National Housing Bank vs Bherudan Dugar Housing Finance Ltd. 2024 INSC 566 – National Housing Bank Act

National Housing Bank Act, 1987; Section 50 – sub-Section (1) of Section 50 is pari materia with Section 141 of the Negotiable Instruments Act- Unless assertions, as required by sub-Section (1) of Section 50, are made, vicarious liability of the Directors of the first accused company is not attracted- in the absence of the averments as contemplated by sub-section (1) of Section 50 of the 1984 Act in the complaint, the Trial Court could not have taken cognizance of the offence against the third to seventh accused, who are allegedly the directors of the first accused company.

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