As per case facts a company's cheque was dishonored and the lender prosecuted the company and its directors including Mrs Ranjana Sharma The High Court quashed the proceedings against Mrs ... Ranjana Sharma a director citing insufficient averments to establish her vicarious liability under Section of the NI Act The lender appealed highlighting averments that she was responsible for its day-to-day affairs management and working and participated in negotiations The question arose whether the complaint contained sufficient averments to invoke vicarious liability against Mrs Ranjana Sharma under Section of the NI Act Finally the Supreme Court allowed the appeal holding that exact reproduction of the statutory words is not mandatory the averments that she was responsible for its day-to-day affairs management and working and actively involved in negotiations and execution of relevant documents clearly fulfilled the requirements of Section of the NI Act

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