https://www.taxtmi.com/caselaws?id=212976 Section 543(1) misfeasance requires specific pleadings and proof of distinct wrongful acts; liability cannot rest merely on balance sheet entries. The alleged non-recovery from sundry debtors was explained by substantial subsequent recovery and satisfactory reasons for the balance. Cash and bank balances had been adjusted by bankers against outstanding liabilities, which was beyond the respondents' direct control. The loans and advances were shown to be statutory deposits or amounts otherwise recoverable in law, and one item related to a company already in liquidation. No material established wrongful conduct, so recovery against the respondents was not warranted. en-us Fri, 09 Mar 2012 00:00:00 +0530 Mon, 23 Apr 2012 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212976 Section 543(1) misfeasance requires specific pleadings and proof of distinct wrongful acts; liability cannot rest merely on balance sheet entries. The alleged non-recovery from sundry debtors was explained by substantial subsequent recovery and satisfactory reasons for the balance. Cash and bank balances had been adjusted by bankers against outstanding liabilities, which was beyond the respondents' direct control. The loans and advances were shown to be statutory deposits or amounts otherwise recoverable in law, and one item related to a company already in liquidation. No material established wrongful conduct, so recovery against the respondents was not warranted. Case-Laws Companies Law Fri, 09 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212976