https://www.taxtmi.com/caselaws?id=109582 The court found the ex-directors of a company in liquidation liable for non-compliance in submitting the statement of affairs as required by law. Despite their justifications for delay, the court emphasized the statutory obligation to provide financial information promptly. Penalties under section 454(5) of the Companies Act, 1956, were imposed, with a fine of Rs. 10 per day of default totaling Rs. 16,300 for each non-compliant ex-director. The court allowed installment payments due to financial constraints. The judgment highlighted the importance of adhering to legal requirements and imposed fines for the ex-directors' failure to comply. en-us Fri, 02 May 2003 00:00:00 +0530 Tue, 10 Apr 2012 18:17:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109582 The court found the ex-directors of a company in liquidation liable for non-compliance in submitting the statement of affairs as required by law. Despite their justifications for delay, the court emphasized the statutory obligation to provide financial information promptly. Penalties under section 454(5) of the Companies Act, 1956, were imposed, with a fine of Rs. 10 per day of default totaling Rs. 16,300 for each non-compliant ex-director. The court allowed installment payments due to financial constraints. The judgment highlighted the importance of adhering to legal requirements and imposed fines for the ex-directors' failure to comply. Case-Laws Companies Law Fri, 02 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109582