https://www.taxtmi.com/caselaws?id=96823 Liability of a managing director under section 76(1) of the Indian Companies Act requires proof that the individual knowingly and wilfully participated in the default. Mere designation as managing director, eo nomine, does not establish the required mental element. The evidence did not demonstrate actual knowledge of, or deliberate involvement in, the default, and therefore did not connect the managing director to the contravention with the necessary culpability. The conviction was set aside and the fine was directed to be refunded. en-us Thu, 04 Apr 1940 00:00:00 +0530 Wed, 11 Jan 2012 13:17:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96823 Liability of a managing director under section 76(1) of the Indian Companies Act requires proof that the individual knowingly and wilfully participated in the default. Mere designation as managing director, eo nomine, does not establish the required mental element. The evidence did not demonstrate actual knowledge of, or deliberate involvement in, the default, and therefore did not connect the managing director to the contravention with the necessary culpability. The conviction was set aside and the fine was directed to be refunded. Case-Laws Companies Law Thu, 04 Apr 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96823