Liability of resigned director on bouced company cheque
Alok Vashishth
(Querist) 23 August 2011
This query is : Resolved
Hi,
My client has resigned as a director and shareholder from a Pvt Ltd company. During his tenure as a director in the company, he was a authorized signatory in the bank accounts of company, along with another director (who was managing director).
During his tenure, he realized that the other director is forging his signature on company cheques and mis-using the company funds for his personal use. My client then filed a compaint in both the bank and requested the bank to freeze the account. Both the accounts are frozen now.
Now, the other director is blackmailing my client that he is under the possession of company cheques (signed by my client), issued to suppliers/ associates. He is threatening that he will collude with the party to whom this cheque has been issued and file a cheque bounce case against my client.
Is my client still liable for the cheque bounce even the bank accounts has been frozen on the ground of misconduct by the managing director.
Thanks,
Sankaranarayanan
(Expert) 23 August 2011
Here if u have evidence to prove ur client's signature is forged by some one then u Can file a case against them ,moreover u can lodge the compliant to police abt misuse of the cheques and threatening reason.
Without other board of directors acceptance no existing director been relieved from board. So ur clients resignation once accepted then it implied he has no dues to the company . then how a director can threatening ur client,
we need more details about this
DEFENSE ADVOCATE.-firmaction@g
(Expert) 23 August 2011
it is vicarious liability and unless proper case is not made out in complaint no case possible.
ajay sethi
(Expert) 23 August 2011
when did your client resign as dirrector?
was intimation given to registrar of companies?
when were cheques duly signed by your client issued ? if they were against supply of goods the cheques must have been already presented .?
whether the cheques are within the validity period?
how can the cheques be in posession of MD?
in respect of the cheques issued when your client was acting as director and was an authorised signatory your client is liable on account of dishonour
Alok Vashishth
(Querist) 23 August 2011
1. when did your client resign as dirrector: Feb 2011
2. was intimation given to registrar of companies: Yes, resignation form uploaded on RoC next day itself
2. when were cheques duly signed by your client issued: Other director might be having blank cheque which he might have taken for some payment
if they were against supply of goods the cheques must have been already presented .?
whether the cheques are within the validity period?
how can the cheques be in posession of MD?
ajay sethi
(Expert) 23 August 2011
if your client has resigned as director in february 2011 and intimation given to registrar of companies on next day itself your client will not be liable for subseqent acts of the company . if however cheques have been issued prior to resignation he contiues to be liable .
you have stated that blank cheques are lying duly signed by you . file a police complaint immediatedly mentioining that on blank cheques your signatures ahve been obtained and you apprehend that they may fill in dates etc
Alok Vashishth
(Querist) 23 August 2011
Can I give intimation to Bank and request them to nullify the cheques issued by bank but not yet utilized. Both bank accounts are on freeze because of the forgery of my signature by another director on company cheques.
Dr Anil Kumar Singh
(Expert) 23 August 2011
You have to file a case under proper section if IPC against the person who forged your signatures and also mention blank cheques lying with them which will be made a tool against you. Ask bank to stop payment of such cheques taken from you in good faith prior to your resignation and which can be filled and put up to them. All experts are correct , but you are liable for cheques signed by your prior to your resignation.
Dr Anil Kumar Singh
(Expert) 23 August 2011
You have to file a case under proper section if IPC against the person who forged your signatures and also mention blank cheques lying with them which will be made a tool against you. Ask bank to stop payment of such cheques taken from you in good faith prior to your resignation and which can be filled and put up to them. All experts are correct , but you are liable for cheques signed by your prior to your resignation.
Advocate. Arunagiri
(Expert) 23 August 2011
Cheque bounce case can be initiated on the Director of the company, who is in charge of the day to day operations as on the date of cheque bounce.
Example.
Director signed the X cheque on 1 Jan 2011.
He resigned on 1 Feb 2011.
X Cheque presented on 1 Mar 2011 and bounced.
Director is not liable for this.
