Legal Question in Banking Law in India

one of the signatory of PDC at the time of presentation was retired from the service. cheque was dishonoured on the ground that fund insufficient and account closed. my quesition is that whether cheque was negotiable instrument as signatory of the cheque was no more in the service. Bank had not mentioned the fact that signature was matched. complainaints filed the case. trial is yet to be start. kindly advise accordingly.

thanks


Asked on 12/30/09, 6:36 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

complaint is maintainable against the signatories of the cheques as well once those have been returned for insufficiency of funds and or account closed. It is for the accused to prove that they are not responsible for the conduct of the business of the firm or company which is the drawer.

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Answered on 12/31/09, 6:14 am


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