GUJARAT OLEO CHEM. LTD Vs. STATE

JUDGEMENT

(1.) RESPONDENT No. 2 has been served and has put in appearance.

(2.) THERE are three petitioners before this Court. Petitioner No. 1 is M/s. Gujarat. Oleo Chem. Ltd. a company of which petitioner No. 2 Sudhir Pathak, and petitioner No. 3 Sandeep Chaturvedi are its directors.

(3.) LEARNED counsel for the petitioner has pointed out that in these circumstances when the signatory of the cheque i.e. the drawer of the cheque has drawn it in his individual capacity from an individual account the company and its directors i.e. the petitioners before this Court cannot be held liable on any count. Counsel for the petitioner has placed reliance upon a judgment of a Coordinate Bench of this Court reported in 2009 [1] JCC [NI] 41 Manish Kant Agarwal v. National Agricultural Co-operation Marketing Federation of India Ltd. (NAFED) & Anr. It is submitted that in this case also the Court had quashed the complaint against the company and its other directors as the signatory of the cheque in the said case also was an individual who had signed the cheque in his individual capacity; it was held that the company and its other directors cannot be held liable.