https://www.taxtmi.com/caselaws?id=96529 Directors are not express trustees merely because they control company affairs or assets; section 10 of the Limitation Act applies only where property is vested in trust for a specific purpose, so limitation is not excluded on that basis. A misfeasance application under section 235 of the Indian Companies Act is a procedural remedy enforcing existing rights and does not create a fresh substantive right on winding up. Limitation therefore runs from the date of the wrongful act, not from the winding-up order. On those principles, the directors could invoke limitation and the liquidator's claim was time-barred. en-us Fri, 17 Jan 1930 00:00:00 +0530 Mon, 09 Jan 2012 10:24:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96529 Directors are not express trustees merely because they control company affairs or assets; section 10 of the Limitation Act applies only where property is vested in trust for a specific purpose, so limitation is not excluded on that basis. A misfeasance application under section 235 of the Indian Companies Act is a procedural remedy enforcing existing rights and does not create a fresh substantive right on winding up. Limitation therefore runs from the date of the wrongful act, not from the winding-up order. On those principles, the directors could invoke limitation and the liquidator's claim was time-barred. Case-Laws Companies Law Fri, 17 Jan 1930 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96529