Legal Question in Criminal Law in India
N.I. Act
What is the significance of the ''date of transaction''? If the
transaction took place two years ago and the director
resigned before the cheque bounced, is he liable to be
prosecuted?
4 Answers from Attorneys
Re: N.I. Act
Yes, if he was present when the cheque was issued.
Re: N.I. Act
The facts given in your statement may not be sufficient to answer your question.
If the Director concerned was signatory on the cheque, he may still be liable despite resignation.
the resignation of the director before bouncing of cheque may not provide protection from prosecution.
Re: N.I. Act
yes if he was at the time of issuing chq a director and signatory.
Re: N.I. Act
If director is signatory, no escape. In other matters, depends on the nature of post i.e. executive or non-executive, date of cheque etc.
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