Government power to initiate recovery proceedings permits state action to reclaim damages and misapplied property from LLPs. Central Government may, on a report under section 49 and where it appears necessary in the public interest, itself bring proceedings to recover damages for fraud, misfeasance or other misconduct in the promotion, formation or management of a limited liability partnership or other investigated entity, and to recover any property of such LLP or entity that has been misapplied or wrongfully retained.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Government power to initiate recovery proceedings permits state action to reclaim damages and misapplied property from LLPs.
Central Government may, on a report under section 49 and where it appears necessary in the public interest, itself bring proceedings to recover damages for fraud, misfeasance or other misconduct in the promotion, formation or management of a limited liability partnership or other investigated entity, and to recover any property of such LLP or entity that has been misapplied or wrongfully retained.
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