https://www.taxtmi.com/caselaws?id=103953 The court dismissed the application under section 454 of the Companies Act, 1956, seeking punishment for ex-Directors of a company for failing to submit the company's affairs statement within the stipulated period. The court found that the Managing Director, who ceased to be a Director before the relevant date, submitted the records and statement later, while other non-applicants faced difficulties due to the Managing Director withholding records. Considering the circumstances and disputes within the company, the court concluded that there was a reasonable excuse for the delay and discharged the non-applicants from any liability. en-us Fri, 24 Oct 1997 00:00:00 +0530 Sat, 25 Feb 2012 11:48:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103953 The court dismissed the application under section 454 of the Companies Act, 1956, seeking punishment for ex-Directors of a company for failing to submit the company's affairs statement within the stipulated period. The court found that the Managing Director, who ceased to be a Director before the relevant date, submitted the records and statement later, while other non-applicants faced difficulties due to the Managing Director withholding records. Considering the circumstances and disputes within the company, the court concluded that there was a reasonable excuse for the delay and discharged the non-applicants from any liability. Case-Laws Companies Law Fri, 24 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103953