www.Aaptaxlaw.com
 
 
 

Section 141 - Offences by companies : Negotiable Instruments Act 1881

 

 

What is Offences by companies? Offences by companies are defined under Section 141 of Negotiable Instruments Act 1881

Section 141 of Negotiable Instruments Act 1881: "Offences by companies"

(1) If the person committing an 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 business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:

Provided that nothing contained in this sub-section shall render any person liable to punishment if he proves that the offence was committed without his knowledge, or that he had exercised all due diligence to prevent the commission of such offence :

1[Provided further that where a person is nominated as a Director of a company by virtue of his holding any office or employment in the Central Government or State Government or a financial corporation owned or controlled by the Central Government or the State Government, as the case may be, he shall not be liable for prosecution under this Chapter.

 

(2) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to, any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.

Explanation : For the purposes of this section,-

(a) "company" means any body corporate and includes a firm or other association of individuals; and

(b) "director", in relation to a firm, means a partner in the firm.

 

Negotiable Instruments Act 1881

Section 121 - Estoppel against denying capacity of payee to indorse

Section 122 - Estoppel against denying signature or capacity of prior party

CHAPTER XIV
OF CROSSED CHEQUES

Section 123 - Cheque crossed generally

Section 124 - Cheque crossed specially

 

 

Section 125 - Crossing after issue

Section 126 - Payment of cheque crossed generally

Section 127 - Payment of cheque crossed specially more than once

Section 128 - Payment in due course of crossed cheque

Section 129 - Payment of crossed cheque out of due course

Section 130 - Cheque bearing not negotiable

 

 

Section 131 - Non-liability of banker receiving payment of cheque

Section 131A - Application of Chapter to drafts

CHAPTER XV
OF BILLS IN SETS

Section 132 - Set of bills

Section 133 - Holder of first acquired part entitled to all

CHAPTER XVI
OF INTERNATIONAL LAW

Section 134 - Law governing liability of maker, acceptor or indorser of foreign instrument

Section 135 - Law of place of payment governs dishonour

Section 136 - Instrument made, etc., out of India, but in accordance with the law of India

 

 

Section 137 - Presumption as to Foreign Law

CHAPTER XVII
OF PENALTIES IN CASE OF DISHONOUR OF CERTAIN CHEQUES FOR INSUFFICIENCY OF FUNDS IN THE ACCOUNTS

Section 138 - Dishonour of cheque for insufficiency, etc., of funds in the account

Section 139 - Presumption in favour of holder

Section 140 - Defence which may not be allowed in any prosecution under section 138

Section 141 - Offences by companies

Section 142 - Cognizance of offences

Section 143 - Power of Court to try cases summarily

Section 144 - Mode of service of summons

Section 145 - Evidence on affidavit

Section 146 - Bank's slip prima facie evidence of certain facts

Section 147 - Offences to be compoundable

Home     About Us     Privacy Policy     Disclaimer    Contact Us  Sitemap