Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2023 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (4) TMI 500 - HC - Indian LawsDishonour of Cheque - funds insufficient - infusion of share capital for augmenting the working capital to sustain the operations - Invocation of inherent powers of this Court under Article 226 of the Constitution of India, read with Section 482 of the Code of Criminal Procedure - impleadment of Directors or persons of an accused Company, on the basis of the statement that, they are incharge of and responsible for the conduct of the business of the company, without anything more, does not fulfill the requirement of Section 141 of the N.I. Act - HELD THAT:- It is clear that, despite his resignation from the company, as a Director, the applicant herein came into contact with the complainant and others and being an authorized power of attorney holder of the promoters, entered into two agreements and accordingly, parties have acted upon as per the terms and conditions of the understanding. The accused no.2 to 6 belongs to business family and doing their business jointly. The applicant herein had signed the agreements in the capacity as POA of the promoters and authorized signatory. The copy of the income tax returns for the Assessment Year 2017-18 filed by the applicant Zafar Sareshwala would show that at the relevant time, he was serving with the accused no.1- company as a Chief Operating Officer (Sales & Marketing). It is duty of the applicant to produce the copy of power of attorney, to substantiate the allegations leveled in the complaint. It is his duty to explain why he had signed two agreements as an authorized signatory. Considering his power to sign the agreement as authorized signatory and attorney of the promoters would rise reasonable inference that at the relevant time, he was representing the accused no.1 company and its promoters and was involved in day to day affairs of the company and having knowledge about the entire transaction including the return of cheque. Thus, this Court is of prima-facie opinion that, the averments in the complaint are sufficient for the purpose of summoning the applicant herein and the trial Court has rightly issued summons. The criminal complaint pending before the trial Court is at the stage of completion as the matter is at the stage of recording further statement of the accused-applicant. In light of the settled principle of law and applying it to the facts of the present case, this Court is of considered opinion that, the averments made in the complaint are sufficient to summon the applicant herein and at this stage, it cannot be said that, prima-facie, no offence is made out against the applicant. This Court, therefore, find no merits in the applications - Hence, all the applications stand dismissed.
|