In relation to the case of Ramrajsingh v the State of Madhya Pradesh & Anr, the Supreme Court of India has reiterated that when a company has committed an offence of drawing dishonoured cheques under section 138 of the Negotiable Instruments Act, 1881, its directors cannot be held liable for the offence. To prosecute a director of an accused company under section 141 of the act, the complainant must make specific averments against the director and show the court how the accused individual was involved in the transaction and responsible for the conduct of the business of the accused company.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
