Pawan, the Managing Director of ABC Ltd., resigned on 10 th May, 2012. The company has filed E-form No.32 with the Registrar of Companies mentioning the date of resignation as 5 th July, 2013. The company issued various

Pawan, the Managing Director of ABC Ltd., resigned on 10 th May, 2012. The company has filed E-form No.32 with the Registrar of Companies mentioning the date of resignation as 5 th July, 2013. The company issued various cheques to its investors in repayment of the deposits after 10 th May, 2012 and the said cheques were dishonoured. The investors filed complaints against the company and Pawan, the former Managing Director of the company. Discuss and advise whether Pawan shall be liable or not.