section 138

THE NEGOTIABLE INSTRUMENTS ACT ORDINANCE, 2015

The Negotiable Instruments Act Ordinance, 2015 is passed by the President on immediate basis whereas it has been passed by the Lok Sabha and is pending in the Rajya Sabha as the parliament is not yet in session. The basic reason as to why this amendment is brought in is to resolve/clarify the jurisdiction issues… Read More

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Supreme Court latest ruling on prosecution for second or successive dishonour of cheque

The Supreme Court has overruled its own judgment regarding the law on bounced cheques. It overruled the 1998 decision in Sadanandan Bhadran™s case and now ruled that prosecution based upon second or successive dishonour of the cheque is also permissible. In this case, the payee did not issue notice to the drawer when the cheques… Read More

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Liability of Directors on Check Bounce under Section 138 Negotiable Instruments Act

Liability of Directors on Check Bounce under Section 138 Negotiable Instruments Act : Are all the Directors liable under Section 138 ?  What happens to the innocent Directors who were not aware of the cheque so issued ? What about the Directors who no more work with the Company as Directors. Hemanth deals with these… Read More

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Partners deemed guilty U/s 138 unless proven otherwise

When Directors of a Company or partners of a firm issue cheques which are dishonoured, it is presumed that they were responsible for issuing them unless they prove that they were not in charge of the daily affairs of the firm. They have to discharge the burden during the trial under the Negotiable Instruments Act,… Read More

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