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of <h1>Liability Extension: Section 544 Applies to Partners/Directors in Company Winding Up per Companies Act, 1956 Amendments.</h1> Section 544 of the Companies Act, 1956, extends the liability under sections 542 and 543 to partners or directors of a firm or company during winding up. If a declaration or order is made under these sections concerning a firm or corporate body, the Tribunal has the authority to apply the same to any individual who was a partner or director at the relevant time. The term 'Tribunal' replaces 'Court' as per the Companies (Second Amendment) Act, 2002, though the effective date is yet to be notified.
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