https://www.taxtmi.com/caselaws?id=102670 Ex-directors were not liable for punishment for failure to file the statement of affairs under section 454 of the Companies Act, 1956, because the obligation applies only to persons in charge of, or concerned with, the company's affairs at the relevant time and able to provide the prescribed particulars. As the company's assets had already been taken over and sold before the winding-up order, and the accused no longer possessed the books, accounts, or other information needed to prepare the statement, their default was supported by a reasonable excuse. The court therefore found no basis to punish them under section 454. en-us Thu, 02 Feb 1995 00:00:00 +0530 Wed, 15 Feb 2012 16:49:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102670 Ex-directors were not liable for punishment for failure to file the statement of affairs under section 454 of the Companies Act, 1956, because the obligation applies only to persons in charge of, or concerned with, the company's affairs at the relevant time and able to provide the prescribed particulars. As the company's assets had already been taken over and sold before the winding-up order, and the accused no longer possessed the books, accounts, or other information needed to prepare the statement, their default was supported by a reasonable excuse. The court therefore found no basis to punish them under section 454. Case-Laws Companies Law Thu, 02 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102670