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2021 (12) TMI 330 - TELANGANA HIGH COURTDishonor of cheque - insufficiency of funds - non-performing assets - Independent Director under Section 149 of the Companies Act - Section 293 of the Companies Act - HELD THAT:- On a perusal of the private complaint filed by the complainant, the role played by the petitioners was nowhere mentioned, except stating that as per Section 293 of the Companies Act, all the accused being the Directors of A1 Company got full knowledge of borrowing of the loan from the complainant bank and as such liable for repayment and also punishment. Considering the judgments of the Hon'ble Apex Court and this Court in a batch of criminal petitions and in Arrakuntal V. Ganeshan case [2013 (6) TMI 904 - ANDHRA PRADESH HIGH COURT] and as the petitioners were neither Managing Directors nor the authorized signatories to sign on the cheques and no specific role was attributed to the petitioners in discharge of the day to day affairs of the Company, continuation of the proceedings against the petitioners is considered as an abuse of process of law. The Criminal Petition is allowed.
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