https://www.taxtmi.com/caselaws?id=98321 In misfeasance proceedings against banking company directors, the special limitation rule under the Banking Companies Act applied to an application by the liquidator made on behalf of the company, so the claim was treated as within time. Director liability for cash shortage and manipulation of bank balances arose only after circumstances, including a Reserve Bank inspection report, put the board on notice of serious defects; losses before that warning were not fastened on the directors. The managing director was treated more strictly because of his continuous executive control and broader breach of duty. The Court also adjusted the quantified contribution to reflect differing responsibility and tenure. en-us Fri, 07 Jan 1966 00:00:00 +0530 Fri, 20 Jan 2012 11:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98321 In misfeasance proceedings against banking company directors, the special limitation rule under the Banking Companies Act applied to an application by the liquidator made on behalf of the company, so the claim was treated as within time. Director liability for cash shortage and manipulation of bank balances arose only after circumstances, including a Reserve Bank inspection report, put the board on notice of serious defects; losses before that warning were not fastened on the directors. The managing director was treated more strictly because of his continuous executive control and broader breach of duty. The Court also adjusted the quantified contribution to reflect differing responsibility and tenure. Case-Laws Companies Law Fri, 07 Jan 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98321