https://www.taxtmi.com/caselaws?id=100119 The High Court dismissed the second appeal, affirming the lower courts' decision holding the managing director liable for the shortage of yarn stock. The court ruled that Section 633 of the Companies Act did not apply to relieve the managing director of liability due to his lack of honest and reasonable conduct in managing the stock. The court emphasized the managing director's duty to account for losses and his control over the yarn stock, as evidenced by the issuance of gate passes. en-us Tue, 13 Apr 1982 00:00:00 +0530 Tue, 31 Jan 2012 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100119 The High Court dismissed the second appeal, affirming the lower courts' decision holding the managing director liable for the shortage of yarn stock. The court ruled that Section 633 of the Companies Act did not apply to relieve the managing director of liability due to his lack of honest and reasonable conduct in managing the stock. The court emphasized the managing director's duty to account for losses and his control over the yarn stock, as evidenced by the issuance of gate passes. Case-Laws Companies Law Tue, 13 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100119