https://www.taxtmi.com/caselaws?id=103208 In misfeasance proceedings under section 543 of the Companies Act, 1956, director liability is joint and several, so the application can proceed against a surviving director even if another director has died and his legal representatives are not impleaded, especially where no timely claim was pursued against them. Liability is confined to items of misapplication or accountability proved on the merits. On the facts, the court upheld liability only for the company funds advanced to Devichand and Co. with interest, and set aside liability for the remaining disputed items, thereby modifying the decree accordingly. en-us Thu, 24 Jun 1993 00:00:00 +0530 Tue, 21 Feb 2012 15:09:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103208 In misfeasance proceedings under section 543 of the Companies Act, 1956, director liability is joint and several, so the application can proceed against a surviving director even if another director has died and his legal representatives are not impleaded, especially where no timely claim was pursued against them. Liability is confined to items of misapplication or accountability proved on the merits. On the facts, the court upheld liability only for the company funds advanced to Devichand and Co. with interest, and set aside liability for the remaining disputed items, thereby modifying the decree accordingly. Case-Laws Companies Law Thu, 24 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103208