Good afternoon Dear Members,
My querry regarding cheque bouncing.
I want know, if two authorised signatory of singing the cheques for operating of bank account of a Registered Collage. one is President of collage and second is Cashier, cashier liability is restricted up to Rs.10,000.00 by memorandum & Article of Collage.
The president of collage has given a cheque of Rs.8,00,000.00 to lender for loan taken by President in Cash of Rs.10,00,000.00 and cheques has been bounced and lender filled case under N I Act and make party both of Signatory.
In the above situation, what can do by cashier Please help......
Thanks
Ramgopal
