Appellant-Director [Himanshu] cannot not be prosecuted for a Company-Issued, Director-Signed Cheque Bounce without Company [M/s. Lakshmi Cement and Industries Ltd.] being named/arraigned as an Accused.
Three-Judge Bench in Aneeta Hada, (2012) 5 SCC 661 governs the area of dispute. Three-Judge Bench has since been followed by a Two-Judge Bench in Charanjit Pal Jindal vs. L.N. Metalics, (2015) 15 SCC 768.
– Hon’ble Justice Dr. D.Y. Chandrachud, Himanshu v. B. Shivamurthy, [Criminal Appeal No. 1465 of 2009].