https://www.taxtmi.com/caselaws?id=97604 Section 235 misfeasance principles require proof that an officer committed a breach of trust causing pecuniary loss accompanied by wilful misconduct or culpable negligence; where evidence established improvident, unsecured advances and managing-director manipulation, the managing director was ordered to restore specified sums with interest and costs. Directors who knew of substantial unsecured advances and displayed reckless indifference were held personally liable and ordered to contribute; directors and the secretary who reasonably relied on officers or lacked means to detect misconduct were exonerated. Misfeasance proceedings remain maintainable despite non joinder where no common design is shown. en-us Mon, 11 Aug 1958 00:00:00 +0530 Tue, 17 Jan 2012 13:31:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97604 Section 235 misfeasance principles require proof that an officer committed a breach of trust causing pecuniary loss accompanied by wilful misconduct or culpable negligence; where evidence established improvident, unsecured advances and managing-director manipulation, the managing director was ordered to restore specified sums with interest and costs. Directors who knew of substantial unsecured advances and displayed reckless indifference were held personally liable and ordered to contribute; directors and the secretary who reasonably relied on officers or lacked means to detect misconduct were exonerated. Misfeasance proceedings remain maintainable despite non joinder where no common design is shown. Case-Laws Companies Law Mon, 11 Aug 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97604