https://www.taxtmi.com/caselaws?id=213904 A person who had resigned as director before the winding-up order was not liable for failure to file the statement of affairs under section 454 of the Companies Act, 1956, because he was no longer in charge of the company's affairs on the relevant date. The court also held that respondents who could not file within time established reasonable cause where the company's records were seized and sealed by the bank after the winding-up order, and they promptly sought access from the police, the bank and the Official Liquidator. On those facts, the prosecution application under section 454 was not sustained and the respondents were exonerated. en-us Fri, 02 Mar 2012 00:00:00 +0530 Tue, 12 Jun 2012 09:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213904 A person who had resigned as director before the winding-up order was not liable for failure to file the statement of affairs under section 454 of the Companies Act, 1956, because he was no longer in charge of the company's affairs on the relevant date. The court also held that respondents who could not file within time established reasonable cause where the company's records were seized and sealed by the bank after the winding-up order, and they promptly sought access from the police, the bank and the Official Liquidator. On those facts, the prosecution application under section 454 was not sustained and the respondents were exonerated. Case-Laws Companies Law Fri, 02 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213904