06.1998, 23.07.1998, 05.10.1998 and 01.12.1998 directing the first accused / Company to repay the depositors in accordance with the terms and conditions set out in the said orders which were passed on the applications filed by several depositors. Three accused had participated and represented the Company in the pro
Liability under Section 141 of NI Act depends on the role in the conduct of the company's affairs, not just the designation, and the burden of proof lies on the accused to establish lack of knowledge....
An individual in a company cannot be vicariously liable for criminal offenses under the NI Act unless they are responsible for the company's conduct at the time of the offense.
The main legal point established in the judgment is that a former director of a company cannot be held liable for a dishonoured cheque issued after their resignation from the directorship, and the im....
Specific averments are necessary to establish the liability of a Director under Section 141 of the Negotiable Instruments Act; mere designation is insufficient.
Sufficient averments in a complaint against a director fulfill requirements of Section 141 of the NI Act for vicarious liability. Failure to respond to statutory notices under Section 138 infers liab....
A director who resigns before the cheque issuance cannot be held liable under Sections 138 and 141 of the NI Act, evidenced by credible documents demonstrating resignation.
Directors can only be held vicariously liable under Section 141 of the Negotiable Instruments Act if specific averments are made in the complaint regarding their responsibility for the company's cond....
(1) Dishonour of cheque – Impleadment of all Directors of Accused Company on the basis of a statement that they are in charge of and responsible for conduct of business of company, without anything m....
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