https://www.taxtmi.com/caselaws?id=99431 The court held Mr. M.N. Mitra, the managing director, personally liable for misfeasance and breach of trust, ordering him to compensate the company for Rs. 83,700 with interest. Respondent No. 3, Ranadeb Choudhuri, was exonerated from liability due to lack of involvement in the company's fraudulent activities. The official liquidator was directed to initiate criminal proceedings against M.N. Mitra and receive costs from him, with initial payment from the company's assets. en-us Fri, 23 May 1975 00:00:00 +0530 Fri, 27 Jan 2012 13:06:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99431 The court held Mr. M.N. Mitra, the managing director, personally liable for misfeasance and breach of trust, ordering him to compensate the company for Rs. 83,700 with interest. Respondent No. 3, Ranadeb Choudhuri, was exonerated from liability due to lack of involvement in the company's fraudulent activities. The official liquidator was directed to initiate criminal proceedings against M.N. Mitra and receive costs from him, with initial payment from the company's assets. Case-Laws Companies Law Fri, 23 May 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99431