K. S. Mehta vs Morgan Securities And Credits Pvt. Ltd. 2025 INSC 315 - Ss. 138,141 NI Act - Non-Executive Directors

Negotiable Instruments Act 1882 - Section 138,141 - Non-executive and independent director(s) cannot be held liable under Section 138 read with Section 141 of the NI Act unless specific allegations demonstrate their direct involvement in affairs of the company at the relevant time - Mere designation as a director is not sufficient; specific role and responsibility must be established in the complaint - Only those who are responsible for the day- to-day conduct of business can be held accountable- The mere fact that they attended board meetings does not suffice to impose financial liability on them, as such attendance does not automatically translate into control over financial operations. (Para 15-18)