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2008 (2) TMI 619 - SUPREME COURT
Whether the complaint petition, even if given face value and taken to be correct in its entirety, disclosed an offence as against the appellant under section 406 of the Indian Penal Code, 1860?
Held that:- Appeal allowed. In terms of the Explanations appended to section 405 of the Indian Penal Code, 1860, a legal fiction has been created to the effect that the employer shall be deemed to have committed an offence of criminal breach of trust. Whereas a person in charge of the affairs of the company and in control thereof has been made vicariously liable for the offence committed by the company along with the company but even in a case falling under section 406 of the Indian Penal Code, 1860, vicarious liability has been held to be not extendable to the directors or officers of the company.