https://www.taxtmi.com/caselaws?id=213381 Liability under section 454(5) of the Companies Act, 1956 arises only where failure to file the statement of affairs is shown to be without reasonable excuse. On the record, there was no material proving that the nominee director was involved in the company's day-to-day affairs or that he held the books, accounts, records, or other information needed for compliance. His assertion that he was not concerned with management was not rebutted. In the absence of such material, criminal liability could not be fastened and the finding of guilt could not be sustained. en-us Mon, 24 Jan 2011 00:00:00 +0530 Fri, 08 Feb 2013 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213381 Liability under section 454(5) of the Companies Act, 1956 arises only where failure to file the statement of affairs is shown to be without reasonable excuse. On the record, there was no material proving that the nominee director was involved in the company's day-to-day affairs or that he held the books, accounts, records, or other information needed for compliance. His assertion that he was not concerned with management was not rebutted. In the absence of such material, criminal liability could not be fastened and the finding of guilt could not be sustained. Case-Laws Companies Law Mon, 24 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213381