https://www.taxtmi.com/caselaws?id=111675 Liability under section 454(5) of the Companies Act, 1956 required proof of a default in complying with the obligation to file the statement of affairs. The record did not contain cogent material establishing that the respondents had, without reasonable excuse, committed the alleged non-compliance, and their explanation was accepted. On that basis, the respondents were not held guilty under section 454(5), and the application was rejected. en-us Fri, 15 Sep 2006 00:00:00 +0530 Tue, 24 Apr 2012 16:45:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111675 Liability under section 454(5) of the Companies Act, 1956 required proof of a default in complying with the obligation to file the statement of affairs. The record did not contain cogent material establishing that the respondents had, without reasonable excuse, committed the alleged non-compliance, and their explanation was accepted. On that basis, the respondents were not held guilty under section 454(5), and the application was rejected. Case-Laws Companies Law Fri, 15 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111675