Section 138 NI Act Directors responsible if they were in charge of & responsible for conduct of business of company: SC

Advertisement Ashutosh Ashok Parasrampuriya Vs Gharrkul Industries Pvt. Ltd. (Supreme Court of India) The issue for determination before us is whether the role of the appellants in the capacity of the Director of the defaulter company makes them vicariously liable for the activities of the defaulter Company as defined under Section 141 of the NI Act? In that perception, whether the appellant had committed the offence chargeable under Section 138 of the NI Act? We are concerned in this case with Directors who are not signatories to the cheques. So far as Directors who are not the signator...