S.M.S. Pharmaceuticals Ltd vs Neeta Bhalla And Anr

The Supreme Court addressed the interpretation of Section 141 of the Negotiable Instruments Act, 1881, determining that it is sufficient for the substance of the allegations to meet the section's requirements without needing to explicitly state that the accused was responsible for the company's conduct. The Court held that a director is presumed to be in charge of the company and can be held liable unless proven otherwise. The matter was referred to a larger bench for further clarification on these issues.