Section 138, an efficient tool to recover dues against dishonoured cheque: Adv Shah
THE first Annual General Meeting (AGM) of Chamber of Small Industries Associations (COSIA), Vidarbha Chapter was recently organised at MIA, Centre for Sports & Recreation, Central MIDC Road, Hingna. In the meeting a interactive session on ‘Negotiable Instrument Act section 138’, was organised. The session was chaired by renowned senior Advocate Rajesh Shah. He said, “Section 138, is an efficient tool to recover the outstanding dues against the dishonoured cheque. Apart from this, section 138 does not require civil suit proceedings which consists of lengthy legal procedures and deposit. Under the section, a defaulter is prosecuted under criminal law.” Also, recent amendments have made it more stringent. There is recovery of double the principle amount and also imprisonment upto 2 years.
These stringent punishments have made this section more deterrent for defaulters and helpful to victims, Advocate Shah added. Chairman of COSIA Mayank Shukla, welcomed the members who were present at the meeting. He gave the details about the future programmes to be organised by the association. Shukla said, “Vidarbha Chapter is financially sound and self sustainable now due to the help and co-operation of our members.”
He called upon the members to patronise the monthly House Bulletin of COSIA. “The funds that will be generated will help us to build corpus of the chapter, which in turn can help us to grow assets and make the chapter financially strong,” he pointed out. He further added that in the near future, COSIA, Vidarbha Chapter will be organising a ‘Vendor Development Programme (VDP)’ in collaboration with MahaMetro Rail Corporation Limited.
This will open new opportunities for local industrialists to boost their manufacturing activities as well as help MMRL in developing local vendors for their routine procurement items, Shukla added. After Chairman Shukla’s address, Core Committee member Pranav Ambasalkar, read out the activity report of the chapter. In total about 12 activities for the benefit of members were carried out after the formal inauguration of the chapter in last April. He was thankful to various Government authorities like MIDC, JDI, MSMEDI, GST office, NSIC, GM (DIC) etc., which have supported COSIA, Vidarbha Chapter in carrying out their activities. He had a special word of gratitude for Institute of Chartered Accountants of India (ICAI), Nagpur Chapter which is always ready to work shoulder to shoulder with COSIA Vidarbha Team, Ambasalkar said. Sunil Jejani, R K Chokhani, Sachin Jain, Pravin Palkar, Asutosh Dass and others were present. C B Bendre took efforts to make this programme a grand success. Chander Khosla, Past President proposed the vote of thanks. The meeting was attended in large numbers by individuals and representatives of various industrial associations.