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The provisions relating to declaration of significant beneficial ownership (“SBO”) were introduced in the Companies Act, 2013 (“Act”) with effect from June 2018, to prevent misuse of corporate...
Are all directions of a company deemed to be criminally liable in the event of dishonor of cheque issued by the company? Can they all be prosecuted for the dishonor of the cheque? Is it possible at all for the directors to contend that they are not liable to be prosecuted? In this article, authors answer these questions which have been frequently asked given the general understanding that all the directors are responsible for the day-to-day conduct of business of the company
