Sri Narayan Mahadevrao Biradar v. M/S Manthan Creation
Case brief
What is this about?
Petitions under Section 482 CrPC sought quashing of proceedings under Section 138 of the NI Act against former directors. Court allowed the petitions, quashing the proceedings as the petitioners had ceased to be directors before the cheques were issued and were not vicariously liable under Section 141.
What did the court decide?
Quashed the impugned proceedings in the specified CC cases insofar as they relate to the respective petitioners.