https://www.taxtmi.com/caselaws?id=97084 A winding-up court may refuse to order public examination of directors resident abroad where the direction would be coercive but practically unenforceable; the request was rejected. A misfeasance proceeding under section 235 remains maintainable against foreign-resident directors because it is a summary remedy for recovery of misapplied company funds and procedural service can be effected; the application was held maintainable in principle. A refundable permanent deposit taken for a specific purpose may be treated as trust money, giving the applicants preferential status, but that preference does not override a mortgagee bank's prior charge over specifically mortgaged or hypothecated assets. en-us Tue, 12 Dec 1950 00:00:00 +0530 Fri, 13 Jan 2012 18:53:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97084 A winding-up court may refuse to order public examination of directors resident abroad where the direction would be coercive but practically unenforceable; the request was rejected. A misfeasance proceeding under section 235 remains maintainable against foreign-resident directors because it is a summary remedy for recovery of misapplied company funds and procedural service can be effected; the application was held maintainable in principle. A refundable permanent deposit taken for a specific purpose may be treated as trust money, giving the applicants preferential status, but that preference does not override a mortgagee bank's prior charge over specifically mortgaged or hypothecated assets. Case-Laws Companies Law Tue, 12 Dec 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97084