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2022 (8) TMI 1 - HC - Indian LawsDishonor of Cheque - Funds insufficient - vicarious liability of Directors - grounds urged by the applicants is that they are independent non executive Directors or that there are no averments to satisfy the requirements of Section 141 of NI Act is required to be appreciated during the trial - HELD THAT:- The documents on record indicate that the the applicants are independent non executive Directors. In the light of the averments made in the complaint, role of independent Directors, documents on record, petitioners cannot be prosecuted for the offences punishable under Section 138 of NI Act by invoking Section 141 of the said Act. The applicants were independent non executive Directors of accused no.1 company. Considering the facts of this case, in exercise of inherent powers of this Court under Section 482 of Cr.P.C., the proceedings against them are required to be quashed. Learned counsel for the respondent–complainant submitted that the trial as against the other accused may be expedited. Application allowed.
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