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<h1>Shareholders not personally liable for company debts. Collector restrained from seizing personal assets.</h1> The High Court of Allahabad ruled in favor of the shareholders of a limited company, stating that the Collector cannot proceed against their personal ... - The High Court of Allahabad ruled in favor of the shareholders of a limited company, stating that the Collector cannot proceed against their personal assets for sales tax assessed on the company. Shareholders are not personally liable for company debts. A writ of mandamus was issued to the Collector to refrain from taking action against the shareholders' personal assets. The petitioners were awarded costs.
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