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of <h1>Accountability for misfeasance in company winding up u/s 340: powers to recover funds, restore property, seek compensation</h1> Section 340 of the Companies Act, 2013 empowers the Tribunal, during a company's winding up, to examine the conduct of promoters, present or former directors, managers, Company Liquidators, or officers who have misapplied, retained, or become liable for company money or property, or committed misfeasance or breach of trust. On application by the Official Liquidator, Company Liquidator, a creditor, or contributory, made within five years from the relevant triggering date, the Tribunal may order repayment or restoration with interest, or contribution by way of compensation to the company's assets, regardless of any concurrent criminal liability.
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