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N. ANAND VENKATESH
V. Maheshwaran, Trustee IMAI, Theni – Appellant
Versus
Samunnati Financial Intermediation & Services Pvt Ltd, Chennai – Respondent
JUDGMENT :
(Prayer: Criminal Original Petition filed under Section 482 of the Code of Criminal Procedure to call for the records pertaining to the impugned complaint in S.T.C.No.4417 of 2022 pending on the the file of the Fast Track Court V Metropolitan Magistrate, Saidapet, Chennai and quash the same in so far as the petitioners/accused No.5 to 8 are concerned as illegal, arbitrary, abuse of process of law and oppressive.)
1. The Criminal Original Petition has been filed seeking to quash the proceedings in S.T.C.No.4417 of 2022 pending on the the file of the Fast Track Court V Metropolitan Magistrate, Saidapet, Chennai, in so far as the petitioners (accused No.5 to 8) are concerned.
2. The respondent has filed a complaint under Section 138 of the Negotiable Instruments Act against the Trust and other trustees on the ground that he entered into Memorandum of Understanding and signed a loan in favour of the Trust. The same was not repaid back and on repeated demands and requests, cheque was issued by the Trust which was signed by the 2nd accused. When the same was sent for collection, it was dishonored with an endorsement 'insufficient fund'. After service of the statutory notice, a p
Trustees can only be prosecuted under Section 138 of the Negotiable Instruments Act if there are specific averments of their involvement in the day-to-day affairs of the Trust.
Active participation in the affairs of a trust, including authorization of a trustee to interact with a bank for a loan, can make non-executive trustees liable under Section 141 of the Negotiable Ins....
Complaint under S.138/141 NI Act quashed for failure to implead/notice partnership firm and partners.
Vicarious liability under Section 141 of the Negotiable Instruments Act requires the accused to be in overall control of the firm's business, and prosecution under Section 138 is limited to the drawe....
Vicarious liability under Section 141 of the Negotiable Instruments Act can only be imposed when the partner is in overall control of the day-to-day business of the firm, and the drawer of the cheque....
Only the drawer of the cheque can be made an accused under Section 138 of the Negotiable Instruments Act, with the exception of directors/partners being vicariously liable for the debt/liability of t....
Liability of directors under Section 138 of the Negotiable Instruments Act depends on their active role and responsibility for the company's business conduct, not merely their directorship.
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