138 under n.i.act

gurudath (Querist) 17 January 2017 This query is : Resolved
Respected Sir,

M/s.X is a company deals with M/s.Y Company. M/s.Y company issues post dated cheque which gets bounced back.

1. If the liability of Directors are unlimited or it is limited only to the company.
2. If the Director of M/S.Y company incorporate M/s.F Company, Can M/s.X sue the M/s.F as the directors are same.

Regards
Gurudath
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adv.bharat @ PUNE (Expert) 17 January 2017
Director is responsible for act of company if he act done is out of his personal capacity.

Rajendra K Goyal (Expert) 17 January 2017
Academic query.

How are you concerned / related with the query?

Looks like examination question.

gurudath (Querist) 18 January 2017
Dear Sir,

The query is: if the liability u/s138 can be attached to the sister concerns where it is found that both the company are run by the same default promoters.

Regards
Gurudath

rajeev sharma (Expert) 18 January 2017
MR gurdath it is a repeted quarry and answer is no

Rajendra K Goyal (Expert) 18 January 2017
No it can not be attached.

Guest (Expert) 18 January 2017
Only signatory directors, acting on behalf of the company, are liable to be sued under sec.138, not any other party or sister concern.

gurudath (Querist) 18 January 2017
Thank you sir for your advice and time.

Regards
Gurudath

Guest (Expert) 18 January 2017
You are welcome.

Rajendra K Goyal (Expert) 18 January 2017
You are welcome, may revert in case of supplementary question on the query.

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