“This Court has noted that the object of the statute was to facilitate smooth functioning of business transactions. The provision is necessary as in many transactions’ cheques were issued merely as a device to defraud the creditors. Dishonor of cheque causes incalculable loss, injury and inconvenience to the Vide the Banking, Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act, 1988 payee and credibility of business transactions suffers a setback. At the same time, it was also noted that nature of offence under Section 138 primarily related to a civil wrong and the 2002 amendment specifically made it compoundable.” Supreme Court in Seshia vs State of Telangana on Feb1, 2023.
The Supreme Court of India has held in Dr.Subramanian Swamy vs.Dir,CBI that Sec.6A of the DSPE Act,1948 which mandates that approval of the government is necessary to conduct an investigation under the Prevention of Corruption Act,1988 for the posts of Jt.Secy. and above as well as officers apponted by the Central Government in corporations,is invalid and violative of Art.14 of the Constitution of India.
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