Separate speaking orders on reopening objections are mandatory; deciding them within reassessment invalidates jurisdiction and precludes revival of st...
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Former director liability for refunding funds raised through Redeemable Preference Shares continued despite resignation because the director served throughout the financial years in which the company issued the shares and collected investor funds. Final directions required the company and named directors to refund investors, permitted recovery upon non-compliance, and had been affirmed on appeal. Recovery proceedings and remittance of funds from the former director's attached bank accounts were therefore valid, and the writ petition was dismissed.
Former director liability for refunding funds raised through Redeemable Preference Shares continued despite resignation because the director served throughout the financial years in which the company issued the shares and collected investor funds. Final directions required the company and named directors to refund investors, permitted recovery upon non-compliance, and had been affirmed on appeal. Recovery proceedings and remittance of funds from the former director's attached bank accounts were therefore valid, and the writ petition was dismissed.
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