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2007 (7) TMI 405 - SC - Companies LawCommission of an offence under section 138 of the Negotiable Instruments Act - Held that:- Appeal allowed. Negotiation for obtaining financial assistance on behalf of the Company by its Directors itself is not an ingredient for the purpose of constituting an offence under section 138 of the Negotiable Instruments Act. Furthermore, a vicarious liability on the part of a person must be pleaded and proved. It cannot be a subject-matter of mere inference.
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