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of <h1>Section 424K: Misfeasance Proceedings for Directors of Sick Companies under Companies Act 1956; Tribunal May Order Repayment.</h1> Section 424K of the Companies Act, 1956, addresses misfeasance proceedings related to sick industrial companies. It empowers the Tribunal to order individuals involved in the management or formation of such companies, including directors and employees, to repay or compensate for misapplied funds or property. If these individuals have diverted company resources for non-bona fide purposes or managed the company detrimentally, the Tribunal can restrict financial institutions from assisting them for ten years. The Tribunal must provide an opportunity for submissions before making any order, and these provisions apply regardless of potential criminal liability.
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