(Querist) 29 May 2008
This query is : Resolved
Sir, what is the libility of a person for repayment of money on cheque bounce? When period of limitation begins? Whether presumption U/S.141 of N.I ACT,1981 is rebuttable, if signature has admitted already?
J K Agrawal
(Expert) 29 May 2008
Sir Presumption under section 141 N I Act is always rebuttable if such officer was having no knowledge of offence or he has exercised all due diligence to prevent the offence. punishment is well explained in section 138.The employee / director of a company is personally liable for liability and punishment and the doctrine of separate entity of company as stated in Solomon's case is not applicable.