(Querist) 26 November 2010
This query is : Resolved
11 parters have formed in to a partnership firm for the purpose to start a cotton ginning mill and shared the capital as presribed therein. The same partership deed was reduced in to writing on a N.J Paper, sub-sequent they have purchased the land under Regd. Sale Deed for the said purpose. Later on the parters have admitted another 3 new members in to their firm. some dusputes arose between them, and my clinet along with six others have retried from the firm through a retriment deed, which is reduced in writing on N.J paper. On his retirment one of the Managing parter of the firm has issued three of his personnel cheques in turn of retrient of my cleint for an amount 7,00,000/-. on its presentation same cheques were returned on the ground that 'account closed'. The Managing Parter of the firm has closed his account after issuing of the cheques. I have taken all the steps as contemplated in the Act and the said case is posted for trail. There are two citations availabe with me as 1992(2) ALD (Crl)738 Mad, 2002 Crl.j 4194. In due course of the business of the Firm any of the its parter issues cheque either personal or firms cheque, he liable and respnsible for prosecution under the act, pls will you inform me similer citations in this aspect.
(Querist) 29 November 2010
Thnks ! some of my friend informed me that, our apex court also confirmed the scentnce of the trail court in this regard, but he failed to provided me that citation... will you pls sir.. Mad/H Court has delivered number of comments in the circumstances as stated above..