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TMI Blog2015 (2) TMI 1414X X X X Extracts X X X X X X X X Extracts X X X X ..... roceedings under Section 138 of the Negotiable Instruments Act, 1881 (in short N.I. Act), a procedure of the kind suggested is not contemplated. The judgment of the Supreme Court in the case Aneeta Hada [ 2012 (5) TMI 83 - SUPREME COURT ]dealt with proceedings under Section 138 of the N.I. Act. The judgment does not deal with issue at hand, which is whether adjudication in two parts is permissible. The judgment is distinguishable. It is no doubt true that the petitioners can only be held liable if, the CCI, were to come to a conclusion that they were the key-persons, who were in-charge and responsible for the conduct of the business of the company. In the course of the proceedings qua a company, it would be open to the key-persons to conten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding is returned vis-à-vis contravention, if any, alleged to have been committed by the company, by the name of, VeriFone India Sales Private Limited (in short VeriFone) that any process can be commenced against the petitioners, on the purported ground, that they were, key-persons engaged by the aforementioned company. 3. Mr. Ramji Srinivsan, learned senior counsel for the petitioner has placed before me orders dated 9.10.2014 and 13.11.2014 passed by the CCI. Broadly, a perusal of the order would show that the CCI has reserved orders with regard to the matter in issue and has heard arguments both of the informant as well as the opposite party, i.e. Verifone, pursuant to the submission of the report by the Director General Investiga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter in one go. 6. I have heard the learned counsels for the parties. I am in agreement with the submissions of Mr. Chandhiok that there cannot be two separate proceedings in respect of the company (i.e. VeriFone) and the key-persons. As the scheme of the Act, to my mind, does not contemplate such a procedure. The procedure suggested by Mr. Ramji Srinivasan is both inefficacious and inexpedient. As in every such matter, including the proceedings under Section 138 of the Negotiable Instruments Act, 1881 (in short N.I. Act), a procedure of the kind suggested is not contemplated. The judgment of the Supreme Court in the case Aneeta Hada dealt with proceedings under Section 138 of the N.I. Act. The judgment does not deal with issue at hand, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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