https://www.taxtmi.com/caselaws?id=98002 Directors may be liable for misfeasance where they permit unauthorised advances and overdrafts in breach of board resolutions and accounting requirements, and where balance-sheets fail to disclose directors' indebtedness; misfeasance was proved against the managing director and one director, but not against the appellant with insufficient connection to the irregularities. In construing limitation under section 235 of the Indian Companies Act, 1913, the phrase "first appointment of a liquidator in the winding up" was held to mean the appointment of the regular liquidator after the winding-up order, not the provisional liquidator. Accordingly, the misfeasance applications against the other appellants were within time and not barred. en-us Tue, 19 Feb 1963 00:00:00 +0530 Wed, 18 Jan 2012 17:35:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98002 Directors may be liable for misfeasance where they permit unauthorised advances and overdrafts in breach of board resolutions and accounting requirements, and where balance-sheets fail to disclose directors' indebtedness; misfeasance was proved against the managing director and one director, but not against the appellant with insufficient connection to the irregularities. In construing limitation under section 235 of the Indian Companies Act, 1913, the phrase "first appointment of a liquidator in the winding up" was held to mean the appointment of the regular liquidator after the winding-up order, not the provisional liquidator. Accordingly, the misfeasance applications against the other appellants were within time and not barred. Case-Laws Companies Law Tue, 19 Feb 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98002