https://www.taxtmi.com/caselaws?id=97939 Amendment of a winding-up petition was allowed where the omission of section 543 from the heading caused no material prejudice and the petitioner could pay the additional court-fee. A compromise of the bank's decree and the post-appointment sale of mortgaged machinery, made after the provisional liquidator was appointed, were not in accordance with law because company property then stood under the Court's control; the sale was not disturbed for want of proof of undervalue, but remained subject to the bank's charge. Misapplied funds were recoverable under section 543 only from Om Parkash Sharma, who was ordered to refund the sum wrongfully retained, while no further compensatory order was made against the other directors. Unauthorized disposal of property in custodia legis also amounted to contempt, attracting liability for Om Parkash Sharma and the participating directors. en-us Fri, 15 Dec 1961 00:00:00 +0530 Wed, 18 Jan 2012 16:19:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97939 Amendment of a winding-up petition was allowed where the omission of section 543 from the heading caused no material prejudice and the petitioner could pay the additional court-fee. A compromise of the bank's decree and the post-appointment sale of mortgaged machinery, made after the provisional liquidator was appointed, were not in accordance with law because company property then stood under the Court's control; the sale was not disturbed for want of proof of undervalue, but remained subject to the bank's charge. Misapplied funds were recoverable under section 543 only from Om Parkash Sharma, who was ordered to refund the sum wrongfully retained, while no further compensatory order was made against the other directors. Unauthorized disposal of property in custodia legis also amounted to contempt, attracting liability for Om Parkash Sharma and the participating directors. Case-Laws Companies Law Fri, 15 Dec 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97939