Case Law Analysis
|Himachal Pradesh High Court
Section 138 NI Act | Authorised Signatories of Cooperative Societies Vicariously Liable for Cheque Dishonour : Himachal Pradesh HC
Himachal Pradesh High Court rules that authorised signatories of cooperative societies are vicariously liable under Section 138 of the Negotiable Instruments Act for dishonoured cheques. The judgment clarifies that cooperative societies fall within the ambit of Section 141 NI Act, impacting all such entities and their office-bearers in cheque bounce cases.