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Section 138 of N.I Act applicable to company

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Can anyone please advise on sec 138, if a PDC cheque is bounced on account of EMI, signed by a director of a pvt limited company, the loan was a commercial loan by the bank, wherein due to business loss the company could not pay the EMI amount when due.  the cars were repossessed and sold by the bank for a considerable amount, can the director be prosecuted for cheque bounce under sec 138 and what are the implications of sec 142 of N.I Act.

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