The promoter of a company borrowed a loan of ₹ 25 lakh on behalf of his company from the respondent. Later, at the request of respondent, the promoter sent a cheque from the company's account. However, the cheque was dis

The promoter of a company borrowed a loan of ₹ 25 lakh on behalf of his company from the respondent. Later, at the request of respondent, the promoter sent a cheque from the company's account. However, the cheque was dishonoured. The respondent filed a complaint under Section 138 with reference to dishonour of cheque for insufficiency, etc, of funds in the account, against the promoter/the borrower and another in connection with the bouncing of a cheque issued on behalf of the company. This complaint was challenged on the ground that, the promoter is neither a director nor a person-in-charge of the company and is not connected with the day-to-day affairs of the company and had neither opened nor is operating the bank account of the company and had not issued the cheque which was dishonoured and further contended that in any event notice of dishonour of the cheque was not served. Subsequently the complaint was lodged against the promoter (borrower). Based on the facts, answer the following questions: What is the extent of liability of the company and the person(s) in charge of the company in respect of an offence for dishonour of cheques ?