Government power to sue for recovery of company property or damages following investigative reports, with indemnity for costs. Central Government may initiate proceedings in the name of a company or body corporate where an investigative report indicates public interest grounds to recover damages for fraud, misfeasance or other misconduct related to promotion, formation or management, or to recover company property misapplied or wrongfully retained; the Government must indemnify the company or body corporate for costs and expenses incurred in connection with such proceedings.
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 sue for recovery of company property or damages following investigative reports, with indemnity for costs.
Central Government may initiate proceedings in the name of a company or body corporate where an investigative report indicates public interest grounds to recover damages for fraud, misfeasance or other misconduct related to promotion, formation or management, or to recover company property misapplied or wrongfully retained; the Government must indemnify the company or body corporate for costs and expenses incurred in connection with such proceedings.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.