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Jan 23, 2025

SC Holds that Liability to Pay Interim Compensation under Section 143A of NIA Cannot Extend to Authorised Signatory of Company

The SC in the case of Shri Gurudatta Sugars Marketing (P) Ltd. v. Prithviraj Sayajirao Deshmukh,[1] held that the liability to pay interim compensation under Section 143A of the Negotiable Instruments Act, 1881 (‘NIA’), is upon the ‘drawer’ of the cheque and does not extend to the authorised signatory of the company. The Court held that authorised signatories act on behalf of the company but do not assume the company’s legal identity.

[1] Shri Gurudatta Sugars Marketing (P) Ltd. v. Prithviraj Sayajirao Deshmukh, (2024) 246 Comp Cas 1

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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