Section 141 of NIA : Section 141: Offences By Companies

NIA

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Explanation using Example

Imagine a scenario where "QuickTech Solutions Pvt. Ltd." issues a cheque to a supplier, "Hardware Corp," for the purchase of computer equipment. The cheque is signed by the managing director of QuickTech. However, due to insufficient funds in QuickTech's account, the cheque gets dishonored.

Under Section 138 of the Negotiable Instruments Act, issuing a dishonored cheque due to insufficient funds is an offence. According to Section 141, not only is QuickTech Solutions Pvt. Ltd. liable...

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