https://www.taxtmi.com/caselaws?id=99485 Proceedings under sections 542 and 543 of the Companies Act may begin during winding up once relevant disclosures make fraud, misfeasance, misapplication or breach of trust appear, without waiting for final liquidation accounts or an established shortfall. The application was also held to be within limitation, because the section 543 filing was within five years of the winding-up order and the section 542 claim was brought within three years of the statement of affairs disclosing the relevant conduct. General allegations were insufficient, however, and the application could proceed only against respondents against whom specific material was pleaded, not against respondents 3 to 6. en-us Tue, 19 Apr 1977 00:00:00 +0530 Fri, 27 Jan 2012 14:57:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99485 Proceedings under sections 542 and 543 of the Companies Act may begin during winding up once relevant disclosures make fraud, misfeasance, misapplication or breach of trust appear, without waiting for final liquidation accounts or an established shortfall. The application was also held to be within limitation, because the section 543 filing was within five years of the winding-up order and the section 542 claim was brought within three years of the statement of affairs disclosing the relevant conduct. General allegations were insufficient, however, and the application could proceed only against respondents against whom specific material was pleaded, not against respondents 3 to 6. Case-Laws Companies Law Tue, 19 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99485