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TMI Blog2022 (12) TMI 1517X X X X Extracts X X X X X X X X Extracts X X X X ..... an officer of a company, at the very least, the officer should have been responsible for the business and affairs of the company and for honouring the cheque on the date that the cheque was returned unpaid. In the present case, it is clear that though the petitioner co-signed the cheques in question, he had retired from the company more than 09 months before the cheques came to be presented; and could not therefore have ensured sufficient funds in the bank account of the company to honour the cheques, even if he had so desired. The deeming provision contained in section 141 NI Act would not apply to the petitioner, since he was no longer in charge of the affairs of the respondent company on the date that the offence defined in section 138 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appointment of an alternate officer in his stead. It is also pointed-out that Office Order dated 11.01.2018 also recorded that the officer appointed in place of the petitioner was to be responsible for all technology related activities etc. with immediate effect. 4. Attention is also invited to letter 09.01.2018 issued by respondent No.2 to the National Stock Exchange of India Ltd., informing the Stock Exchange of the retirement of the petitioner and of the appointment of the alternate officer. 5. Mr. Mahapatra submits that, as is evident from the cheque return memos, the subject cheques were presented for encashment and returned for insufficient funds on 25.10.2018; but the petitioner was in no way engaged with the business or affairs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , inter-alia for insufficiency of funds in the account on which the cheque is drawn. Furthermore, the provision also stipulates certain pre-conditions which must be fulfilled before the offence is taken to be committed, one of which is the issuance of a written notice of demand for payment to the drawer of the cheque within 30 days of the cheque being returned unpaid by the bank; and giving to the drawer at least 15 days from the date of receipt of notice, to make such payment. 13. Furthermore, section 141 of the NI Act is clear, that if the person committing the offence under section 138 is a company, every person who, at the time the offence was committed, was in charge of, and was responsible to, the company for the conduct of the busine ..... X X X X Extracts X X X X X X X X Extracts X X X X
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