21. Appellant No. 2 is a Director of Appellant No. 1 - Company. He is
merely vicariously liable for the acts of the company. He could be
prosecuted only if the ingredients laid down inSection 141 of the Act are
satisfied.. See K. Srikanth Singh Vs. M/s. North East Securities Ltd. & Anr.
[(2007) 9 SCALE 371]