https://www.taxtmi.com/caselaws?id=106718 A company remains a separate legal entity, so a managing director's personal property cannot be attached for recovery of the company's debt unless a special law creates personal liability or the corporate veil can properly be lifted. Section 322 of the Companies Act was read as governing shareholders' liability to the company, not as imposing personal liability on directors towards outsiders. On the facts, the attached asset was the appellant's personal property, and there was no basis to disregard the company's separate identity. The company alone remained liable for the debt, and the managing director was not personally answerable for recovery. en-us Fri, 12 Apr 2002 00:00:00 +0530 Thu, 15 Mar 2012 13:18:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106718 A company remains a separate legal entity, so a managing director's personal property cannot be attached for recovery of the company's debt unless a special law creates personal liability or the corporate veil can properly be lifted. Section 322 of the Companies Act was read as governing shareholders' liability to the company, not as imposing personal liability on directors towards outsiders. On the facts, the attached asset was the appellant's personal property, and there was no basis to disregard the company's separate identity. The company alone remained liable for the debt, and the managing director was not personally answerable for recovery. Case-Laws Companies Law Fri, 12 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106718