K SRIKANTH SINGH Vs. NORTH EAST SECURITIES LTD

JUDGEMENT

(1.) Leave granted.

(2.) Appellant has been proceeded against for alleged commission of an offence under Section 138 of the Negotiable Instruments Act. First respondent filed a complaint in the court of 3rd Additional Chief Metropolitan Magistrate, Hyderabad. In regard to the liability of the appellant, which is vicarious in nature, the following statement has been made in paragraph 2 of the complaint petition which reads as under:

(3.) The appellant herein contends that at the relevant point of time, he was not the Director of the Company Inter alia, on the ground that no cognisance could be taken on the basis of the allegations made in the complaint petition as the same do not satisfy the requirement of the provisions of Section 141 of the Negotiable Instruments Act, the appellant filed a petition before the High Court of Judicature at Andhra Pradesh at Hyderabad under Section 482 of the Cods of Criminal Procedure praying for quashing of the proceedings initiated against him. The High Court by reason of the impugned judgment stated as under: