https://www.taxtmi.com/caselaws?id=98200 In mismanagement proceedings under the Companies Act, the text states that a wholly owned subsidiary may be treated as part of the holding company's affairs where the group structure shows practical unity, financial interdependence, and common control, and compensatory relief under section 543 may be sought in the same proceeding without a separate application. It also explains that director liability for misfeasance depends on proved breach of loyalty, breach of trust, collusion, or actionable negligence, not mere errors of business judgment. The discussion further notes that interim court-supervised management should not continue longer than necessary and may be adjusted to move the company toward ordinary corporate governance. en-us Wed, 14 Feb 1962 00:00:00 +0530 Thu, 19 Jan 2012 16:09:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98200 In mismanagement proceedings under the Companies Act, the text states that a wholly owned subsidiary may be treated as part of the holding company's affairs where the group structure shows practical unity, financial interdependence, and common control, and compensatory relief under section 543 may be sought in the same proceeding without a separate application. It also explains that director liability for misfeasance depends on proved breach of loyalty, breach of trust, collusion, or actionable negligence, not mere errors of business judgment. The discussion further notes that interim court-supervised management should not continue longer than necessary and may be adjusted to move the company toward ordinary corporate governance. Case-Laws Companies Law Wed, 14 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98200