https://www.taxtmi.com/caselaws?id=111346 In winding up proceedings, directors must timely and fully file the company's statement of affairs; deliberate delay or incomplete disclosure can attract liability. Audited accounts showing overstatement of profits, inflated stock valuation, unexplained advances, and other accounting irregularities may indicate fraudulent conduct, diversion of funds, and misfeasance. Any dealing with or sale of company property after a winding up order, especially without informing the Official Liquidator, is treated as unauthorized interference with assets vested in liquidation and may trigger proceedings under the Companies Act, 1956. en-us Thu, 02 Nov 2006 00:00:00 +0530 Mon, 23 Apr 2012 11:32:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111346 In winding up proceedings, directors must timely and fully file the company's statement of affairs; deliberate delay or incomplete disclosure can attract liability. Audited accounts showing overstatement of profits, inflated stock valuation, unexplained advances, and other accounting irregularities may indicate fraudulent conduct, diversion of funds, and misfeasance. Any dealing with or sale of company property after a winding up order, especially without informing the Official Liquidator, is treated as unauthorized interference with assets vested in liquidation and may trigger proceedings under the Companies Act, 1956. Case-Laws Companies Law Thu, 02 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111346