https://www.taxtmi.com/caselaws?id=214399 A misfeasance claim under Section 543(1) of the Companies Act, 1956 requires independent material showing actual misconduct, misuse of assets, or loss attributable to former directors; a higher figure in the statement of affairs alone is insufficient. The discussion notes that where the earlier valuation already distinguished book value from realisable value, the balance sheet reflected a lower book value, and the assets were later sold in auction for an amount broadly consistent with that book value, no misfeasance could be proved. On that basis, the application was not maintainable and was liable to be rejected. en-us Thu, 08 Mar 2012 00:00:00 +0530 Wed, 27 Jun 2012 15:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214399 A misfeasance claim under Section 543(1) of the Companies Act, 1956 requires independent material showing actual misconduct, misuse of assets, or loss attributable to former directors; a higher figure in the statement of affairs alone is insufficient. The discussion notes that where the earlier valuation already distinguished book value from realisable value, the balance sheet reflected a lower book value, and the assets were later sold in auction for an amount broadly consistent with that book value, no misfeasance could be proved. On that basis, the application was not maintainable and was liable to be rejected. Case-Laws Companies Law Thu, 08 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214399