https://www.taxtmi.com/caselaws?id=99915 The court dismissed the application seeking personal liability of former directors and a general manager under Section 542(1) of the Companies Act, 1956. Despite evidence of ongoing credit sales without disclosure of financial status, the court found no proof of fraudulent intent. The documents and testimonies highlighted financial difficulties but did not establish fraudulent trading. Consequently, the court ruled that each party was to bear its own costs, concluding that the claims lacked merit. en-us Mon, 23 Jun 1980 00:00:00 +0530 Mon, 30 Jan 2012 15:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99915 The court dismissed the application seeking personal liability of former directors and a general manager under Section 542(1) of the Companies Act, 1956. Despite evidence of ongoing credit sales without disclosure of financial status, the court found no proof of fraudulent intent. The documents and testimonies highlighted financial difficulties but did not establish fraudulent trading. Consequently, the court ruled that each party was to bear its own costs, concluding that the claims lacked merit. Case-Laws Companies Law Mon, 23 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99915