Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2018 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 2065 - HC - Indian LawsDishonor of Cheque - insufficiency of funds - allegations against the petitioners that they are responsible for the day to day affairs of the company or not - signatories of the cheque or not - HELD THAT:- In order to prove that the petitioners are not in charge of day to day affairs, he submits that the petitioners are independent directors and hence, they cannot be assumed as being responsible for the conduct of business by A1 company. In order to draw support to the contention that the petitioners are only independent directors and did not have any role to play in the day to day affairs of the company, the annual reports pertaining to the years 2009-2010. 2010-2011 and 2011-2012 were filed, which show that the petitioners are directors and the category is non-executive independent. The contention that the question whether the petitioners are independent directors and whether they are not in charge of day to day affairs, can be left to be decided after trial, is not in the spirit of the law, which directs quash of proceedings, when the contents of the complaint, coupled with the unimpeachable material produced by the petitioners, would not make out a case against the petitioners. This Court opines that continuation of further proceedings against the petitioners would only result in abuse of process of law. Petition allowed.
|