https://www.taxtmi.com/caselaws?id=98071 Section 235 of the Indian Companies Act, 1913 creates a personal liability against the officer whose conduct is under inquiry, so misfeasance proceedings do not survive against the legal representatives of deceased respondents. The special limitation in section 45-O(2) of the Banking Companies Act, 1949 applies to a banking company's misfeasance claim against directors, while the ordinary three-year limitation continues to govern claims against non-directors. On the merits, directors cannot avoid responsibility by leaving management entirely to a managing director or staff; they retain a continuing duty of supervision and may be liable where control and scrutiny were inadequate, though liability may be moderated according to individual participation. en-us Fri, 08 Nov 1963 00:00:00 +0530 Thu, 19 Jan 2012 11:09:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98071 Section 235 of the Indian Companies Act, 1913 creates a personal liability against the officer whose conduct is under inquiry, so misfeasance proceedings do not survive against the legal representatives of deceased respondents. The special limitation in section 45-O(2) of the Banking Companies Act, 1949 applies to a banking company's misfeasance claim against directors, while the ordinary three-year limitation continues to govern claims against non-directors. On the merits, directors cannot avoid responsibility by leaving management entirely to a managing director or staff; they retain a continuing duty of supervision and may be liable where control and scrutiny were inadequate, though liability may be moderated according to individual participation. Case-Laws Companies Law Fri, 08 Nov 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98071