https://www.taxtmi.com/caselaws?id=99434 Directors who remain associated with control and allow reckless, collusive or unexplained depletion of company funds may be liable for misfeasance and breach of trust, even if one person dominated management. The court treated admitted directorship, documentary evidence and the accountant's report as sufficient to establish culpable inaction and failure to safeguard assets, and rejected the defence of non-involvement. The proceeding did not abate on the death of one respondent because misfeasance liability was joint and several, and it was not time-barred. Compensation, interest and costs were awarded, and criminal prosecution was directed against specified directors where the facts showed deliberate wrongful depletion. en-us Fri, 20 Jun 1975 00:00:00 +0530 Fri, 27 Jan 2012 13:07:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99434 Directors who remain associated with control and allow reckless, collusive or unexplained depletion of company funds may be liable for misfeasance and breach of trust, even if one person dominated management. The court treated admitted directorship, documentary evidence and the accountant's report as sufficient to establish culpable inaction and failure to safeguard assets, and rejected the defence of non-involvement. The proceeding did not abate on the death of one respondent because misfeasance liability was joint and several, and it was not time-barred. Compensation, interest and costs were awarded, and criminal prosecution was directed against specified directors where the facts showed deliberate wrongful depletion. Case-Laws Companies Law Fri, 20 Jun 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99434