https://www.taxtmi.com/caselaws?id=98043 In a winding-up misfeasance context, the Madras HC treated the secretary, assistant secretary and accountant of a bank as officers because their regular duties and active participation placed them in responsible positions in the bank's affairs, making them amenable to proceedings under section 235. The Court also held that misfeasance could arise where false entries, sham credits, unauthorized transfers, or similar acts facilitated, concealed, or completed losses caused by fraudulent misappropriation. As to directors, liability for irregular advances and dividends out of capital was limited before 7 March 1947 but affirmed after the damaging audit report was before the board, with compensation adjusted according to responsibility and set-off material. en-us Wed, 01 May 1963 00:00:00 +0530 Thu, 19 Jan 2012 10:22:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98043 In a winding-up misfeasance context, the Madras HC treated the secretary, assistant secretary and accountant of a bank as officers because their regular duties and active participation placed them in responsible positions in the bank's affairs, making them amenable to proceedings under section 235. The Court also held that misfeasance could arise where false entries, sham credits, unauthorized transfers, or similar acts facilitated, concealed, or completed losses caused by fraudulent misappropriation. As to directors, liability for irregular advances and dividends out of capital was limited before 7 March 1947 but affirmed after the damaging audit report was before the board, with compensation adjusted according to responsibility and set-off material. Case-Laws Companies Law Wed, 01 May 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98043