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Negotiable instruments act, 1881 – criminal liability of companies for offence committed under section 138 – 141 of the Act

This paper attempts to delineate the criminal liability of companies for offence committed by corporate bodies under section 138 – 141 of the Negotiable Instrument Act. The company and all the people responsible for the affairs of the company will be liable to be prosecuted against and punished. | Negotiable instruments act 1881 criminal liability of companies for offence committed under section 138 141 of the Act INTERNATIONAL JOURNAL OF MANAGEMENT IJM ISSN 0976-6502 Print ISSN 0976-6510 Online IJM Volume 7 Issue 2 February 2016 pp. 177-182 http www.iaeme.com ijm index.asp IAEME Journal Impact Factor 2016 8.1920 Calculated by GISI www.jifactor.com NEGOTIABLE INSTRUMENTS ACT 1881 CRIMINAL LIABILITY OF COMPANIES FOR OFFENCE COMMITTED UNDER SECTION 138 141 OF THE ACT S.M. Mohamed Miskeen Chartered Accountant Secretary Rabiammal Ahamed Maideen College for Women Tiruvarur-610001. ABSTRACT This paper attempts to delineate the criminal liability of companies for offence committed by corporate bodies under section 138 141 of the Negotiable Instrument Act. The company and all the people responsible for the affairs of the company will be liable to be prosecuted against and punished. As the company is having a separate legal entity it is not immune to the punishment and fine for offence committed under section 138 of the N.I. Act. The vicarious liability would cast on three category of persons viz the company itself every person who was in charge of the affairs of the company and other persons like director or a manager or a secretary or other officer of the company. To get clarity on the point of law relevant territorial jurisdiction for filing a complaint various decisions of the courts is discussed in this study. Key words Company Every Person Dishonour of Cheque Offence Negotiable Instruments. Cite this Article S.M. Mohamed Miskeen. Negotiable Instruments Act 1881 Criminal Liability of Companies for Offence Committed under Section 177-182 of the Act. International Journal of Management 7 2 2016 pp. 177-182 http www.iaeme.com ijm index.asp 1. INTRODUCTION Indian Banks Association in a Public Interest Litigation suit filed before the Supreme Court of India has alleged that around eighteen lakh cheque bouncing cases are pending in various courts and prayed for .