https://www.taxtmi.com/caselaws?id=99435 The court clarified that directors cannot avoid their obligations under section 210(5) of the Companies Act, 1956 by failing to hold an annual general meeting or citing lack of quorum as a defense for not laying financial statements. Directors are accountable for defaults, even if not willful, and cannot benefit from their own neglect. The judgment set aside the directors' acquittal and convicted them under section 210(5), imposing fines. This emphasized the legislative intent to ensure directors face penal consequences for their failures, distinguishing between willful default and liability under the Act. en-us Mon, 04 Aug 1975 00:00:00 +0530 Fri, 27 Jan 2012 13:09:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99435 The court clarified that directors cannot avoid their obligations under section 210(5) of the Companies Act, 1956 by failing to hold an annual general meeting or citing lack of quorum as a defense for not laying financial statements. Directors are accountable for defaults, even if not willful, and cannot benefit from their own neglect. The judgment set aside the directors' acquittal and convicted them under section 210(5), imposing fines. This emphasized the legislative intent to ensure directors face penal consequences for their failures, distinguishing between willful default and liability under the Act. Case-Laws Companies Law Mon, 04 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99435