https://www.taxtmi.com/caselaws?id=97607 Membership of a committee of inspection imports a fiduciary character and imposes duties of loyalty and full disclosure; accordingly committee members (or their nominees) may not purchase company assets acquired in liquidation without disclosure. Concealment of the true purchaser and an admitted benami transaction established breach of fiduciary duty, rendering the purchases tainted and subject to restoration. The official liquidator is entitled to reclaim the properties; claims for compensation for improvements were not adjudicated and were left for separate proceedings. en-us Tue, 09 Sep 1958 00:00:00 +0530 Tue, 17 Jan 2012 14:24:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97607 Membership of a committee of inspection imports a fiduciary character and imposes duties of loyalty and full disclosure; accordingly committee members (or their nominees) may not purchase company assets acquired in liquidation without disclosure. Concealment of the true purchaser and an admitted benami transaction established breach of fiduciary duty, rendering the purchases tainted and subject to restoration. The official liquidator is entitled to reclaim the properties; claims for compensation for improvements were not adjudicated and were left for separate proceedings. Case-Laws Companies Law Tue, 09 Sep 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97607