Bounced cheques: MD of pharma firm sent to jail

A local court on Friday sentenced the Managing Director of a pharmaceutical company to five months in jail and asked him and the firm to pay a fine of Rs 3.2 crore for issuing 16 cheques which were dishonoured.

Fine can't be more than twice the amount in bounced cheque: SC

Courts cannot impose a fine of more than twice the amount in bounced cheques, the Supreme Court has held, stressing that the limit is inviolable and should be respected.