Drugs and Cosmetics Act, 1940, Section 34 -- Offence by company - Simply because a person becomes Chairman or Director of company does not mean that he is fully responsible for day-to-day affairs of company - Vicarious liability can be inferred against a company or its directors only after satisfying the condition u/s 34 of the Act...........
Indian Penal Code, 1860, Section 406 -- Criminal breach of trust - Concept of vicarious liability cannot be extended to the Directors or Officers of company...........
Negotiable Instruments Act, 1881, Section 138, 142 -- Dishonour of cheque - Company - Directors - Vicarious liability - Allegations against petitioners are very vague - No specific role has been assigned to them - It is not disclosed how they are responsible for day to day affairs of company - Rules and regulations of Bank does not empower petitioners to take any loan from..........
Negotiable Instruments Act, 1881, Section 138, 141, 142 -- Dishonour of cheque - Company - Vicarious liability of Directors - Mere bald averments in the complaint that accused persons were incharge and responsible for the conduct of day to day business of the company is not sufficient to hold them vicariously liable - It is incumbent upon complainant to specifically spell..........
Negotiable Instruments Act, 1881, Section 138, 141 -- Dishonour of cheque - Company - Vicarious liability - Some of the Directors alleged to be consulted in taking decisions by other Directors - Two of Directors who were consulted challenged their prosecution - Absence of necessary averments qua them that they are in charge and responsible for the conduct of the business..........
Negotiable Instruments Act, 1881, Section 138, 141 -- Dishonour of cheque - Company - Directors - Every person who was in charge and responsible to the company, at the time offence was committed, is guilty of the offence u/s 138 of the Act - There must be necessary averments to this effect in the complaint - If reading of the complaint shows substance of accusation..........
Insecticides Act, 1968, Section 33, Essential Commodities Act, 1955, Section 10 -- Sample of insecticides - Offence by company - Where the company or partnership firm itself has not been impleaded in the complaint filed, proceedings against directors/partners/persons i, charge of the company or partnership, cannot be sustained...........
Negotiable Instruments Act, 1881, Section 138, 141 -- Dishonour of cheque - Company - Prosecution of Directors - Pleading - Averments in complaint that accused Nos.2 to 7 are Managing Director/Directors or authorized signatories and responsible persons for day to day act, conduct and affairs of the business as well as the liabilities of the company - Held, it prima facie..........
Madhya Pradesh Co-operative Societies Act, 1960, Section 53(1) - - Suppression of Board of Directors - Forming of opinion - Condition precedent - Held, mere serving a copy of show-cause-notice on RBI with supporting documents is not what is contemplated under the second proviso to S.53(1) - For a meaningful and effective consultation, copy of reply filed by Bank to various..........
Madhya Pradesh Co-operative Societies Act, 1960, Section 49(7A)(1) - - Term of Board of Directors - Computation of five year - Board of Directors took charge on 16.10.2007, therefore, they could continue in office till 15.10.2012 - Board of Directors was, however, superseded illegally on 30.09.2011 and, by virtue of judgment of Division Bench of High Court dated..........
