https://www.taxtmi.com/caselaws?id=212895 Misfeasance liability could not be imposed on a director where the alleged loss related to company assets already taken into possession and sold by a secured creditor. The record showed that the first respondent had filed the statement of affairs and that the Section 454 proceedings were closed after defects were rectified, so non-accounting of assets was not established as continuing misconduct. The value of the plant and machinery sold by KSFC could not be recovered from the directors, and any dispute over the sale or valuation lay between the Official Liquidator and KSFC. Specific proved misconduct attributable to the director was required, and it was not shown. en-us Tue, 28 Feb 2012 00:00:00 +0530 Mon, 30 Apr 2012 08:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212895 Misfeasance liability could not be imposed on a director where the alleged loss related to company assets already taken into possession and sold by a secured creditor. The record showed that the first respondent had filed the statement of affairs and that the Section 454 proceedings were closed after defects were rectified, so non-accounting of assets was not established as continuing misconduct. The value of the plant and machinery sold by KSFC could not be recovered from the directors, and any dispute over the sale or valuation lay between the Official Liquidator and KSFC. Specific proved misconduct attributable to the director was required, and it was not shown. Case-Laws Companies Law Tue, 28 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212895