HDFC Bank Limited vs State Of Maharashtra 2025 INSC 759- S.141 NI Act
Negotiable Instruments Act, 1881 - Section 138, 141 - The repetition of the exact words of the Section in the same order, like a mantra or a magic incantation is not the mandate of the law. What is mandated is that the complaint should spell out that the accused sought to be arrayed falls within the parameters of Section 141(1) of the NI Act. Only then could vicarious liability be inferred against the said accused, so as to proceed to trial - Substance will prevail over form. [Context: SC rejected the contention that in the absence of the words “was in charge of”, the present case cannot be proceeded.]
Negotiable Instruments Act, 1881 - Section 138, 141 - The complainant is supposed to know only generally as to who are in charge of the affairs of the company -There is no obligation on the complainant to plead in the complaint as to matters within the special knowledge of the company or the directors or firm about the specific role attributed to them in the company. [Context:SC rejected the contention that specific role be attributed to the persons who are mere directors or employees of the company.]
