Negotiable Instruments Act news

Negotiable Instrument (Amendment) Bill, 2018 passed by Lok Sabha

Lok Sabha passes Negotiable Instrument (Amendment) Bill, 2018 a bill further to amend the Negotiable Instruments Act, 1881 by which it has proposed to  insert section 143A -Power to direct interim compensation and Section 148-Power of Appellate Court to order payment pending appeal against conviction. Bill No. 281-C of 2017 THE NEGOTIABL...

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Posted Under: Corporate Law |

Negotiable Instruments (Amendment) Bill, 2017 as introduced in Lok Sabha

It is, therefore, proposed to introduce the Negotiable Instruments (Amendment) Bill, 2017 to provide, inter alia, for the following, namely:—(i) to insert a new section 143A in the said Act to provide that the Court trying an offence under section 138 may order the drawer of the cheque to pay interim compensation to the complainant, in ...

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Posted Under: Corporate Law |

Carifying jurisdiction related issues for filing cases for offence committed U/s. 138 of NI Act

Proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015 The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015. The proposed amendments to the Negotiable Instruments Act, 1881 (The NI Act) are fo...

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Posted Under: Corporate Law |

Approval to introduce Negotiable Instruments (Amendment) Bill, 2015

The main amendment included in this is the stipulation that the offence of rejection/return of cheque u/s 138 of NI Act will be enquired into and tried only by a Court within whose local jurisdiction the bank branch of the payee, where the payee presents the cheque for payment is situated. ...

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Posted Under: Corporate Law |

Delhi court sentences businessman to six months in jail in cheque bouncing case

Expressing concern over rising cheque bouncing cases, a Delhi court has sentenced a businessman to six months in jail and imposed a fine of Rs 3 lakh on him, saying no leniency is called for in such cases. Metropolitan Magistrate Vishal Pahuja jailed Delhi-based cloth merchant Ravinder Kumar, rejecting his plea for release on probation af...

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Posted Under: Corporate Law |

Companies cannot pay damages in installments- state consumer commission

Mumbai- Till fairly recently, parties held guilty in consumer forums delayed shelling out compensation by paying only a part or by seeking adjournments. Not anymore. The state consumer commission has, among other measures, precluded payment of compen...

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Posted Under: Corporate Law |

Special Courts For Cheque Bounced Cases- Veerappa Moily

The Law Commission in its report had recommended that pendency of large number of cases relating to cheque bouncing tarnish the image of business. Cases relating to dishonoured cheques affect business within and outside the country. It said cheque bouncing cases need to be speedily disposed of through this measure, lest litigants may lose...

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Posted Under: Corporate Law |

All directors of a company cannot be prosecuted for offence in cheque bouncing cases

As per section 141 of Negotiable Instruments Act, If the person committing an offence under section 138 of the Negotiable Instruments Act is a company, every person who, at the time the offence was committed, was in charge of and was responsible to, the company for the conduct of the business of the company, as well as the company, shall ...

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Posted Under: Corporate Law |

Only first notice on bounced cheque is valid

The Supreme Court has ruled in the case of Tameshwar Vaishanav vs Ramvishal Gupta that if the payee or the holder of the cheque does not file a complaint of dishonour within the prescribed time, he cannot issue a second notice and then file a complaint again. Notice with respect to a cheque can be issued only once. The deadline or limitat...

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Posted Under: Corporate Law |

Unlicenced moneylenders can’t recover their money by using legal ways

Lack of a licence will debar a moneylender from using legal ways to secure repayment, said Justice P R Borkar of the Aurangabad bench of the high court last week. The Negotiable Instruments Acta law that bounced cheque victims use to recover their money makes it clear that the debt had to be legally enforceable....

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Posted Under: Corporate Law |

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