https://www.taxtmi.com/caselaws?id=103303 The court found the ex-directors guilty of misfeasance and fraudulent trading under sections 542 and 543 of the Companies Act, 1956, holding them personally liable for unjustifiably withdrawing large sums from the company. The ex-directors and their heirs were directed to refund the amounts withdrawn to the official liquidator. Jurisdiction was upheld for the court to hear the applications, which were found not barred by limitation. The court rejected the argument of applying the partnership principle to the private limited company. The ex-directors' actions were deemed as misfeasance and breach of trust, resulting in a monetary judgment against them and their heirs. en-us Wed, 27 Mar 1996 00:00:00 +0530 Wed, 22 Feb 2012 12:12:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103303 The court found the ex-directors guilty of misfeasance and fraudulent trading under sections 542 and 543 of the Companies Act, 1956, holding them personally liable for unjustifiably withdrawing large sums from the company. The ex-directors and their heirs were directed to refund the amounts withdrawn to the official liquidator. Jurisdiction was upheld for the court to hear the applications, which were found not barred by limitation. The court rejected the argument of applying the partnership principle to the private limited company. The ex-directors' actions were deemed as misfeasance and breach of trust, resulting in a monetary judgment against them and their heirs. Case-Laws Companies Law Wed, 27 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103303