Director not responsible for cheque issued & Dishonoured post his retirement

Alibaba Nabibasha Vs Small farmers agri-busines Consortium & ORS (Delhi High Court) The Petitioner ceased to be the director of the respondent No. 2 with effect from 27th October 2010. The resignation of the petitioner was also notified to MCA. The cheques, totaling to INR 45 Lakhs, were issued on 31st December 2018 by respondent No. 2. The respective cheques were dishonored, due to insufficient funds, vide memo dated 11th January 2019. Held – Person retired as the director of the company cannot be held liable for the day-to-day acts of the company. Provisions of section 141 of the NI A...