https://www.taxtmi.com/caselaws?id=97422 Directors and a manager were found liable for misfeasance and misapplication of company funds where company money was advanced to concerns in which the directors had a direct proprietary interest. The court rejected the defence of bona fide commercial discretion because the advances were knowingly made in breach of statutory restrictions on lending to directors or firms in which they were interested. Section 235 of the Indian Companies Act, 1913 was held wide enough to cover misfeasance, misapplication, retention, and liability for company money, and the respondents were directed jointly and severally to restore the loss with interest and costs. en-us Fri, 20 Jul 1956 00:00:00 +0530 Mon, 16 Jan 2012 16:09:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97422 Directors and a manager were found liable for misfeasance and misapplication of company funds where company money was advanced to concerns in which the directors had a direct proprietary interest. The court rejected the defence of bona fide commercial discretion because the advances were knowingly made in breach of statutory restrictions on lending to directors or firms in which they were interested. Section 235 of the Indian Companies Act, 1913 was held wide enough to cover misfeasance, misapplication, retention, and liability for company money, and the respondents were directed jointly and severally to restore the loss with interest and costs. Case-Laws Companies Law Fri, 20 Jul 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97422