https://www.taxtmi.com/caselaws?id=112009 Delayed filing of the statement of affairs under section 454 of the Companies Act, 1956 was examined against the statutory duty of the directors. The court noted that the company had been closed for years, the main promoter and several connected persons had died, and the surviving accused had supplied particulars as far as possible with professional assistance and answered the official liquidator's queries from available records. In these circumstances, the delay was not treated as a default without reasonable excuse for continuation of prosecution, although the belated filing remained a punishable lapse. A lenient view was taken, resulting in a fine on the accused directors and exoneration of the remaining alive nominee directors. en-us Fri, 30 Nov 2007 00:00:00 +0530 Thu, 18 Dec 2014 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112009 Delayed filing of the statement of affairs under section 454 of the Companies Act, 1956 was examined against the statutory duty of the directors. The court noted that the company had been closed for years, the main promoter and several connected persons had died, and the surviving accused had supplied particulars as far as possible with professional assistance and answered the official liquidator's queries from available records. In these circumstances, the delay was not treated as a default without reasonable excuse for continuation of prosecution, although the belated filing remained a punishable lapse. A lenient view was taken, resulting in a fine on the accused directors and exoneration of the remaining alive nominee directors. Case-Laws Companies Law Fri, 30 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112009