https://www.taxtmi.com/caselaws?id=111373 Sections 542 and 543 of the Companies Act, 1956 were confined to applications by the Official Liquidator, liquidator, creditor or contributory, so an administrator appointed in liquidation proceedings could not maintain such an application absent statutory authority. The court also clarified that section 542(3) creates criminal liability, but the company judge/Tribunal cannot directly impose imprisonment or fine; it may only make the requisite declaration and leave criminal prosecution to the competent court through the proper statutory channel. The decision applies the plain meaning of the provision and rejects any expansion of the remedy by implication. en-us Wed, 22 Nov 2006 00:00:00 +0530 Mon, 23 Apr 2012 12:34:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111373 Sections 542 and 543 of the Companies Act, 1956 were confined to applications by the Official Liquidator, liquidator, creditor or contributory, so an administrator appointed in liquidation proceedings could not maintain such an application absent statutory authority. The court also clarified that section 542(3) creates criminal liability, but the company judge/Tribunal cannot directly impose imprisonment or fine; it may only make the requisite declaration and leave criminal prosecution to the competent court through the proper statutory channel. The decision applies the plain meaning of the provision and rejects any expansion of the remedy by implication. Case-Laws Companies Law Wed, 22 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111373