In addition to the observation of Shri Saraswat Banerjee, I may point out that company laws are almost identical in every country that lay equal responsibilities on Directors of the company working on behalf of the company, which is declared as an artificial person and a separate legal entity. So, whatever transactions are made for and on behalf of the company, all the directors are made responsible jointly, equally and severally. So according to any company law, no immunity can be granted to any of the directors from any responsibility.
Further, a cheque signing authority is not merely a nominal signatory of the cheque just to fill in the blank. The theme behind opening of a joint account and making more than one signatory is to ensure that no illegitimate and illegal transaction is made for and on behalf of the artificial body, the company. Each signatory has to play its own role to counter-check with reference to the approvals, invoices, vouchers and other supporting documents, whether the funds of the company are being used legitimately for and in the interest of the company or not, and also that any fraudulent withdrawal or unapproved and undesirable expenditure is not made.
So, as per legal position, no immunity is granted to any cheque signing authority. So, there is no scope to get a financial release indemnity from the other co signatory as such a release, even if made, will be invalid in law.
23rd October 2016 From India, Delhi