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2022 (11) TMI 489 - HC - Indian LawsDishonor of Cheque - proper service of legal notice or not - offence punishable under Section 138 of the N.I.Act - HELD THAT:- Plainly reading the definition of 'holder in due course', it is crystal clear that holder in due course means any person who for consideration became the possessor of a promissory note, bill of exchange or cheque, if payable to bearer - there are no hesitation to hold that Dr. K.P.Saji Kumar, who is admittedly the Managing Director of the firm, can only do physical possession and actions on behalf of the firm and he is the person entitled to possess or bear anything for and on behalf of the firm. Uniformity and consistency in deciding similar cases by different Courts, not only increase the credibility of cheque as a negotiable instrument, but also the credibility of Courts of justice. No doubt, Section 138 of the NI Act permits imposition of fine twice the cheque amount. The revision petitioner in all these revision petitions is directed to appear before the trial court to undergo the sentence and to pay the fine within seven days from today. On failure to do so, the trial court is directed to execute the sentence without fail - revision petition dismissed.
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