https://www.taxtmi.com/caselaws?id=97548 Section 185 of the Indian Companies Act, 1913 applied only where company money or property was received in the relevant statutory capacity, and not where directors were repaid merely as creditors; recovery under that provision was therefore unavailable. Section 235 likewise required proof that the person fell within the specified class and had misapplied, retained, or become accountable for company property, or was guilty of misfeasance or breach of trust; those elements were not established on repayments of loans made to the company. The Bombay High Court accordingly set aside the refund order and dismissed the liquidator's application. en-us Fri, 20 Sep 1957 00:00:00 +0530 Tue, 17 Jan 2012 12:07:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97548 Section 185 of the Indian Companies Act, 1913 applied only where company money or property was received in the relevant statutory capacity, and not where directors were repaid merely as creditors; recovery under that provision was therefore unavailable. Section 235 likewise required proof that the person fell within the specified class and had misapplied, retained, or become accountable for company property, or was guilty of misfeasance or breach of trust; those elements were not established on repayments of loans made to the company. The Bombay High Court accordingly set aside the refund order and dismissed the liquidator's application. Case-Laws Companies Law Fri, 20 Sep 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97548